Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences years ago, nudging brokers toward MT5. Yet most retail forex traders haven't moved. The reason is straightforward: 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 most traders would rather keep trading than recoding.
After testing MT4 and MT5 side by side, and the differences are marginal for most strategies. MT5 adds a few extras including more timeframes and view site a built-in economic calendar, but the core charting is very similar. For most retail strategies, MT4 is more than enough.
MT4 setup: what the manual doesn't tell you
Installation takes a few minutes. What actually causes problems is the setup after install. By default, MT4 shows four charts crammed into one window. Clear the lot and open just the pairs you follow.
Save yourself repeating the same setup by using templates. Set up your usual indicators on one chart, then save it as a template. From there you can apply it to any new chart in two clicks. Minor detail, but over months it adds up.
Something most people miss: open Tools > Options > Charts and enable "Show ask line." The default view is the bid price by default, which can make entries appear wrong until you realise the ask price is hidden.
MT4 strategy tester: honest expectations
The strategy tester in MT4 allows you to run Expert Advisors against historical data. Worth noting though: the reliability of those results depends entirely on your tick data. The default history data from MetaQuotes is modelled, meaning gaps between real data points are estimated with made-up prices. If you're testing something that needs accuracy, download proper historical data.
Modelling quality is more important than the profit figure. Below 90% suggests the results are probably misleading. Traders sometimes show off backtests with 25% modelling quality and wonder why live trading looks different.
Backtesting is where MT4 earns its reputation, but it's only as good as the data you give it.
MT4 indicators beyond the defaults
MT4 ships with 30 standard technical indicators. Most traders never touch them all. However the real depth is in user-built indicators coded in MQL4. You can find over 2,000 options, ranging from simple moving average variations to elaborate signal panels.
Adding a custom indicator is simple: drop the .ex4 or .mq4 file into your MQL4/Indicators folder, reboot MT4, and it appears in the Navigator panel. The risk is reliability. Publicly shared indicators are hit-and-miss. A few are solid tools. Many are abandoned projects and will crash your terminal.
Before installing anything, verify when it was last updated and whether users report issues. A broken indicator doesn't only show wrong data — it can slow down the whole terminal.
The MT4 risk controls you're probably not using
There are a few native risk management options that the majority of users don't bother with. The most useful is the maximum deviation setting in the order window. It sets the amount of slippage is acceptable on market orders. Without this configured and you're accepting whatever price the broker gives you.
Everyone knows about stop losses, but the trailing stop function is overlooked. Click on an open trade, choose Trailing Stop, and set the pip amount. It follows when price moves in your favour. Doesn't work well in choppy markets, but if you're riding trends it reduces the urge to sit and watch.
These settings take a minute to configure and they take some of the guesswork out of trade management.
EAs on MT4: what to realistically expect
Expert Advisors on MT4 attract traders for obvious reasons: define your rules and let the machine execute. In reality, most EAs lose money over any decent time period. EAs sold with flawless equity curves are usually over-optimised — they look great on historical data and break down the moment the market does something different.
None of this means all EAs are a waste of time. Some traders develop personal EAs for one particular setup: time-based entries, managing position sizing, or closing trades at set levels. That kind of automation are more reliable because they execute defined operations that don't require interpretation.
If you're evaluating EAs, test on demo first for at least two to three months. Live demo testing reveals more than backtesting alone.
Using MT4 outside Windows
MT4 was built for Windows. If you're on macOS deal with compromises. Previously was emulation, which did the job but introduced display glitches and the odd crash. A few brokers now offer Mac-specific builds built on Wine under the hood, which is an improvement but still aren't built from scratch for Mac.
MT4 mobile, on both iOS and Android, are surprisingly capable for watching positions and managing trades on the move. Full analysis on a mobile device isn't realistic, but managing exits from your phone is genuinely handy.
Look into whether your broker has real Mac support or a compatibility layer — it makes a real difference day to day.