Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences some time ago, nudging brokers toward MT5. Yet most retail forex traders haven't moved. The reason is simple: MT4 works, and people trust what works. A huge library of custom indicators, Expert Advisors, and community scripts were built for MT4. Migrating to MT5 means rewriting that entire library, and few people don't see the point.
After testing MT4 and MT5 side by side, and the differences are smaller than you'd expect. MT5 has a few extras such as more timeframes and a built-in economic calendar, but the charting feels about the same. For most retail strategies, MT4 still holds its own.
Getting MT4 configured properly the first time
Installation takes a few minutes. What actually causes problems is the setup after install. On first launch, MT4 shows four charts squeezed onto a single workspace. Close all of them and open just the instruments you actually trade.
Save yourself repeating the same setup by using templates. Build your go-to indicators once, then save it as a template. After that you can load it onto other charts without redoing the work. Minor detail, but over time it adds up.
Something most people miss: go to Tools > Options > Charts and enable "Show ask line." By default MT4 displays the bid price by default, which makes buy entries seem misaligned until you realise the ask price is hidden.
How reliable is MT4 backtesting?
MT4's built-in strategy tester gives you the ability to 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 modelled, meaning it fills in missing ticks mathematically. If you're testing something beyond a rough sanity check, download third-party tick data.
Modelling quality matters more than the bottom-line PnL. Below 90% indicates the results shouldn't be taken seriously. Traders sometimes share screenshots with 25% modelling quality and can't figure out why live 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 ships with 30 standard technical indicators. Few people use more than five or six. That said, where MT4 gets interesting comes from custom indicators built with continue reading MQL4. You can find a massive library, spanning basic modifications to full trading dashboards.
Adding a custom indicator is simple: copy the .ex4 or .mq4 file into your MQL4/Indicators folder, restart MT4, and the indicator shows up in the Navigator panel. The risk is reliability. Free indicators vary wildly. Some are well coded and maintained. Many are abandoned projects and can freeze your terminal.
Before installing anything, look at the last update date and if users report issues. Bad code won't just give wrong signals — it can slow down MT4.
The MT4 risk controls you're probably not using
MT4 has several built-in risk management tools that most traders never configure. Probably the most practical one is the maximum deviation setting in the order window. This defines how much slippage is acceptable on market orders. Leave it at zero and you're accepting whatever price is available.
Stop losses go without saying, but MT4's trailing stop feature are overlooked. Click on an open trade, choose Trailing Stop, and set a distance. It moves when the trade goes in your favour. Doesn't work well in choppy markets, but on trending pairs it reduces the need to micromanage the trade.
You can configure all of this in under five minutes and the difference in discipline is noticeable over time.
EAs on MT4: what to realistically expect
EAs sounds appealing: set rules, let the code trade, walk away. In reality, most EAs underperform over any extended time period. EAs advertised with perfect backtest curves are often curve-fitted — they look great on past prices and stop working when conditions shift.
This isn't to say all EAs are a waste of time. Some traders code custom EAs to handle well-defined entry rules: opening trades at session opens, managing position sizing, or exiting positions at set levels. These smaller, focused scripts tend to work because they execute mechanical tasks without needing judgment.
If you're evaluating EAs, test on demo first for a minimum of a few months. Forward testing is more informative than any backtest.
MT4 on Mac and mobile: what actually works
MT4 was built for Windows. Mac users has always been a workaround. The old method was running it through Wine, which was functional but came with visual bugs and stability problems. Certain brokers now offer native Mac apps built on compatibility layers, which are better but remain wrappers at the end of the day.
On mobile, on both iOS and Android, are surprisingly capable for keeping an eye on positions and managing trades on the move. Doing proper analysis on a phone screen isn't realistic, but adjusting a stop loss while away from your desk has saved plenty of traders.
Check whether your broker offers a native Mac build or just a wrapper — the difference in stability is noticeable.