MetaTrader 4 (MT4) is a trading platform for forex and CFDs that you use through a broker: it gives you charts, indicators, orders and robots (Expert Advisors) programmed in MQL4. It is still widely used, although its successor, MetaTrader 5, is newer and offers more features. Which platform you can use depends mostly on what your broker offers. Here we look at what MT4 is, what you can do with it and how it compares with MT5.
What MetaTrader 4 is
MT4 is software that connects to your broker's server. It is not a broker: quotes, spread and execution depend on the firm where you open the account. It exists for desktop (Windows), web and mobile, and works with demo and live accounts. Whether a broker offers it can also depend on the jurisdiction where you are based.
What you can do with MT4
- Charts and indicators: candles, lines, channels and classic indicators such as the RSI or moving averages.
- Market and pending orders, with stop loss and take profit. If you are not comfortable with them, read take profit and stop loss.
- Expert Advisors and custom indicators in MQL4, which you test in the strategy tester before using them.
- A demo account to practice without risking money.
MT4 vs MT5
| Aspect | MetaTrader 4 | MetaTrader 5 |
|---|---|---|
| Programming language | MQL4 | MQL5 |
| Timeframes | 9 | 21 |
| Pending order types | 4 | 6 |
| Markets usually offered | Mostly forex and CFDs | Forex, CFDs and, depending on the broker, other assets |
| Robot compatibility | MT4 EAs do not run on MT5 without adapting them | MT5 EAs do not run on MT4 |
| Availability | Depends on your broker | Depends on your broker |
Position management (hedging or netting) also varies by account and broker; check it before trading. Specifications can change: verify on your broker's page.
Which one to choose?
- If your broker only offers MT4, the decision is made: learn to use it well on a demo account.
- If you have robots or indicators in MQL4, it may make sense to stay on MT4 until you migrate them.
- If you are starting from scratch and your broker offers both, MT5 has more timeframes and tools. Follow the MetaTrader 5 tutorial from scratch.
- If you are torn between MetaTrader and TradingView, compare them in MetaTrader 5 vs TradingView.
First steps in MT4
- Download MT4 from your broker's website (avoid third-party installers).
- Open a demo account and connect to the server your broker specifies.
- Add a chart of the symbol you want and choose the timeframe.
- Practice opening and closing orders with stop loss and take profit.
- Define your risk per trade before going live: the 1% rule and position size.
- If you use robots, see how to audit your MT4 and MT5 account.
How AIM can help
You can send AIM a screenshot of your MT4 chart and ask for a read on the structure, the levels and the conditions that would invalidate the idea, together with market data and the economic calendar. It is support for your own analysis, not a signal or a promise of results. More in AI for analyzing trading charts.
Frequently asked questions
Is MetaTrader 4 free?
The software is usually free when you open an account with a broker. Trading has costs (spread, commissions, swap) set by the broker.
Is MT4 still useful?
Yes, if your broker offers it and you already have indicators or robots in MQL4. If you are starting from scratch, consider MT5 too.
Can I use an MT4 Expert Advisor on MT5?
Not directly: they are written in MQL4 and have to be reprogrammed in MQL5.
Is MT4 safe?
Download it only from your broker's website and protect your password. The safety of your funds depends on the broker and its regulation.
What do I need to get started?
A computer or phone, a demo account with a broker that offers MT4 and a risk plan.
Educational information, not financial advice. Trading currencies and CFDs carries a high risk of loss. MetaTrader is a trademark of its owner; AIMPATFX is not affiliated.
