Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences a while back, steering brokers toward MT5. But most retail forex traders kept using MT4. The reason is not complicated: MT4 works, and people trust what works. A huge library of custom indicators, Expert Advisors, and community scripts run on MT4. Migrating to MT5 means rewriting that entire library, and few people don't see the point.
I spent time testing both platforms side by side, and the gap is marginal for most strategies. MT5 has a few extras like more timeframes and a built-in economic calendar, but chart functionality feels very similar. If you're weighing up the two, there's no compelling reason to switch.
Setting up MT4 without the usual headaches
The install process is quick. What actually causes problems is getting everything configured correctly. By default, MT4 opens with four charts tiled across one window. Close all of them and open just the pairs you follow.
Templates are worth setting up early. Configure blog your usual indicators once, then right-click and save as template. After that you can load it onto other charts instantly. Small thing, but over months it makes a difference.
A quick tweak that helps: open Tools > Options > Charts and tick "Show ask line." By default MT4 displays 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 comes down to your tick data. Standard history data from MetaQuotes is not real tick data, meaning the tester fills gaps mathematically. If you're testing something that needs accuracy, download proper historical data.
The "modelling quality" percentage is more important than the headline profit number. Below 90% indicates the results are probably misleading. I've seen people post backtest results with 25% modelling quality and can't figure out 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.
Building your own MT4 indicators
MT4 ships with 30 standard technical indicators. Most traders never touch them all. That said, the real depth lives in user-built indicators coded in MQL4. You can find a massive library, spanning tweaked versions of standard tools to complex multi-timeframe dashboards.
The install process is painless: copy the .ex4 or .mq4 file into your MQL4/Indicators folder, reboot MT4, and you'll find it in the Navigator panel. One thing to watch is quality. Free indicators vary wildly. A few are solid tools. Some stopped working years ago and can freeze your terminal.
Before installing anything, look at when it was last updated and if other traders have flagged problems. A broken indicator doesn't only show wrong data — it can freeze your entire platform.
The MT4 risk controls you're probably not using
MT4 has a few native risk management tools that a lot of people don't bother with. Probably the most practical one is the maximum deviation setting in the order window. This defines the amount of slippage is acceptable on market orders. Without this configured and you'll get whatever price comes through.
Stop losses go without saying, but trailing stops are underused. Right-click an open trade, pick Trailing Stop, and enter a distance. Your stop loss adjusts with price moves in your favour. It won't suit every approach, but for trend-following 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.
Expert Advisors — before you trust a robot with your money
Expert Advisors on MT4 attract traders for obvious reasons: define your rules and let the machine execute. In reality, the majority of Expert Advisors underperform over any extended time period. EAs marketed using flawless equity curves are usually fitted to past data — they look great on historical data and break down the moment market conditions change.
This isn't to say all EAs are useless. Certain traders code personal EAs for specific, narrow tasks: entering at a specific time, managing position sizing, or exiting positions at predetermined levels. These utility-type EAs are more reliable because they execute defined operations where you don't need interpretation.
Before running any EA with real money, run them on a demo account for a minimum of several weeks in different conditions. Forward testing tells you more than historical results ever will.
Using MT4 outside Windows
MT4 was built for Windows. Mac users face a workaround. The traditional approach was Wine or PlayOnMac, which did the job but had rendering issues and occasional crashes. A few brokers now offer macOS versions built on compatibility layers, which is an improvement but remain wrappers at the end of the day.
The mobile apps, available for both iPhone and Android, work well for watching positions and managing trades on the move. Doing proper analysis on a phone screen doesn't really work, but closing a trade from your phone is worth having.
Check whether your broker offers real Mac support or a compatibility layer — the experience varies a lot between the two.