What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences some time ago, steering brokers toward MT5. Still, most retail forex traders kept using MT4. The reason is simple: MT4 does one thing well. A huge library of custom indicators, Expert Advisors, and community scripts were built for MT4. Moving to MT5 means porting that entire library, and the majority of users can't justify the effort.
I spent time testing MT4 and MT5 side by side, and the differences are smaller than you'd expect. MT5 has a few extras including more timeframes and a built-in economic calendar, but the core charting feels nearly identical. For most retail strategies, MT4 is more than enough.
MT4 setup: what the manual doesn't tell you
The install process is quick. Where people waste time is configuration. Out of the box, MT4 opens with four charts crammed into one window. Close all of them and open just the markets you follow.
Save yourself repeating the same setup by using templates. Configure your preferred indicators once, then save it as a template. After that you can apply it to any new chart instantly. Minor detail, but over months it saves hours.
Something most people miss: go to Tools > Options > Charts and check "Show ask line." MT4 only shows the bid price on the chart, which can make your entries look off until you realise the ask price is hidden.
Backtesting on MT4: what the results actually mean
MT4's built-in strategy tester gives you the ability to run Expert Advisors against historical data. Worth noting though: the accuracy of those results hinges on your tick data. The default history data is not real tick data, meaning it fills in missing ticks using algorithms. If you're testing something more precise than a quick look, grab third-party tick data.
The "modelling quality" percentage matters more than the headline profit number. Below 90% suggests the results shouldn't be taken seriously. I've seen people share screenshots with 25% modelling quality and ask why their live results don't see this match.
The strategy tester is one of MT4's stronger features, but only if you feed it decent data.
Custom indicators on MT4: worth the effort?
MT4 comes with 30 standard technical indicators. Few people use more than five or six. However the real depth comes from user-built indicators written in MQL4. There are thousands available, covering everything from simple moving average variations to elaborate signal panels.
Adding a custom indicator is simple: place the .ex4 or .mq4 file into your MQL4/Indicators folder, restart MT4, and it appears in the Navigator panel. The risk is reliability. Publicly shared indicators range from excellent to broken. Some are genuinely useful. Some stopped working years ago and may crash your terminal.
When adding third-party indicators, look at how recently it was maintained and whether other traders have flagged problems. A poorly written indicator won't just give wrong signals — it can freeze the whole terminal.
Risk management settings most MT4 traders ignore
You'll find some risk management tools that most traders skip over. First worth mentioning is maximum deviation in the trade execution window. This controls the amount of slippage you're willing to tolerate on market orders. Without this configured and the broker can fill you at whatever price the broker gives you.
Stop losses are obvious, but the trailing stop function is underused. Right-click an open trade, choose Trailing Stop, and set the pip amount. Your stop loss moves with the trade goes in your favour. Doesn't work well in choppy markets, but if you're riding trends it reduces the need to micromanage the trade.
None of this is complicated to set up and they take some of the guesswork out of trade management.
Running Expert Advisors: practical expectations
Expert Advisors on MT4 sounds appealing: define your rules and let the machine execute. In practice, a huge percentage of them fail to deliver over any decent time period. EAs advertised with perfect backtest curves are usually curve-fitted — they look great on past prices and stop working once conditions shift.
That doesn't mean all EAs are useless. Some traders develop custom EAs to handle one particular setup: time-based entries, managing position sizing, or taking profit at set levels. That kind of automation work because they do mechanical tasks that don't require judgment.
If you're evaluating EAs, test on demo first for no less than several weeks in different conditions. Forward testing tells you more than historical results ever will.
MT4 beyond the desktop
The platform was designed for Windows. Mac users has always been friction. The old method was Wine or PlayOnMac, which mostly worked but introduced display glitches and occasional crashes. Some brokers now offer Mac-specific builds wrapped around compatibility layers, which are better but remain wrappers at the end of the day.
On mobile, available for both iPhone and Android, are genuinely useful for keeping an eye on your account and tweaking stops. Doing proper analysis on a 5-inch screen isn't realistic, but closing a trade while away from your desk is worth having.
Check whether your broker offers real Mac support or a compatibility layer — it makes a real difference day to day.