Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences some time ago, nudging brokers toward MT5. Still, most retail forex traders stayed put. The reason is simple: MT4 has twenty years of muscle memory behind it. A huge library of custom indicators, Expert Advisors, and community scripts only work with MT4. Migrating to MT5 means rewriting that entire library, and most traders can't justify the effort.
I spent time 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 charting feels very similar. If you're weighing up the two, MT4 still holds its own.
Setting up MT4 without the usual headaches
The install process is quick. Where people waste time is the setup after install. By default, MT4 shows four charts crammed into one window. Clear the lot and start fresh with the pairs you follow.
Chart templates save time. Configure your usual indicators on one chart, then right-click and save as template. From there you can apply it to any new chart in two clicks. Sounds trivial, but over months it saves hours.
A quick tweak that helps: go to Tools > Options > Charts and enable "Show ask line." MT4 only shows the bid price by default, which can make entries appear wrong until you realise the ask price is hidden.
How reliable is MT4 backtesting?
The strategy tester in MT4 allows you to run Expert Advisors against historical data. But here's the thing: the accuracy of those results depends entirely on your tick data. Standard history data from MetaQuotes is modelled, meaning the tester fills gaps with made-up prices. For anything beyond a rough sanity check, download proper historical data.
That quality percentage in the results matters more than the bottom-line PnL. Anything below 90% indicates the results aren't trustworthy. I've seen people post backtest results with 25% modelling quality and can't figure read full report 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.
Custom indicators on MT4: worth the effort?
MT4 ships with 30 built-in technical indicators. Most traders never touch them all. However the platform's actual strength comes from user-built indicators coded in MQL4. You can find a massive library, covering everything from basic modifications to elaborate signal panels.
Installing them is straightforward: drop the .ex4 or .mq4 file into your MQL4/Indicators folder, refresh MT4, and the indicator shows up in the Navigator panel. One thing to watch is quality. Community indicators are hit-and-miss. A few are solid tools. Many haven't been updated since 2015 and may crash your terminal.
Before installing anything, look at when it was last updated and if people in the forums report issues. A broken indicator won't just give wrong signals — it can freeze the whole terminal.
Risk management settings most MT4 traders ignore
There are a few native risk management features that the majority of users never configure. Probably the most practical one is maximum deviation in the order window. This controls how much slippage you'll accept 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 trailing stops is underused. Click on an open trade, select Trailing Stop, and define the pip amount. It adjusts automatically as the trade goes your way. Not perfect for every strategy, but on trending pairs it removes the need to stare at the screen.
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
Expert Advisors on MT4 attract traders for obvious reasons: set rules, let the code trade, walk away. The reality is, the majority of Expert Advisors underperform over any extended time period. Those advertised with perfect backtest curves are often fitted to past data — they look great on past prices and fall apart when the market does something different.
None of this means all EAs are a waste of time. Some traders develop their own EAs to handle one particular setup: opening trades at session opens, automating position size calculations, or closing trades at predetermined levels. That kind of automation tend to work because they execute mechanical tasks without needing discretion.
Before running any EA with real money, run them on a demo account for no less than several weeks in different conditions. Live demo testing is more informative than any backtest.
MT4 on Mac and mobile: what actually works
The platform was designed for Windows. Mac users has always been a workaround. The traditional approach was emulation, which was functional but introduced display glitches and occasional crashes. Some brokers now offer Mac-specific builds wrapped around Crossover or similar wrappers, which work more smoothly but remain wrappers at the end of the day.
The mobile apps, available for both Apple and Android devices, are surprisingly capable for keeping an eye on open trades and tweaking stops. Serious charting work on a mobile device doesn't really work, but closing a trade while away from your desk is worth having.
Look into whether your broker has a proper macOS version or just Wine under the hood — it makes a real difference day to day.