A practical look at MT4 for forex traders

Why traders still pick MT4 over newer platforms

MetaQuotes stopped issuing new MT4 licences some time ago, steering brokers toward MT5. Yet most retail forex traders haven't moved. The reason is straightforward: MT4 works, and people trust what works. A huge library of custom indicators, Expert Advisors, and community scripts were built for MT4. Switching to MT5 means rebuilding that entire library, and most traders don't see the point.

After 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 the charting is very similar. Unless you need MT5-specific features, there's no compelling reason to switch.

Setting up MT4 without the usual headaches

Installation takes a few minutes. The part that trips people up is configuration. Out of the box, MT4 shows four charts squeezed onto one window. Shut them all and open just the markets you follow.

Templates are worth setting up early. Set up your usual indicators once, then save it as a template. From there you can load it onto other charts instantly. Small thing, but over time it saves hours.

One setting worth changing: go to Tools > Options > Charts and tick "Show ask line." MT4 only shows the bid price by default, which can make buy entries seem misaligned by the spread amount.

How reliable is MT4 backtesting?

The strategy tester in MT4 gives you the ability to run Expert Advisors against historical data. But here's the thing: the quality of those results depends entirely on your tick data. The default history data from MetaQuotes is not real tick data, meaning it fills in missing ticks with made-up prices. If you're testing something that needs accuracy, grab real tick data from a provider like Dukascopy.

That quality percentage in the results is more important than the bottom-line PnL. Anything below 90% indicates the results shouldn't be taken seriously. I've seen people share screenshots 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.

Custom indicators on MT4: worth the effort?

MT4 ships with 30 default technical indicators. Few people use more than five or six. But the platform's actual strength lives in custom indicators coded in MQL4. There are thousands available, covering everything from basic modifications to complex multi-timeframe dashboards.

Installing them is straightforward: drop the .ex4 or .mq4 file into the MQL4/Indicators folder, reboot MT4, and you'll find it in the Navigator panel. The risk is discover more quality control. Publicly shared indicators vary wildly. Some are solid tools. Others haven't been updated since 2015 and can freeze your terminal.

When adding third-party indicators, 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 some risk management tools that the majority of users don't bother with. The most useful is the maximum deviation setting in the new order panel. This defines how much slippage is acceptable on market orders. If you don't set it and the broker can fill you at whatever price the broker gives you.

Stop losses go without saying, but MT4's trailing stop feature is underused. Right-click an open trade, select Trailing Stop, and set your preferred distance. Your stop loss adjusts with price moves your way. Not perfect for every strategy, but for trend-following it reduces the temptation to micromanage the trade.

These settings take a minute to configure and they remove a lot of the emotional decision-making.

Running Expert Advisors: practical expectations

EAs attract traders for obvious reasons: program your strategy and stop staring at charts. In practice, the majority of Expert Advisors fail to deliver over any extended time period. The ones sold with incredible historical results tend to be fitted to past data — they worked on past prices and stop working the moment market conditions change.

None of this means all EAs are a waste of time. A few people code personal EAs to handle one particular setup: time-based entries, managing position sizing, or taking profit at set levels. That kind of automation work because they do mechanical tasks without needing judgment.

When looking at Expert Advisors, run them on a demo account for no less than several weeks in different conditions. Running it forward in real time reveals more than any backtest.

Using MT4 outside Windows

The platform was designed for Windows. Mac users face a workaround. Previously was emulation, which did the job but introduced rendering issues and stability problems. A few brokers now offer native Mac apps built on Crossover or similar wrappers, which is an improvement but still aren't built from scratch for Mac.

On mobile, available for both iPhone and Android, are surprisingly capable for watching your account and managing trades on the move. Doing proper analysis on a mobile device isn't realistic, but adjusting a stop loss on the go has saved plenty of traders.

Look into whether your broker has a proper macOS version or just Wine under the hood — the difference in stability is noticeable.