Forex glossary
MetaTrader 4 (MT4)
MetaTrader 4 is MetaQuotes' platform for charts, analysis, order entry and MQL4 automation. It uses accounts and market data supplied by a broker. Instruments, charges and execution are not determined by the platform alone; MQL5 programs for MT5 do not run unchanged in MT4.
Illustrative example
How does it work in practice?
Assume an MT4 demo account offers EUR/USD and an EA compiled as an EX4 file. An EX5 file from MT5 cannot run there; an identical strategy name does not provide program compatibility.
A case to work through
Correct software, wrong server
Hypothetically, login details belong to demo server A, but the terminal attempts server B.
- Check the account's assigned server name and account type.
- For the program, check MQL4/EX4 compatibility rather than only its filename.
What follows? Separate login diagnosis from program diagnosis.
Example boundary: The broker determines terms and available instruments; the platform does not replace its specification.
A useful distinction
MetaTrader 4 (MT4) / MetaTrader 5 (MT5)
MT4 uses MQL4; MT5 uses MQL5 and does not run the same compiled files unchanged.
Check your understanding
Check compatibility between program and account environments.
Show the answer and explanation
The assigned account's server and credentials
These identify the authentication environment.
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Related terms
Sources and documentation
- MetaTrader 4 – platform
Platform functions and MQL4 automation; broker accounts supply trading conditions.
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The example illustrates the mechanism. Check current account conditions and instrument specifications with the provider.