MT4 after twenty years: an honest take on the platform

What keeps MT4 relevant after two decades

MetaQuotes stopped issuing new MT4 licences a while back, nudging brokers toward MT5. Still, most retail forex traders haven't moved. The reason is simple: MT4 does one thing well. Thousands of custom indicators, Expert Advisors, and community scripts only work with MT4. Migrating to MT5 means porting that entire library, and most traders can't justify the effort.

I've tested both platforms side by side, and the differences are less dramatic than the marketing suggests. MT5 has a few extras including more timeframes and a built-in economic calendar, but chart functionality feels about the same. Unless you need MT5-specific features, there's no compelling reason to switch.

Getting MT4 configured properly the first time

The install process is quick. What actually causes problems is configuration. Out of the box, MT4 opens with four charts squeezed onto the screen. Clear the lot and open just the markets you actually trade.

Save yourself repeating the same setup by using templates. Set up this resource your preferred indicators once, then right-click and save as template. Then you can apply it to any new chart in two clicks. Minor detail, but over time it makes a difference.

Something most people miss: open Tools > Options > Charts and tick "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 reliability of those results hinges on your tick data. Built-in history data from MetaQuotes is not real tick data, meaning gaps between real data points are estimated using algorithms. If you're testing something that needs accuracy, you need third-party tick data.

The "modelling quality" percentage matters more than the profit figure. If it's under 90% means the results aren't trustworthy. Traders sometimes show off backtests with 25% modelling quality and ask why the EA fails in real conditions.

Backtesting is where MT4 earns its reputation, but only if you feed it decent data.

MT4 indicators beyond the defaults

MT4 ships with 30 standard technical indicators. Most traders never touch them all. That said, the platform's actual strength comes from user-built indicators written in MQL4. There are a massive library, ranging from basic modifications to complex multi-timeframe dashboards.

Installing them is straightforward: place the .ex4 or .mq4 file into the MQL4/Indicators folder, reboot MT4, and it appears in the Navigator panel. The risk is quality. Community indicators vary wildly. A few are genuinely useful. Others stopped working years ago and will crash your terminal.

When adding third-party indicators, look at how recently it was maintained and whether users report issues. A broken indicator doesn't only show wrong data — it can lag your entire platform.

The MT4 risk controls you're probably not using

There are several built-in risk management features that the majority of users skip over. Probably the most practical one is maximum deviation in the trade execution window. This controls the amount of slippage is acceptable on market orders. Without this configured and you're accepting whatever price is available.

Everyone knows about stop losses, but the trailing stop function are underused. Click on an open trade, select Trailing Stop, and set the pip amount. The stop adjusts with the trade goes your way. It won't suit every approach, but if you're riding trends it removes the temptation to micromanage the trade.

None of this is complicated to set up and the difference in discipline is noticeable over time.

Running Expert Advisors: practical expectations

Automated trading through Expert Advisors sounds appealing: define your rules and let the machine execute. The reality is, the majority of Expert Advisors fail to deliver over any meaningful time period. EAs sold with perfect backtest curves are usually over-optimised — they look great on the specific data they were tested on and fall apart when conditions shift.

This isn't to say all EAs are useless. Certain traders build their own EAs to handle one particular setup: time-based entries, automating position size calculations, or exiting positions at fixed levels. That kind of automation tend to work because they do defined operations without needing interpretation.

Before running any EA with real money, use a demo account for a minimum of two to three months. Forward testing tells you more than historical results ever will.

MT4 beyond the desktop

MT4 is a Windows application at heart. Running it on Mac deal with a workaround. Previously was Wine or PlayOnMac, which was functional but came with rendering issues and the odd crash. Some brokers now offer native Mac apps wrapped around Crossover or similar wrappers, which are better but still aren't built from scratch for Mac.

On mobile, available for both Apple and Android devices, are genuinely useful for watching open trades and tweaking stops. Serious charting work on a mobile device isn't realistic, but closing a trade from your phone is worth having.

It's worth confirming if your broker provides a proper macOS version or just Wine under the hood — the difference in stability is noticeable.