Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences years ago, nudging brokers toward MT5. But 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 only work with MT4. Moving to MT5 means rewriting that entire library, and most traders don't see the point.
After testing MT4 and MT5 side by side, and the differences are marginal for most strategies. MT5 has a few extras like more timeframes and a built-in economic calendar, but the charting is very similar. Unless you need MT5-specific features, MT4 still holds its own.
Setting up MT4 without the usual headaches
Downloading and installing MT4 is the easy part. What actually causes problems is configuration. Out of the box, MT4 shows four charts squeezed onto a single workspace. Close all of them and start fresh with the pairs you actually trade.
Chart templates save time. Set up your usual indicators once, then right-click and save as template. Then you can load it onto other charts instantly. Minor detail, but over weeks it adds up.
A quick tweak that helps: open Tools > Options > Charts and check "Show ask line." MT4 only shows the bid price by default, which makes entries appear wrong until you realise the ask price is hidden.
Backtesting on MT4: what the results actually mean
The strategy tester in MT4 lets you run Expert Advisors against historical data. Worth noting though: the quality of those results comes down to your tick data. The default history data from MetaQuotes is not real tick data, meaning gaps between real data points are estimated with made-up prices. For anything more precise than a quick look, you need proper historical data.
The "modelling quality" percentage matters more than the headline profit number. Below 90% means the results shouldn't be taken seriously. I've seen people show off backtests with 25% modelling quality and wonder why live trading looks different.
The strategy tester is one of MT4's stronger features, but the output is only useful with quality tick data.
MT4 indicators beyond the defaults
MT4 comes with 30 default technical view source indicators. Few people use more than five or six. That said, the platform's actual strength is in custom indicators built with MQL4. The MQL5 marketplace alone has thousands available, ranging from simple moving average variations to full trading dashboards.
The install process is painless: copy the .ex4 or .mq4 file into the MQL4/Indicators folder, refresh MT4, and it appears in the Navigator panel. The catch is reliability. Community indicators are hit-and-miss. Some are well coded and maintained. Many are abandoned projects and can freeze your terminal.
If you're downloading custom indicators, verify how recently it was maintained and if people in the forums report issues. Bad code doesn't only show wrong data — it can freeze your entire platform.
Risk management settings most MT4 traders ignore
There are a few native risk management features that most traders never configure. The most useful is the maximum deviation setting in the order window. It sets the amount of slippage is acceptable on market orders. Without this configured and the broker can fill you at whatever price comes through.
Stop losses go without saying, but trailing stops is underused. Right-click an open trade, pick Trailing Stop, and enter your preferred distance. Your stop loss moves automatically as the trade goes into profit. Doesn't work well in choppy markets, but if you're riding trends it reduces the need to stare at the screen.
You can configure all of this in under five minutes and the difference in discipline is noticeable over time.
Expert Advisors — before you trust a robot with your money
Expert Advisors on MT4 have obvious appeal: define your rules and let the machine execute. The reality is, a huge percentage of them lose money over any extended time period. The ones marketed using incredible historical results are often curve-fitted — they performed well on past prices and break down once the market does something different.
This isn't to say all EAs are worthless. Some traders develop personal EAs to handle one particular setup: entering at a specific time, automating position size calculations, or exiting positions at predetermined levels. These utility-type EAs work because they handle mechanical tasks without needing discretion.
If you're evaluating EAs, test on demo first for a minimum of two to three months. Forward testing is more informative than historical results ever will.
MT4 beyond the desktop
The platform was designed for Windows. Mac users deal with a workaround. The old method was Wine or PlayOnMac, which mostly worked but introduced rendering issues and occasional crashes. Certain brokers now offer macOS versions wrapped around compatibility layers, which work more smoothly but still aren't true native apps.
MT4 mobile, available for both Apple and Android devices, work well for keeping an eye on your account and tweaking stops. Serious charting work on a mobile device doesn't really work, but closing a trade on the go is worth having.
Check whether your broker offers a native Mac build or just a wrapper — it makes a real difference day to day.