MetaTrader 4 in 2026: what still works and what doesn't
What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences years ago, pushing brokers toward MT5. Yet most retail forex traders haven't moved. The reason is straightforward: MT4 does one thing well. A huge library of custom indicators, Expert Advisors, and community scripts were built for MT4. Moving to MT5 means rebuilding that entire library, and few people would rather keep trading than recoding.
After testing both platforms side by side, and the differences are smaller than you'd expect. MT5 adds a few extras including more timeframes and a built-in economic calendar, but the core charting feels about the same. Unless you need MT5-specific features, there's no compelling reason to switch.
Setting up MT4 without the usual headaches
The install process is quick. Where people read full report waste time is getting everything configured correctly. Out of the box, MT4 opens with four charts squeezed onto one window. Shut them all and open just the pairs you care about.
Save yourself repeating the same setup by using templates. Configure your usual indicators once, then right-click and save as template. Then you can apply it to any new chart in two clicks. Minor detail, but over time it adds up.
Something most people miss: go to Tools > Options > Charts and enable "Show ask line." The default view is the bid price on the chart, which makes entries appear wrong by the spread amount.
How reliable is MT4 backtesting?
The strategy tester in MT4 allows you to run Expert Advisors against historical data. That said: the quality of those results hinges on your tick data. Standard history data is not real tick data, meaning gaps between real data points are estimated mathematically. If you're testing something that needs accuracy, grab real tick data from a provider like Dukascopy.
Modelling quality matters more than the profit figure. Anything below 90% suggests the results are probably misleading. I've seen people show off backtests with 25% modelling quality and wonder why their live results don't match.
Backtesting is where MT4 earns its reputation, but it's only as good as the data you give it.
Building your own MT4 indicators
MT4 comes with 30 standard technical indicators. Few people use more than five or six. However the real depth is in community-made indicators written in MQL4. You can find a massive library, spanning basic modifications to full trading dashboards.
The install process is painless: place the .ex4 or .mq4 file into your MQL4/Indicators folder, reboot MT4, and you'll find it 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 may crash your terminal.
If you're downloading custom indicators, verify when it was last updated and if people in the forums mention bugs. A broken indicator doesn't only show wrong data — it can freeze MT4.
The MT4 risk controls you're probably not using
You'll find some risk management options that a lot of people never configure. First worth mentioning is the maximum deviation setting in the trade execution window. This controls how much slippage you're willing to tolerate on market orders. Leave it at zero and the broker can fill you at whatever price comes through.
Stop losses go without saying, but MT4's trailing stop feature is worth exploring. Click on an open trade, select Trailing Stop, and define the pip amount. It follows with the trade goes your way. Not perfect for every strategy, but on trending pairs it takes away the urge to sit and watch.
You can configure all of this in under five minutes and they take some of the guesswork out of trade management.
EAs on MT4: what to realistically expect
Automated trading through Expert Advisors have obvious appeal: set rules, let the code trade, walk away. The reality is, a huge percentage of them lose money over any meaningful time period. Those marketed using incredible historical results tend to be over-optimised — they look great on historical data and stop working when the market does something different.
That doesn't mean all EAs are a waste of time. Certain traders develop personal EAs to handle well-defined entry rules: time-based entries, automating position size calculations, or taking profit at predetermined levels. These smaller, focused scripts tend to work because they handle repetitive actions without needing interpretation.
If you're evaluating EAs, run them on a demo account for no less than a few months. Live demo testing reveals more than historical results ever will.
Using MT4 outside Windows
MT4 is a Windows application at heart. Running it on Mac face friction. Previously was Wine or PlayOnMac, which did the job but came with display glitches and the odd crash. Some brokers now offer Mac-specific builds wrapped around Crossover or similar wrappers, which is an improvement but remain wrappers at the end of the day.
The mobile apps, available for both Apple and Android devices, are surprisingly capable for keeping an eye on your account and managing trades on the move. Full analysis on a phone screen is pushing it, but managing exits while away from your desk has saved plenty of traders.
Check whether your broker offers a proper macOS version or just Wine under the hood — it makes a real difference day to day.