Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences a while back, steering brokers toward MT5. Still, most retail forex traders stayed put. The reason is straightforward: MT4 has twenty years of muscle memory behind it. A huge library of custom indicators, Expert Advisors, and community scripts were built for 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 marginal for most strategies. MT5 adds a few extras including more timeframes and a built-in economic calendar, but the charting feels nearly identical. For most retail strategies, MT4 still holds its own.
MT4 setup: what the manual doesn't tell you
The install process is quick. The part that trips people up is the setup after install. Out of the box, MT4 loads with four charts tiled across one window. Shut them all and start fresh with the markets you care about.
Save yourself repeating the same setup by using templates. Build your usual indicators once, then right-click and save as template. Then you can load it onto other charts without redoing the work. Minor detail, but over months it makes a difference.
Something most people miss: open Tools > Options > Charts and check "Show ask line." The default view is the bid price by default, which can make buy entries seem misaligned until you realise the ask price is hidden.
How reliable is MT4 backtesting?
The strategy tester in MT4 allows you to run Expert Advisors against historical data. But here's the thing: the quality of those results depends entirely on your tick data. The default history data from MetaQuotes is not real tick data, meaning it fills in missing ticks with made-up prices. For anything more precise than a quick look, grab proper historical data.
Modelling quality tells you more than the headline profit number. Anything below 90% suggests the results aren't trustworthy. People occasionally show off backtests with 25% modelling quality and wonder why live visit here trading looks different.
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 default technical indicators. The average trader uses maybe a handful. However the platform's actual strength comes from community-made indicators coded in MQL4. You can find a massive library, ranging from tweaked versions of standard tools to elaborate signal panels.
Installing them is straightforward: drop the .ex4 or .mq4 file into the MQL4/Indicators folder, restart MT4, and it appears in the Navigator panel. The risk is quality control. Free indicators are hit-and-miss. Some are genuinely useful. Some haven't been updated since 2015 and can freeze your terminal.
When adding third-party indicators, look at when it was last updated and whether people in the forums have flagged problems. Bad code won't just give wrong signals — it can lag your entire platform.
Managing risk properly inside MT4
You'll find some risk management features that the majority of users don't bother with. Probably the most practical one is maximum deviation in the order window. It sets how much slippage is acceptable on market orders. Leave it at zero and you're accepting whatever price comes through.
Stop losses are obvious, but trailing stops are underused. Click on an open trade, choose Trailing Stop, and set the pip amount. It moves automatically as price moves your way. Doesn't work well in choppy markets, but on trending pairs it removes the temptation to stare at the screen.
You can configure all of this in under five minutes and they take some of the guesswork out of trade management.
Running Expert Advisors: practical expectations
Expert Advisors on MT4 attract traders for obvious reasons: program your strategy and stop staring at charts. In practice, a huge percentage of them lose money over any extended time period. The ones marketed using flawless equity curves are often fitted to past data — they worked on past prices and break down once conditions shift.
That doesn't mean all EAs are worthless. Certain traders build personal EAs to handle well-defined entry rules: time-based entries, automating position size calculations, or exiting positions at set levels. That kind of automation tend to work because they handle repetitive actions without needing discretion.
When looking at Expert Advisors, use a demo account for at least a few months. Forward testing tells you more than backtesting alone.
MT4 on Mac and mobile: what actually works
MT4 is a Windows application at heart. Running it on Mac face compromises. The traditional approach was emulation, which mostly worked but came with visual bugs and occasional crashes. Certain brokers now offer Mac-specific builds using Crossover or similar wrappers, which work more smoothly but remain wrappers at the end of the day.
The mobile apps, available for both iPhone and Android, are surprisingly capable for watching open trades and tweaking stops. Full analysis on a 5-inch screen isn't realistic, but closing a trade from your phone is genuinely handy.
Look into whether your broker has real Mac support or a compatibility layer — the difference in stability is noticeable.