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. Still, most retail forex traders stayed put. 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. Migrating to MT5 means rewriting that entire library, and few people don't see the point.
I've tested both platforms side by side, and the gap is smaller than you'd expect. MT5 has a few extras including more timeframes and a built-in economic calendar, but the core charting feels about the same. If you're weighing up the two, MT4 still holds its own.
Getting MT4 configured properly the first time
Installation takes a few minutes. The part that trips people up is getting everything configured correctly. Out of the box, MT4 shows four charts squeezed onto one window. Clear the lot and start fresh with the pairs you actually trade.
Templates are worth setting up early. Configure your go-to indicators on one chart, then save it as a template. Then you can apply it to any new chart without redoing the work. Minor detail, but over time it makes a difference.
A quick tweak that helps: go to Tools > Options > Charts and tick "Show ask line." The default view is the bid price on the chart, which can make buy entries seem misaligned until you realise the ask price is hidden.
MT4 strategy tester: honest expectations
MT4's built-in strategy tester lets you run Expert Advisors against historical data. But here's the thing: the reliability of those results comes down to your tick data. Built-in history data is modelled, meaning it fills in missing ticks with made-up prices. For anything beyond a rough sanity check, grab real tick data from a provider like Dukascopy.
Modelling quality is more important than the profit figure. Below 90% indicates the results aren't trustworthy. People occasionally show off backtests with 25% modelling quality and can't figure out why their live results don't match.
This is one area where MT4 genuinely outperforms most web-based platforms, but only if you feed it decent data.
MT4 indicators beyond the defaults
MT4 ships with 30 built-in technical indicators. Most traders never touch them all. However the real depth is in custom indicators built with MQL4. You can find a massive library, ranging from basic modifications to elaborate signal panels.
The install process is painless: copy the .ex4 or .mq4 file into the MQL4/Indicators folder, refresh MT4, and you'll find it in the Navigator panel. One thing to watch is reliability. Community indicators vary wildly. A few are well coded and maintained. Some haven't been updated since 2015 and will crash your terminal.
When adding third-party indicators, look at when it was last updated and whether users report issues. A broken indicator doesn't only show wrong data — it can freeze your entire platform.
Risk management settings most MT4 traders ignore
There are some risk management features that a lot of people don't bother with. The most useful is maximum deviation in the trade execution window. 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 is available.
Stop losses go without saying, but the trailing stop function is overlooked. Right-click an open trade, choose Trailing Stop, and define your preferred distance. It moves with price moves in your favour. Not perfect for every strategy, but for trend-following 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.
Expert Advisors — before you trust a robot with your money
Automated trading through Expert Advisors have obvious appeal: program your strategy and stop staring at charts. In practice, the majority of Expert Advisors lose money over any decent time period. EAs sold with perfect backtest curves tend to be fitted to past data — they look great on past prices and stop working once conditions shift.
That doesn't mean all EAs are useless. A few people code their own EAs to handle one particular setup: time-based entries, automating position size calculations, or closing trades at set levels. These smaller, focused scripts tend to work because they execute mechanical tasks that don't require discretion.
If you're evaluating EAs, test on demo first for a minimum of several weeks in different conditions. Running it forward in real time is more informative than any backtest.
Using MT4 outside Windows
MT4 was built for Windows. If you're on macOS face a workaround. The old method was Wine or PlayOnMac, which was functional but came with visual bugs and stability problems. Certain brokers now offer native Mac apps using compatibility layers, read this article which are better but remain wrappers at the end of the day.
The mobile apps, on both iPhone and Android, are genuinely useful for keeping an eye on open trades and making quick adjustments. Full analysis on a 5-inch screen doesn't really work, but adjusting a stop loss from your phone is worth having.
It's worth confirming if your broker provides a native Mac build or just a wrapper — the difference in stability is noticeable.