What forex traders should actually know about MetaTrader 4
What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences years ago, nudging brokers toward MT5. Yet most retail forex traders stayed put. The reason is simple: MT4 does one thing well. A huge library of custom indicators, Expert Advisors, and community scripts only work with MT4. Moving to MT5 means rewriting that entire library, and few people can't justify the effort.
After testing MT4 and MT5 side by side, and the differences are marginal for most strategies. MT5 has a few extras like more timeframes and a built-in economic calendar, but the core charting feels very similar. For most retail strategies, MT4 is more than enough.
Setting up MT4 without the usual headaches
The install process is quick. Where people waste time is getting everything configured correctly. Out of the box, MT4 loads with four charts squeezed onto the screen. Close all of them and open just the pairs you actually trade.
Templates are worth setting up early. Set up your preferred indicators on one chart, then save it as a template. After that you can apply it to any new chart in two clicks. Sounds trivial, but over months it saves hours.
A quick tweak that helps: open Tools > Options > Charts and enable "Show ask line." By default MT4 displays the bid price on the chart, which makes buy entries seem misaligned 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. That said: the reliability of those results hinges on your tick data. Built-in history data is interpolated, meaning the tester fills gaps using algorithms. For anything that needs accuracy, you need real tick data from a provider like Dukascopy.
The "modelling quality" percentage matters more than the bottom-line PnL. Below 90% means the results shouldn't be taken seriously. People occasionally post backtest results with 25% modelling quality and wonder why their live results don't match.
Backtesting is where MT4 earns its reputation, 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. Few people use more than five or six. That said, the platform's actual strength lives in user-built indicators built with MQL4. The MQL5 marketplace alone has over 2,000 options, spanning tweaked versions of standard tools to elaborate signal panels.
The install process is painless: drop the .ex4 or .mq4 file into your MQL4/Indicators folder, restart MT4, and the indicator shows up in the Navigator panel. The risk is reliability. Free indicators range from excellent to broken. Some are solid tools. Others haven't been updated since 2015 and will crash your terminal.
When adding third-party indicators, check how recently it was maintained and if other traders have flagged problems. Bad code doesn't only show wrong data — it can freeze MT4.
The MT4 risk controls you're probably not using
There are a few native risk management tools that the majority of users don't bother with. Probably the most practical one is maximum deviation in the new order panel. This defines the amount of slippage you're willing to tolerate on market orders. If you don't set it and you're accepting whatever price is available.
Stop losses are obvious, but the trailing stop function is underused. Right-click an open trade, choose Trailing Stop, and define your preferred distance. The stop moves automatically as price moves into profit. Doesn't work well in choppy markets, but on trending pairs it reduces the need to sit and watch.
None of this is complicated to set up and the difference in discipline is noticeable over time.
EAs on MT4: what to realistically expect
EAs sounds appealing: set rules, let the code trade, walk away. In reality, most EAs underperform over any meaningful time period. The ones advertised with perfect backtest curves are often over-optimised — they look great on historical data and break down when market conditions change.
This isn't to say all EAs are useless. Some traders develop custom EAs for specific, narrow tasks: opening trades at session opens, automating position size calculations, or exiting positions at fixed levels. These smaller, focused scripts work because they handle repetitive actions without needing judgment.
Before running any EA with real money, use a demo account for a minimum of several weeks in different conditions. Live demo testing reveals more than backtesting alone.
MT4 beyond the desktop
The platform was designed for Windows. If you're on macOS has always been compromises. Previously was Wine or PlayOnMac, which was functional but came with rendering best metatrader 4 brokers issues and the odd crash. Some brokers now offer macOS versions built on compatibility layers, which are better but still aren't built from scratch for Mac.
The mobile apps, 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 5-inch screen doesn't really work, but closing a trade from your phone is genuinely handy.
Check whether your broker offers real Mac support or a compatibility layer — the difference in stability is noticeable.