MetaTrader 4 (MT4) is a forex trading platform developed by MetaQuotes Software and launched in 2005. Despite the release of its successor, MetaTrader 5, MT4 remains the most widely used trading software in the retail forex space. Its popularity is rooted in its balance of simplicity and flexibility—it offers enough features for experienced traders, while remaining accessible to beginners. The platform is free to use through most brokers and supports manual trading, algorithmic trading via Expert Advisors (EAs), and a wide range of technical indicators.
It’s not just a piece of trading software; for many in retail forex, MT4 is the default environment where trades are analysed, tested, and executed. Over the years, it has become the backbone of retail forex trading, supported by a vast online ecosystem of tools, plugins, scripts, brokers, and communities.
Core Features
MT4 provides everything a typical forex trader needs. Its interface is split into multiple windows, including the charting area, market watch, navigator, and terminal. The platform supports all major order types—market, limit, stop, and trailing stop—and allows for custom order execution through scripts or Expert Advisors.
Charts can be viewed across nine timeframes, from one minute to one month, and include dozens of built-in indicators and drawing tools. The platform’s light system requirements and stable performance under most network conditions have contributed to its longevity.
The software also includes:
- One-click trading from charts
- Real-time quotes and news feeds (if provided by the broker)
- Custom indicators and templates
- Strategy tester for backtesting automated trading systems
- Full trading history logs and account statements
Expert Advisors and Automated Trading
One of MT4’s most notable features is its support for Expert Advisors (EAs), which are automated trading scripts written in MQL4, the platform’s native programming language. EAs can open, modify, and close trades automatically based on predefined rules. They can be as simple as moving average crossovers or as complex as multi-layered systems with hedging, time filters, and custom money management.
EAs can be created by traders themselves or bought from the MetaTrader Market, a built-in marketplace offering thousands of trading robots and indicators. Many traders also use third-party platforms and forums to buy, sell, or share EAs and custom scripts. While automation appeals to many, the reliability of these tools varies widely, and most require careful testing before live use.
Indicators and Customisation
MT4 includes a solid library of built-in technical indicators such as RSI, MACD, Bollinger Bands, and Moving Averages. These can be added to charts and adjusted with custom parameters. Beyond this, users can import custom indicators coded in MQL4, allowing for virtually unlimited variation.
Scripts (for one-time tasks) and libraries (collections of reusable code) can also be added. The platform’s modular design allows traders to set up their workspace with saved templates and profiles, making it easy to switch between strategies or assets.
Broker Integration and Account Access
Most retail forex brokers offer MT4 as a standard platform. In many cases, it’s white-labelled and connected to their back-end systems. Brokers supply price feeds, manage account access, and offer custom server settings. This means the MT4 experience can vary slightly depending on the broker—some may offer faster execution, tighter spreads, or additional plugins.
Traders can run MT4 on multiple devices: the standard desktop version, a web-based version accessible through a browser, and mobile apps for iOS and Android. Mobile versions support basic charting and order management but are limited in terms of scripting and automation.
VPS and Remote Trading
To keep automated trading systems running 24/7, many traders host their MT4 terminal on a Virtual Private Server (VPS). This ensures uninterrupted operation and low latency when connected to the broker’s server. Some brokers offer free or subsidised VPS services to active traders.
A VPS setup is critical for EAs that rely on fast execution or that trade during low-liquidity hours when disconnections or local PC issues might lead to missed trades or incorrect executions.
Security and Licensing
MT4 is a closed-source platform, licensed to brokers rather than individuals. While the trading terminal is free for end users, the server-side infrastructure is managed by the broker. Data encryption, secure login protocols, and optional two-factor authentication are used to protect user information and account access.
That said, users must remain cautious when installing third-party indicators or EAs, particularly from unverified sources. Malicious or poorly written code can cause instability or loss.
Limitations
While MT4 is robust and flexible, it has notable limitations compared to newer platforms:
- It is primarily designed for forex and CFDs. Other asset classes are not well supported.
- It supports hedging but not netting (in contrast to MT5).
- Single-threaded backtesting and limited data management make advanced strategy testing difficult.
- The interface feels dated, especially when compared with newer web-based or mobile-first platforms.
- MQL4 is less versatile than modern languages like Python or JavaScript for data analysis and integration with APIs.
Despite these issues, MT4 remains widely used because it works. It’s stable, supported by nearly every forex broker, and backed by a deep pool of resources and community knowledge.