What forex traders should actually know about MetaTrader 4
What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences some time ago, steering brokers toward MT5. But most retail forex traders stayed put. The reason is straightforward: MT4 has twenty years of muscle memory behind it. More than a decade's worth of custom indicators, Expert Advisors, and community scripts were built for MT4. Moving to MT5 means porting that entire library, and the majority of users would rather keep trading than recoding.
I've tested both platforms side by side, and the gap is 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. If you're weighing up the two, MT4 still holds its own.
MT4 setup: what the manual doesn't tell you
Installation takes a few minutes. The part that trips people up is getting everything configured correctly. By default, MT4 loads with four charts crammed into a single workspace. Clear the lot and open just the instruments you care about.
Templates are worth setting up early. Set up your usual indicators on one chart, then right-click and save as template. Then you can load it onto other charts instantly. Small thing, but over months it makes a difference.
One setting worth changing: open Tools > Options > Charts and tick "Show ask line." By default MT4 displays the bid price by default, which can make buy entries seem misaligned by the spread amount.
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 reliability of those results depends entirely on your tick data. The default history data is interpolated, meaning the tester fills gaps using algorithms. For anything beyond a rough sanity check, download proper historical data.
The "modelling quality" percentage tells you more than the headline profit number. Anything below 90% indicates the results shouldn't be taken seriously. I've seen people share screenshots with 25% modelling quality and wonder why live trading looks different.
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 standard technical indicators. Few people use more than five or six. However the platform's actual strength lives in user-built indicators coded in MQL4. There are a massive library, covering everything from simple moving average variations to complex multi-timeframe dashboards.
The install process is painless: copy the .ex4 or .mq4 file into the MQL4/Indicators folder, refresh MT4, and it appears in the Navigator panel. The risk is quality. Free indicators are hit-and-miss. A few are well coded and maintained. Others haven't been updated since 2015 and may crash your terminal.
If you're downloading custom indicators, look at how recently it was maintained and whether users mention bugs. A poorly written indicator won't just give wrong signals — it can lag MT4.
The MT4 risk controls you're probably not using
There are some risk management tools that most traders skip over. The most useful is maximum deviation in the new order panel. This defines how much slippage you'll accept on market orders. Without this configured and you'll get whatever price comes through.
Everyone knows about stop losses, but the trailing stop function are overlooked. Right-click an open trade, choose Trailing Stop, and set your preferred distance. The stop adjusts when the trade goes in your favour. It won't suit every approach, but if you're riding trends it reduces the temptation to micromanage the trade.
These settings take a minute to configure and they take some of the guesswork out of trade management.
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 meaningful time period. EAs sold additional reading with perfect backtest curves tend to be fitted to past data — they performed well on past prices and stop working once the market does something different.
That doesn't mean all EAs are a waste of time. A few people build custom EAs for well-defined entry rules: opening trades at session opens, managing position sizing, or closing trades at fixed levels. These utility-type EAs work because they execute repetitive actions where you don't need discretion.
Before running any EA with real money, use a demo account for no less than two to three months. Forward testing tells you more than historical results ever will.
Using MT4 outside Windows
The platform was designed for Windows. Running it on Mac has always been a workaround. The old method was emulation, which mostly worked but had visual bugs and the odd crash. Certain brokers now offer macOS versions wrapped around Crossover or similar wrappers, which are better but remain wrappers at the end of the day.
The mobile apps, on both iPhone and Android, are surprisingly capable for watching positions and managing trades on the move. Serious charting work on a mobile device doesn't really work, but closing a trade from your phone has saved plenty of traders.
Look into whether your broker has a proper macOS version or just Wine under the hood — the difference in stability is noticeable.