A practical look at MT4 for forex traders
What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences a while back, steering brokers toward MT5. But most retail forex traders haven't moved. The reason is not complicated: MT4 does one thing well. A huge library of custom indicators, Expert Advisors, and community scripts were built for MT4. Switching to MT5 means rewriting that entire library, and few people 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 chart functionality is nearly identical. For most retail strategies, MT4 still holds its own.
Setting up MT4 without the usual headaches
The install process is quick. The part that trips people up is getting everything configured correctly. On first launch, MT4 shows four charts crammed into a single workspace. Close all of them and start fresh with the markets you follow.
Chart templates save time. Set up your go-to indicators once, then right-click and save as template. From there you can apply it to any new chart without redoing the work. Minor detail, but over weeks it adds up.
A quick tweak that helps: open Tools > Options > Charts and enable "Show ask line." By default MT4 displays the bid price on the chart, which makes buy entries seem misaligned by the spread amount.
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. But here's the thing: the reliability of those results comes down to your tick data. Standard history data from MetaQuotes is not real tick data, meaning the tester fills gaps with made-up prices. If you're testing something more precise than a quick look, you need proper historical data.
That quality percentage in the results tells you more than the bottom-line PnL. Anything below 90% means the results shouldn't be taken seriously. Traders sometimes show off backtests with 25% modelling quality and wonder why live trading looks different.
The website strategy tester is one of MT4's stronger features, but only if you feed it decent data.
Building your own MT4 indicators
MT4 ships with 30 default technical indicators. Few people use more than five or six. That said, the real depth is in custom indicators built with MQL4. The MQL5 marketplace alone has thousands available, covering everything from basic modifications to full trading dashboards.
The install process is painless: drop the .ex4 or .mq4 file into the MQL4/Indicators folder, refresh MT4, and you'll find it in the Navigator panel. The catch is reliability. Community indicators are hit-and-miss. Some are genuinely useful. Many stopped working years ago and may crash your terminal.
Before installing anything, look at when it was last updated and whether users mention bugs. A poorly written indicator won't just give wrong signals — it can slow down your entire platform.
Risk management settings most MT4 traders ignore
MT4 has some risk management tools that the majority of users skip over. First worth mentioning is maximum deviation in the order window. This defines how much slippage you're willing to tolerate on market orders. Leave it at zero and you'll get whatever price the broker gives you.
Stop losses are obvious, but the trailing stop function are overlooked. Click on an open trade, pick Trailing Stop, and set the pip amount. It adjusts automatically as price moves in your favour. Not perfect for every strategy, but if you're riding trends it removes the need to sit and watch.
None of this is complicated to set up and they take some of the guesswork out of trade management.
EAs on MT4: what to realistically expect
Expert Advisors on MT4 sounds appealing: program your strategy and stop staring at charts. In reality, a huge percentage of them underperform over any decent time period. EAs advertised with flawless equity curves are often curve-fitted — they performed well on past prices and break down when the market does something different.
None of this means all EAs are a waste of time. Certain traders build custom EAs for one particular setup: time-based entries, automating position size calculations, or taking profit at set levels. That kind of automation are more reliable because they handle repetitive actions that don't require judgment.
When looking at Expert Advisors, use a demo account for a minimum of several weeks in different conditions. Forward testing is more informative than historical results ever will.
MT4 beyond the desktop
MT4 was built for Windows. Mac users face a workaround. The old method was emulation, which was functional but came with display glitches and occasional crashes. Some brokers now offer Mac-specific builds built on compatibility layers, which work more smoothly but remain wrappers at the end of the day.
MT4 mobile, available for both iOS and Android, are surprisingly capable for monitoring your account and managing trades on the move. Full analysis on a phone screen is pushing it, but adjusting a stop loss while away from your desk is genuinely handy.
Check whether your broker offers real Mac support or a compatibility layer — it makes a real difference day to day.