Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences years ago, pushing brokers toward MT5. Still, most retail forex traders kept using MT4. 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. Moving to MT5 means rebuilding that entire library, and few people don't see the point.
After testing both platforms side by side, and the differences are marginal for most strategies. MT5 has a few extras like more timeframes and a built-in economic calendar, but the core charting is nearly identical. For most retail strategies, MT4 still holds its own.
Setting up MT4 without the usual headaches
Installation takes a few minutes. The part that trips people up is the setup after install. By default, MT4 loads with four charts tiled across the screen. Shut them all and start fresh with the pairs you care about.
Templates are worth setting up early. Set up your preferred indicators once, then right-click and save as template. After that you can load it onto other charts in two clicks. Minor detail, but over time it makes a difference.
One setting worth changing: open Tools > Options > Charts and check "Show ask line." By default MT4 displays the bid price by default, which makes your entries look off 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 comes down to your tick data. Built-in history data is modelled, meaning the tester fills gaps mathematically. If you're testing something beyond a rough sanity check, you need real tick data from a provider like Dukascopy.
The "modelling quality" percentage is more important than the profit figure. If it's under 90% means the results aren't trustworthy. I've seen people share screenshots with 25% modelling quality and wonder why live trading looks different.
The strategy tester is one of MT4's stronger features, but the output is only useful with quality tick data.
MT4 indicators beyond the defaults
MT4 comes with 30 standard technical indicators. Most traders never touch them all. But the platform's actual strength is in community-made indicators built with MQL4. There are a massive library, covering everything from simple moving average variations to complex multi-timeframe dashboards.
Adding a custom indicator is simple: drop the .ex4 or .mq4 file into the MQL4/Indicators folder, restart MT4, and it appears in the Navigator panel. The risk is quality. Community indicators range from excellent to broken. A few are solid tools. Many haven't been updated since 2015 and will crash your terminal.
If you're downloading custom indicators, verify the last update date and if users mention bugs. Bad code doesn't only show wrong data — it can lag MT4.
Managing risk properly inside MT4
MT4 has some risk management options that the majority of users skip over. First worth mentioning is the maximum deviation setting in the trade execution window. It sets how much slippage is acceptable on market orders. Leave it at zero and the broker can fill you at whatever price is available.
Everyone knows about stop losses, but learn more here trailing stops is underused. Click on an open trade, select Trailing Stop, and enter a distance. The stop follows automatically as the trade goes in your favour. It won't suit every approach, but if you're riding trends it removes the need to stare at the screen.
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
EAs sounds appealing: program your strategy and stop staring at charts. In reality, the majority of Expert Advisors lose money over any extended time period. EAs advertised with perfect backtest curves are often fitted to past data — they performed well on historical data and break down when conditions shift.
That doesn't mean all EAs are worthless. Certain traders develop their own EAs to handle one particular setup: entering at a specific time, automating position size calculations, or exiting positions at fixed levels. That kind of automation work because they execute repetitive actions that don't require discretion.
If you're evaluating EAs, use a demo account for no less than several weeks in different conditions. Live demo testing is more informative than any backtest.
MT4 on Mac and mobile: what actually works
MT4 is a Windows application at heart. Running it on Mac deal with friction. Previously was running it through Wine, which did the job but introduced rendering issues and occasional crashes. A few brokers now offer macOS versions using compatibility layers, which are better but remain wrappers at the end of the day.
The mobile apps, available for both iPhone and Android, are surprisingly capable for keeping an eye on your account and managing trades on the move. Serious charting work on a 5-inch screen isn't realistic, but managing exits from your phone is worth having.
Look into whether your broker has a proper macOS version or just Wine under the hood — the experience varies a lot between the two.