One of the biggest strengths of MT4 was its ability to give traders a clearer view of the global market’s rhythm. The forex market never sleeps, but liquidity and volatility change throughout the day depending on which financial centers are open. By default, MT4 allowed customization of charts so traders could track trading sessions forex without confusion.
The main sessions are Asian, European, and American. Each has its own character. The Asian session, dominated by Tokyo and Sydney, tends to be quieter, with gradual moves and lower liquidity. The European session, led by London, is more active and often sets the day’s main direction. The American session, especially when it overlaps with London, brings the highest liquidity and the strongest price swings.
Expert advisors and the rise of automation
Perhaps the most revolutionary feature of MT4 was the ability to use Expert Advisors (EAs). Written in MQL4, these trading robots could open, manage, and close trades automatically based on predefined rules. For the first time, retail traders had access to the same kind of automation that large funds and institutions used.
EAs eliminated the need to sit in front of a screen all day. Traders could build strategies that followed strict rules without emotional interference. For example, an EA could be designed to buy when a moving average crossover occurred and close the trade at a specific profit level. Another EA could scan multiple pairs and execute trades only when strict risk parameters were met.
Automation also introduced the idea of backtesting. Traders could run strategies on historical data, analyze performance, and make improvements. This transformed forex into a more scientific process, where decisions could be tested and refined before risking real money.
Soon, a whole marketplace of EAs emerged. Some traders built their own, others purchased ready-made systems, and communities grew where EAs were shared, optimized, and debated. This innovation helped MT4 cement its place as not just a trading platform but also a development and testing environment for strategies.
MT4 in today’s markets
Despite newer technologies, MT4 is still widely used today. Millions of traders rely on it daily, and countless brokers continue to support it. The platform’s simplicity and reliability keep it relevant. Many traders who test other platforms often return to MT4 for its stability and familiar design.
Even though mobile trading has become more important, MT4 adapted with mobile apps for iOS and Android. This allowed traders to monitor positions and even run EAs from their phones. Combined with VPS hosting, traders could keep strategies running 24/7 while checking progress remotely.
Communities like markets for you continue to provide resources, broker connections, and strategy discussions that keep MT4 alive in the modern trading world. Even as MT5 expands, MT4 remains the platform that most people associate with forex.
Legacy and future outlook
The legacy of MT4 is enormous. It transformed forex trading from a niche, institutionally controlled market into a global retail opportunity. It offered simple execution, advanced analysis, and automation in one package. For many traders, MT4 was their first exposure to trading, and for some, it remains their platform of choice decades later.
Looking forward, MT4 will likely remain active for years to come. Even if MetaQuotes eventually phases it out, its influence will continue through the strategies, communities, and habits it shaped. MT4 showed that powerful tools could be given to everyday traders and that financial markets could be opened to anyone with internet access.
