MT4 after twenty years: an honest take on the platform
Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences a while back, nudging brokers toward MT5. Yet most retail forex traders haven't moved. The reason is straightforward: MT4 has twenty years of muscle memory behind it. A huge library of custom indicators, Expert Advisors, and community scripts were built for MT4. Moving to MT5 means rewriting that entire library, and few people can't justify the effort.
I spent time testing both platforms side by side, and the differences are smaller than you'd expect. MT5 adds a few extras like more timeframes and a built-in economic calendar, but the core charting feels very similar. For most retail strategies, MT4 still holds its own.
Getting MT4 configured properly the first time
Installation takes a few minutes. The part that trips people up is configuration. By default, MT4 shows four charts squeezed onto one window. Close all of them and start fresh with the markets you care about.
Templates are worth setting up early. Configure your usual indicators once, then save it as a template. Then you can load it onto other charts without redoing the work. Sounds trivial, but over time it adds up.
One setting worth changing: go to Tools > Options > Charts and check "Show ask line." The default view is the bid price by default, which makes your entries look off until you realise the ask price is hidden.
How reliable is MT4 backtesting?
MT4's built-in strategy tester gives you the ability to run Expert Advisors against historical data. Worth noting though: the accuracy of those results comes down to your tick data. Standard history data is modelled, meaning the tester fills gaps with made-up prices. For anything beyond a rough sanity check, download third-party tick data.
Modelling quality is more important than the headline profit number. Anything below 90% suggests the results shouldn't be taken seriously. Traders sometimes 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 ships with 30 standard technical indicators. Few people use more than five or six. But where MT4 gets interesting is in custom indicators built with MQL4. There are a massive library, ranging from basic modifications to elaborate signal panels.
The install process is painless: drop the .ex4 or .mq4 file into the MQL4/Indicators folder, reboot MT4, and you'll find it in the Navigator panel. One thing to watch is reliability. Free indicators range from excellent to broken. A few are solid tools. Others are abandoned projects and can freeze your terminal.
Before installing anything, verify the last update date and if people in the forums have flagged problems. Bad code won't just give wrong signals — it can freeze MT4.
Managing risk properly inside MT4
There are some risk management options that a lot of people never configure. The most useful is the maximum deviation setting in the new order panel. It sets the amount of slippage you're willing to tolerate on market orders. If you don't set it and you'll get whatever price the broker gives you.
Stop losses go without saying, but MT4's trailing stop feature are worth exploring. Right-click an open trade, choose Trailing Stop, and set a distance. It adjusts when the trade goes your way. Doesn't work well in choppy markets, but on trending pairs it takes away the urge to micromanage the trade.
These settings take a minute to configure and the difference in discipline is noticeable over time.
EAs on MT4: what to realistically expect
Expert Advisors on MT4 attract traders for obvious reasons: define your rules and let the machine execute. The reality is, the majority of Expert Advisors underperform over any decent time period. Those marketed using perfect backtest curves are usually over-optimised — they performed well on past prices and break down once conditions shift.
This isn't to say all EAs are a waste of time. Some traders build personal EAs for one particular setup: entering at a specific time, managing position sizing, or exiting positions at set levels. These smaller, focused scripts work because they handle defined operations that don't require interpretation.
Before running any EA with real money, test on demo first for a minimum of a few months. Live demo testing reveals more than historical results ever will.
MT4 on Mac and mobile: what actually works
MT4 was built for Windows. Running it on Mac has always been a workaround. The traditional approach was emulation, which was functional but had rendering issues and stability problems. Some brokers now offer macOS versions wrapped around Crossover or similar wrappers, which is an improvement but still aren't true native apps.
MT4 mobile, available for both Apple and Android devices, work well for watching related site positions and making quick adjustments. Doing proper analysis on a phone screen is pushing it, but adjusting a stop loss on the go has saved plenty of traders.
Check whether your broker offers a proper macOS version or just Wine under the hood — the experience varies a lot between the two.