Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences a while back, pushing brokers toward MT5. But most retail forex traders haven't moved. The reason is not complicated: MT4 has twenty years of muscle memory behind it. A huge library of custom indicators, Expert Advisors, and community scripts only work with MT4. Switching to MT5 means rebuilding that entire library, and most traders can't justify the effort.
I've tested both platforms side by side, and the gap is smaller than you'd expect. MT5 adds a few extras such as more timeframes and a built-in economic calendar, but chart functionality feels nearly identical. If you're weighing up the two, MT4 still holds its own.
MT4 setup: what the manual doesn't tell you
The install process is quick. Where people waste time is configuration. On first launch, MT4 shows four charts crammed into a single workspace. Clear the lot and open just the instruments you actually trade.
Save yourself repeating the same setup by using templates. Set up your usual indicators once, then right-click and save as template. From there you can apply it to any new chart instantly. Sounds trivial, but over weeks it makes a difference.
A quick tweak that helps: open Tools > Options > Charts and enable "Show ask line." By default MT4 displays the bid price by default, which makes your entries look off by the spread amount.
MT4 strategy tester: honest expectations
MT4 comes with a backtester that gives you the ability to run Expert Advisors against historical data. But here's the thing: the reliability of those results depends entirely on your tick data. The default history data is interpolated, meaning gaps between real data points are estimated mathematically. If you're testing something more precise than a quick look, grab third-party tick data.
Modelling quality tells you more than the headline profit number. If it's under 90% suggests the results are probably misleading. People occasionally share screenshots with 25% modelling quality and wonder why the EA fails in real conditions.
Backtesting is where MT4 earns its reputation, but the output is only useful with quality tick data.
Building your own MT4 indicators
MT4 comes with 30 built-in technical indicators. Few people use more than five or six. That said, where MT4 gets interesting comes from community-made indicators built with MQL4. You can find a massive library, ranging from tweaked versions of standard tools to full trading dashboards.
The install process is painless: copy the .ex4 or .mq4 file into the MQL4/Indicators folder, refresh MT4, and you'll find it in the Navigator panel. One thing to watch is quality. Community indicators are hit-and-miss. A few are well coded and maintained. Many are abandoned projects and may crash your terminal.
When adding third-party indicators, check when it was last more updated and whether users mention bugs. A poorly written indicator doesn't only show wrong data — it can lag your entire platform.
The MT4 risk controls you're probably not using
MT4 has some risk management options that the majority of users never configure. Probably the most practical one is maximum deviation in the order window. This controls the amount of slippage you'll accept on market orders. If you don't set it and the broker can fill you at whatever price the broker gives you.
Everyone knows about stop losses, but trailing stops are overlooked. Click on an open trade, pick Trailing Stop, and enter the pip amount. Your stop loss follows when price moves your way. It won't suit every approach, but if you're riding trends it reduces the urge to sit and watch.
These settings take a minute to configure and they remove a lot of the emotional decision-making.
Expert Advisors — before you trust a robot with your money
Automated trading through Expert Advisors sounds appealing: define your rules and let the machine execute. The reality is, most EAs fail to deliver over any extended time period. The ones marketed using incredible historical results are often over-optimised — they look great on historical data and stop working when the market does something different.
None of this means all EAs are useless. Some traders build their own EAs to handle well-defined entry rules: opening trades at session opens, automating position size calculations, or exiting positions at fixed levels. That kind of automation tend to work because they execute defined operations that don't require discretion.
If you're evaluating EAs, use a demo account for a minimum of several weeks in different conditions. Running it forward in real time tells you more than historical results ever will.
MT4 on Mac and mobile: what actually works
MT4 is a Windows application at heart. If you're on macOS face a workaround. Previously was emulation, which was functional but came with display glitches and occasional crashes. Some brokers now offer macOS versions using Crossover or similar wrappers, which are better but remain wrappers at the end of the day.
MT4 mobile, on both iOS and Android, work well for watching your account and managing trades on the move. Doing proper analysis on a phone screen is pushing it, but adjusting a stop loss on the go has saved plenty of traders.
Check whether your broker offers a proper macOS version or just Wine under the hood — the experience varies a lot between the two.