Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences years ago, steering brokers toward MT5. Yet most retail forex traders haven't moved. The reason is straightforward: MT4 works, and people trust what works. Thousands of custom indicators, Expert Advisors, and community scripts run on MT4. Migrating to MT5 means porting that entire library, and few people can't justify the effort.
After testing both platforms side by side, and the differences are marginal for most strategies. MT5 has a few extras including more timeframes and a built-in economic calendar, but the core charting is nearly identical. Unless you need MT5-specific features, MT4 still holds its own.
MT4 setup: what the manual doesn't tell you
Downloading and installing MT4 is the easy part. What actually causes problems is getting everything configured correctly. On first launch, MT4 opens with four charts squeezed onto one window. Shut them all and open just the pairs you care about.
Save yourself repeating the same setup by using templates. Set up your usual indicators once, then right-click and save as template. Then you can apply it to any new chart instantly. Sounds trivial, but over weeks it saves hours.
A quick tweak that helps: open Tools > Options > Charts and check "Show ask line." By default MT4 displays the bid price on the chart, which makes entries appear wrong until you realise the ask price is hidden.
MT4 strategy tester: honest expectations
The strategy tester in MT4 lets you run Expert Advisors against historical data. But here's the thing: the accuracy of those results depends entirely on your tick data. The default history data from MetaQuotes is modelled, meaning it fills in missing ticks with made-up prices. For anything beyond a rough sanity check, you need real tick data from a provider like Dukascopy.
The "modelling quality" percentage matters more than the headline profit number. If it's under 90% means the results are probably misleading. People occasionally post backtest results with 25% modelling quality and can't figure out why the EA fails in real conditions.
Backtesting is where MT4 earns its reputation, but it's only as good as the data you give it.
MT4 indicators beyond the defaults
MT4 comes with 30 default technical indicators. The average trader uses maybe a handful. However the real depth lives in custom indicators written in MQL4. There are thousands available, covering everything from simple moving average variations to complex multi-timeframe dashboards.
The install process is painless: place the .ex4 or .mq4 file into your MQL4/Indicators folder, refresh MT4, and the indicator shows up in the Navigator panel. The risk is quality. Community indicators are hit-and-miss. Some are genuinely useful. Others are abandoned projects and may crash your terminal.
If you're downloading custom indicators, check how recently it was maintained and whether users have flagged problems. Bad code won't just give wrong signals — it can freeze MT4.
The MT4 risk controls you're probably not using
You'll find a few native risk management features that the majority of users skip over. Probably the most practical one is the maximum deviation setting in the order window. This controls how much slippage you'll accept on market orders. Leave it at zero and you'll get whatever price is available.
Stop losses go without saying, but trailing stops is overlooked. Click on an open trade, choose Trailing Stop, and set a distance. Your stop loss moves when the trade goes your way. It additional reading won't suit every approach, but for trend-following it takes away the urge to micromanage the trade.
These settings take a minute to configure and they remove a lot of the emotional decision-making.
Expert Advisors — before you trust a robot with your money
Automated trading through Expert Advisors have obvious appeal: define your rules and let the machine execute. The reality is, most EAs fail to deliver over any extended time period. Those marketed using incredible historical results tend to be curve-fitted — they worked on historical data and break down the moment market conditions change.
None of this means all EAs are a waste of time. Certain traders code custom EAs to handle specific, narrow tasks: time-based entries, automating position size calculations, or closing trades at fixed levels. These utility-type EAs tend to work because they execute repetitive actions without needing judgment.
If you're evaluating EAs, run them on a demo account for at least two to three months. Forward testing is more informative than backtesting alone.
MT4 on Mac and mobile: what actually works
The platform was designed for Windows. If you're on macOS deal with a workaround. Previously was Wine or PlayOnMac, which was functional but came with rendering issues and the odd crash. Some brokers now offer macOS versions built on Crossover or similar wrappers, which work more smoothly but still aren't built from scratch for Mac.
On mobile, available for both iPhone and Android, work well for monitoring positions and tweaking stops. Doing proper analysis on a phone screen is pushing it, but adjusting a stop loss on the go is genuinely handy.
Look into whether your broker has real Mac support or a compatibility layer — the experience varies a lot between the two.