Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences years ago, pushing brokers toward MT5. Yet most retail forex traders kept using MT4. The reason is not complicated: MT4 has twenty years of muscle memory behind it. More than a decade's worth of custom indicators, Expert Advisors, and community scripts only work with MT4. Migrating 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 has a few extras like more timeframes and a built-in economic calendar, but the charting feels very similar. Unless you need MT5-specific features, MT4 still holds its own.
Setting up MT4 without the usual headaches
Installation takes a few minutes. Where people waste time is the setup after install. Out of the box, MT4 loads with four charts tiled across the screen. Clear the lot and start fresh with the pairs you care about.
Templates are worth setting up early. Set up your preferred indicators once, then right-click and save as template. From there you can apply it to any new chart instantly. Minor detail, but over weeks it saves hours.
Something most people miss: open Tools > Options > Charts and check "Show ask line." MT4 only shows the bid price on the chart, 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 lets you run Expert Advisors against historical data. But here's the thing: the reliability of those results comes down to your tick data. The default history data from MetaQuotes is not real tick data, meaning the tester fills gaps using algorithms. If you're testing something beyond a rough sanity check, download proper historical data.
Modelling quality is more important than the profit figure. Below 90% suggests the results are probably misleading. I've seen people share screenshots with 25% modelling quality and wonder why their live results don't match.
The strategy tester is one of MT4's stronger features, but it's only as good as the data you give it.
MT4 indicators beyond the defaults
MT4 comes with 30 standard technical indicators. Few people use more than five or six. But the real depth is in custom indicators written in MQL4. The MQL5 marketplace alone has a massive library, spanning basic modifications to complex multi-timeframe dashboards.
Adding a custom indicator is simple: place the .ex4 or .mq4 file into the MQL4/Indicators folder, refresh MT4, and it appears in the Navigator panel. The catch is quality control. Free indicators vary wildly. Some are solid tools. Some haven't been updated since 2015 and can freeze your terminal.
If you're downloading custom indicators, check when it was last updated and if people in the forums mention bugs. A poorly written indicator doesn't only show wrong data — it can slow down MT4.
Risk management settings most MT4 traders ignore
There are some risk management tools that most traders skip over. First worth mentioning is maximum deviation in the trade execution window. This defines the amount of slippage you're willing to tolerate on market orders. If you don't set it and you're accepting whatever price is available.
Everyone knows about stop losses, but MT4's trailing stop feature is overlooked. Click on an open trade, select Trailing Stop, and set a distance. The stop follows when price moves into profit. It won't suit every approach, but on trending pairs it removes the temptation to sit and watch.
None of this is complicated to set up and they remove a lot of the emotional decision-making.
Running Expert Advisors: practical expectations
EAs sounds appealing: define your rules and let the machine execute. In practice, most EAs lose money over any extended time period. EAs marketed using incredible historical results are often over-optimised — they look great on the specific data they were tested on and break down once conditions shift.
This isn't to say all EAs are useless. Certain traders develop personal EAs for specific, narrow tasks: opening trades at session opens, calculating lot sizes, or closing trades at set levels. These utility-type EAs tend to work because reference they execute repetitive actions where you don't need discretion.
If you're evaluating EAs, test on demo first for at least a few months. Live demo testing reveals more than historical results ever will.
Using MT4 outside Windows
MT4 was built for Windows. Mac users deal with compromises. Previously was emulation, which did the job but had rendering issues and the odd crash. Certain brokers now offer Mac-specific builds using Crossover or similar wrappers, which is an improvement but still aren't built from scratch for Mac.
MT4 mobile, available for both iOS and Android, are surprisingly capable for keeping an eye on your account and making quick adjustments. Full analysis on a phone screen is pushing it, but managing exits from your phone is worth having.
Check whether your broker offers a proper macOS version or just Wine under the hood — the experience varies a lot between the two.