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 years ago, steering brokers toward MT5. Still, most retail forex traders haven't moved. The reason is simple: MT4 does one thing well. More than a decade's worth of custom indicators, Expert Advisors, and community scripts only work with MT4. Switching to MT5 means rewriting that entire library, and the majority of users would rather keep trading than recoding.
I've tested MT4 and MT5 side by side, and the gap is marginal for most strategies. MT5 adds a few extras such as more timeframes and a built-in economic calendar, but chart functionality is about the same. For most retail strategies, MT4 is more than enough.
Setting up MT4 without the usual headaches
Downloading and installing MT4 is the easy part. Where people waste time is configuration. On first launch, MT4 loads with four charts squeezed onto a single workspace. Clear the lot and start fresh with the instruments you follow.
Templates are worth setting up early. Build your usual indicators on one chart, then right-click and save as template. After that you can apply it to any new chart without redoing the work. Small thing, but over time it makes a difference.
One setting worth changing: open Tools > Options > Charts and check "Show ask line." By default MT4 displays the bid price by default, which makes entries appear wrong until you realise the ask price is hidden.
Backtesting on MT4: what the results actually mean
MT4 comes with a backtester that 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. The default history data is interpolated, meaning gaps between real data points are estimated mathematically. If you're testing something more precise than a quick look, you need real tick data from a provider like Dukascopy.
Modelling quality tells you more than the bottom-line PnL. Below 90% indicates the results shouldn't be taken seriously. I've seen people show off backtests 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 standard technical indicators. Few people use more than five or six. But the platform's actual strength comes from custom indicators written in MQL4. The MQL5 marketplace alone has thousands available, spanning basic modifications to full trading dashboards.
Installing them is straightforward: drop the .ex4 or .mq4 file into the here are the findings MQL4/Indicators folder, refresh MT4, and the indicator shows up in the Navigator panel. The risk is quality control. Free indicators are hit-and-miss. Some are genuinely useful. Many haven't been updated since 2015 and can freeze your terminal.
If you're downloading custom indicators, check how recently it was maintained and whether other traders report issues. A poorly written indicator doesn't only show wrong data — it can freeze your entire platform.
The MT4 risk controls you're probably not using
There are some risk management features that the majority of users don't bother with. First worth mentioning is maximum deviation in the new order panel. This defines the amount of slippage you're willing to tolerate on market orders. Leave it at zero and you'll get whatever price is available.
Stop losses are obvious, but MT4's trailing stop feature is overlooked. Click on an open trade, pick Trailing Stop, and set your preferred distance. Your stop loss adjusts when price moves into profit. It won't suit every approach, but on trending pairs it reduces the urge to micromanage the trade.
These settings take a minute to configure and the difference in discipline is noticeable over time.
EAs on MT4: what to realistically expect
Automated trading through Expert Advisors have obvious appeal: set rules, let the code trade, walk away. In practice, a huge percentage of them lose money over any extended time period. EAs sold with perfect backtest curves tend to be over-optimised — they performed well on the specific data they were tested on and stop working the moment conditions shift.
None of this means all EAs are worthless. Some traders develop custom EAs to handle well-defined entry rules: entering at a specific time, automating position size calculations, or taking profit at predetermined levels. These smaller, focused scripts work because they handle defined operations where you don't need judgment.
When looking at Expert Advisors, run them on a demo account for no less than two to three months. Running it forward in real time reveals more than backtesting alone.
Using MT4 outside Windows
MT4 is a Windows application at heart. Running it on Mac has always been friction. Previously was Wine or PlayOnMac, which mostly worked but had visual bugs and stability problems. Some brokers now offer macOS versions using Wine under the hood, which are better but remain wrappers at the end of the day.
The mobile apps, available for both Apple and Android devices, are surprisingly capable for watching positions and managing trades on the move. Doing proper analysis on a 5-inch screen isn't realistic, but managing exits while away from your desk is genuinely handy.
Look into whether your broker has real Mac support or a compatibility layer — the experience varies a lot between the two.