We obtain a complete and minimal set of 170 generators for the algebra of $SL(2,\C)^{\times 4}$-covariants of a binary quadrilinear form. Interpreted in terms of a four qubit system, this describes in particular the algebraic varieties formed by the orbits of local filtering operations in its projective Hilbert space. Also, this sheds some light on the local unitary invariants, and provides all the possible building blocks for the construction of entanglement measures for such a system.