MT4 after twenty years: an honest take on the platform
What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences some time ago, steering brokers toward MT5. Yet most retail forex traders haven't moved. The reason is simple: MT4 works, and people trust what works. A huge library of custom indicators, Expert Advisors, and community scripts only work with MT4. Moving to MT5 means porting that entire library, and the majority of users can't justify the effort.
After testing both platforms side by side, and the gap is smaller than you'd expect. MT5 has a few extras such as more timeframes and a built-in economic calendar, but the core charting feels about the same. For most retail strategies, MT4 still holds its own.
MT4 setup: what the manual doesn't tell you
Downloading and installing MT4 is the easy part. The part that trips people up is configuration. Out of the box, MT4 opens with four charts crammed into one window. Shut them all and open just the instruments you actually trade.
Chart templates save time. Set up your go-to indicators once, then right-click and save as template. From there you can load it onto other charts in two clicks. Sounds trivial, but over time it makes a difference.
One setting worth changing: open Tools > Options > Charts and check "Show ask line." MT4 only shows the bid price by default, which makes entries appear wrong by the spread amount.
How reliable is MT4 backtesting?
MT4 comes with a backtester that allows you to run Expert Advisors against historical data. But here's the thing: the reliability of those results comes down to your tick data. Standard history data from MetaQuotes is interpolated, meaning the tester fills gaps using algorithms. For anything more precise than a quick look, you need proper historical data.
The "modelling quality" percentage is more important than the bottom-line PnL. If it's under 90% means the results shouldn't be taken seriously. 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 it's only as good as the data you give it.
Building your own MT4 indicators
MT4 comes with 30 standard technical indicators. Few people use more than five or six. That said, where MT4 gets interesting comes from user-built indicators written in MQL4. You can find a massive library, covering everything from simple moving average variations to full trading dashboards.
Adding a custom indicator is simple: place the .ex4 or .mq4 file into the MQL4/Indicators folder, refresh MT4, and it appears in the Navigator panel. The risk is quality control. Publicly shared indicators vary wildly. Some are well coded and maintained. Some are abandoned projects and will crash your terminal.
If you're downloading custom indicators, verify the last update date and whether people in the forums report issues. Bad code doesn't only show wrong data — it can lag the whole terminal.
The MT4 risk controls you're probably not using
You'll find some risk management features that a lot of people never configure. The most useful is the maximum deviation setting in the new order panel. This defines the amount of slippage is acceptable on market orders. Without this configured and you'll get whatever price is available.
Everyone knows about stop losses, but the trailing stop function are overlooked. Click on an open trade, pick Trailing Stop, and define the pip amount. The stop moves with the trade goes your way. Not perfect for every strategy, but on trending pairs it reduces the need to micromanage the trade.
You can configure all of this in under five minutes and they remove a lot of the emotional decision-making.
EAs on MT4: what to realistically expect
Automated trading through Expert Advisors sounds appealing: program your strategy and stop staring at charts. The reality is, the majority of Expert Advisors underperform over any decent time period. Those sold with flawless equity curves tend to be curve-fitted — they performed well on past prices and fall apart once conditions shift.
None of this means all EAs are worthless. Some traders develop custom EAs for well-defined entry rules: entering at a specific time, managing position sizing, or taking profit at predetermined levels. These smaller, focused scripts work because they execute defined operations where you don't need interpretation.
Before running any EA with real money, test on demo first for a minimum of several weeks in different conditions. Live demo testing is more informative than backtesting alone.
MT4 beyond the desktop
MT4 was built for Windows. If you're on macOS deal with a workaround. The old method was Wine or PlayOnMac, which was functional but had visual bugs and the odd crash. A few brokers now offer native review Mac apps wrapped around Crossover or similar wrappers, which are better but still aren't true native apps.
On mobile, available for both iPhone and Android, are surprisingly capable for keeping an eye on open trades and managing trades on the move. Full analysis on a phone screen isn't realistic, but closing a trade from your phone has saved plenty of traders.
Check whether your broker offers real Mac support or a compatibility layer — the difference in stability is noticeable.