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, nudging brokers toward MT5. Still, most retail forex traders kept using MT4. The reason is straightforward: MT4 works, and people trust what works. More than a decade's worth of custom indicators, Expert Advisors, and community scripts were built for MT4. Switching to MT5 means porting that entire library, and most traders can't justify the effort.

I spent time 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 chart functionality is nearly identical. For most retail strategies, MT4 is more than enough.

Setting up MT4 without the usual headaches

Downloading and installing MT4 is the easy part. Where people waste time is getting everything configured correctly. By default, MT4 opens with four charts tiled across the screen. Shut them all and start fresh with the markets you care about.

Save yourself repeating the same setup by using templates. Set up read this your go-to indicators on one chart, then right-click and save as template. After that you can load it onto other charts without redoing the work. Small thing, but over weeks it saves hours.

A quick tweak that helps: go to Tools > Options > Charts and check "Show ask line." MT4 only shows 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 comes with a backtester that lets you run Expert Advisors against historical data. That said: the reliability of those results hinges on your tick data. The default history data is not real tick data, meaning the tester fills gaps with made-up prices. If you're testing something more precise than a quick look, download real tick data from a provider like Dukascopy.

Modelling quality tells you more than the profit figure. Below 90% indicates the results shouldn't be taken seriously. Traders sometimes show off backtests with 25% modelling quality and ask why live trading looks different.

Backtesting is where MT4 earns its reputation, but the output is only useful with quality tick data.

Custom indicators on MT4: worth the effort?

MT4 comes with 30 standard technical indicators. Most traders never touch them all. But the platform's actual strength is in custom indicators written in MQL4. The MQL5 marketplace alone has a massive library, covering everything from tweaked versions of standard tools to elaborate signal panels.

The install process is painless: copy the .ex4 or .mq4 file into your MQL4/Indicators folder, refresh MT4, and it appears in the Navigator panel. One thing to watch is quality control. Community indicators vary wildly. Some are genuinely useful. Some haven't been updated since 2015 and may crash your terminal.

When adding third-party indicators, verify how recently it was maintained and whether users mention bugs. A poorly written indicator won't just give wrong signals — it can slow down the whole terminal.

The MT4 risk controls you're probably not using

MT4 has a few native risk management tools that most traders never configure. Probably the most practical one is the maximum deviation setting in the trade execution window. This defines the amount of slippage is acceptable on market orders. Without this configured and you're accepting whatever price comes through.

Stop losses are obvious, but trailing stops is overlooked. Click on an open trade, choose Trailing Stop, and define your preferred distance. The stop moves when the trade goes in your favour. Doesn't work well in choppy markets, but on trending pairs it takes away the need to stare at the screen.

None of this is complicated to set up and they remove a lot of the emotional decision-making.

EAs on MT4: what to realistically expect

Automated trading through Expert Advisors attract traders for obvious reasons: define your rules and let the machine execute. The reality is, most EAs lose money over any extended time period. EAs sold with incredible historical results are often fitted to past data — they look great on the specific data they were tested on and stop working when conditions shift.

This isn't to say all EAs are useless. Some traders build their own EAs to handle specific, narrow tasks: time-based entries, managing position sizing, or taking profit at predetermined levels. These utility-type EAs are more reliable because they do defined operations that don't require discretion.

If you're evaluating EAs, use a demo account for at least several weeks in different conditions. Running it forward in real time is more informative than historical results ever will.

MT4 on Mac and mobile: what actually works

The platform was designed for Windows. If you're on macOS face friction. Previously was Wine or PlayOnMac, which mostly worked but had rendering issues and occasional crashes. Certain brokers now offer macOS versions built on Wine under the hood, which are better but still aren't true native apps.

On mobile, available for both iPhone and Android, are surprisingly capable for monitoring your account and tweaking stops. Full analysis on a 5-inch screen is pushing it, but closing a trade from your phone is worth having.

Check whether your broker offers a proper macOS version or just Wine under the hood — the difference in stability is noticeable.