MetaTrader 4 in 2026: what still works and what doesn't
Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences some time ago, steering brokers toward MT5. Yet most retail forex traders haven't moved. The reason is not complicated: MT4 works, and people trust what works. Thousands of custom indicators, Expert Advisors, and community scripts were built for MT4. Migrating to MT5 means rewriting that entire library, and few people don't see the point.
I've tested both platforms side by side, and the gap is less dramatic than the marketing suggests. MT5 has a few extras including more timeframes and a built-in economic calendar, but the core charting is nearly identical. Unless you need MT5-specific features, MT4 is more than enough.
Setting up MT4 without the usual headaches
The install process is quick. Where people waste time is getting everything configured correctly. On first launch, MT4 opens with four charts squeezed onto the screen. Clear the lot and start fresh with the pairs you follow.
Save yourself repeating the same setup by using templates. Configure your preferred indicators on one chart, then right-click and save as template. From there you can load it onto other charts in two clicks. Minor detail, but over months it adds up.
A quick tweak that helps: go to Tools > Options > Charts and check "Show ask line." By default MT4 displays the bid price by default, which can make buy entries seem misaligned until you realise the ask price is hidden.
MT4 strategy tester: honest expectations
MT4's built-in strategy tester gives you the ability to run Expert Advisors against historical data. Worth noting though: the quality of those results depends entirely on your tick data. Standard history data is interpolated, meaning gaps between real data points are estimated using algorithms. If you're testing something that needs accuracy, grab third-party tick data.
Modelling quality is more important than the headline profit number. Below 90% means the results are probably misleading. People occasionally post backtest results with 25% modelling quality and can't figure out why live trading looks different.
Backtesting is where MT4 earns its reputation, but it's only as good as the data you give it.
Custom indicators on MT4: worth the effort?
MT4 ships with 30 default technical indicators. Most traders never touch them all. That said, the real depth is in community-made indicators coded in MQL4. You can find over 2,000 options, spanning basic modifications to full trading dashboards.
The install process is painless: copy the .ex4 or .mq4 file into your MQL4/Indicators folder, refresh MT4, and it appears in the Navigator panel. The risk is reliability. Community indicators are hit-and-miss. Some are well coded and maintained. Many haven't been updated since 2015 and will crash your terminal.
When adding third-party indicators, check when it was last updated and if people in the forums report issues. A poorly written indicator doesn't only show wrong data — it can slow down your entire platform.
Risk management settings most MT4 traders ignore
There are several built-in risk management features that the majority of users don't bother with. First worth mentioning is maximum deviation in the order window. It sets how much slippage you'll accept on market orders. Without this configured and the broker can fill you at whatever price the broker gives you.
Everyone knows about stop losses, but trailing stops are overlooked. Click on an open trade, choose Trailing Stop, and enter your preferred distance. Your stop loss adjusts with the trade goes into profit. It won't suit every approach, but on trending pairs it takes away the need to stare at the screen.
None of this is complicated to set up and they remove a lot of the emotional decision-making.
Running Expert Advisors: practical expectations
EAs sounds appealing: program your strategy and stop staring at charts. In practice, most EAs lose money over any decent time period. The ones marketed using incredible historical results are often curve-fitted — they worked on past prices and stop working once the market does something different.
That doesn't mean all EAs are a waste of time. Some traders develop personal EAs to handle specific, narrow tasks: time-based entries, automating position size calculations, or taking profit at predetermined levels. That kind of automation work because they do mechanical tasks that don't require judgment.
If you're evaluating EAs, test on demo first for no less than a few months. read here Running it forward in real time is more informative than historical results ever will.
Using MT4 outside Windows
The platform was designed for Windows. If you're on macOS deal with compromises. Previously was Wine or PlayOnMac, which was functional but had display glitches and stability problems. Some brokers now offer macOS versions built on Wine under the hood, which is an improvement but remain wrappers at the end of the day.
The mobile apps, available for both Apple and Android devices, work well for monitoring positions and managing trades on the move. Serious charting work on a phone screen is pushing it, but adjusting a stop loss while away from your desk is worth having.
It's worth confirming if your broker provides a native Mac build or just a wrapper — the experience varies a lot between the two.