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, pushing brokers toward MT5. Still, most retail forex traders haven't moved. The reason is simple: MT4 has twenty years of muscle memory behind it. Thousands of custom indicators, Expert Advisors, and community scripts run on MT4. Moving to MT5 means porting that entire library, and few people don't see the point.
I've tested both platforms side by side, and the differences are less dramatic than the marketing suggests. MT5 adds a few extras including more timeframes and a built-in economic calendar, but chart functionality 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 the setup after install. By default, MT4 loads with four charts squeezed onto one window. Shut them all and open just the instruments you actually trade.
Save yourself repeating the same setup by using templates. Set up your usual indicators once, then save it as a template. After that you can load it onto other charts instantly. Sounds trivial, but over weeks it makes a difference.
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 buy entries seem misaligned until you realise the ask price is hidden.
MT4 strategy tester: honest expectations
MT4 comes with a backtester that allows you to run Expert Advisors against historical data. That said: the accuracy of those results hinges on your tick data. Built-in history data from MetaQuotes is modelled, meaning gaps between real data points are estimated using algorithms. For anything more precise than a quick look, you need proper historical data.
The "modelling quality" percentage tells you more than the headline profit number. Below 90% means the results are probably misleading. People occasionally post backtest results with 25% modelling quality and can't figure out why their live results don't match.
This is one area where MT4 genuinely outperforms most web-based platforms, but the output is only useful with quality tick data.
MT4 indicators beyond the defaults
MT4 comes with 30 built-in technical indicators. Few people use more than five or six. However the platform's actual strength is in user-built indicators coded in MQL4. You can find thousands available, spanning basic modifications to elaborate signal panels.
The install process is painless: copy the .ex4 or .mq4 file into your MQL4/Indicators folder, restart MT4, and the indicator shows up in the Navigator panel. One thing to watch is quality. Free indicators are hit-and-miss. Some are well coded and maintained. Others are abandoned projects and may crash your terminal.
Before installing anything, check the last update date and if users report issues. Bad code doesn't only show wrong data — it can freeze your entire platform.
The MT4 risk controls you're probably not using
There are several built-in risk management options that the majority of users don't bother with. The most useful is maximum deviation in the trade execution window. This defines the amount of slippage is acceptable on market orders. Leave it at zero and you're accepting whatever price is available.
Stop losses are obvious, but the trailing stop function are worth exploring. Right-click an open trade, pick Trailing Stop, and define a distance. It moves when the trade goes in your favour. It won't suit every approach, but on trending pairs it removes the temptation to stare at the screen.
These settings take a minute to configure and the difference in discipline is noticeable over time.
Expert Advisors — before you trust a robot with your money
Expert Advisors on MT4 attract traders for obvious reasons: program your strategy and stop staring at charts. In reality, most EAs fail to deliver over any extended time period. The ones marketed using perfect backtest curves are usually curve-fitted — they look great on the specific data they were tested on and fall apart once conditions shift.
That doesn't mean all EAs are worthless. Some traders build personal EAs to handle specific, narrow tasks: opening trades at session opens, managing position sizing, or taking profit at fixed levels. These utility-type EAs are more reliable because they execute repetitive actions without needing discretion.
Before running any EA with real money, test on demo first for at least several weeks in different conditions. Live demo testing reveals more than historical results ever will.
Using MT4 outside Windows
The platform was designed for Windows. If you're on macOS full report face friction. Previously was Wine or PlayOnMac, which was functional but had rendering issues and stability problems. Some brokers now offer native Mac apps wrapped around Wine under the hood, which are better but remain wrappers at the end of the day.
MT4 mobile, available for both iOS and Android, are surprisingly capable for monitoring your account and managing trades on the move. Full analysis on a 5-inch screen isn't realistic, but closing a trade while away from your desk is worth having.
Check whether your broker offers real Mac support or a compatibility layer — the experience varies a lot between the two.