MetaTrader 4 in 2026: what still works and what doesn't
What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences a while back, pushing brokers toward MT5. Still, most retail forex traders kept using MT4. The reason is not complicated: MT4 does one thing well. A huge library of custom indicators, Expert Advisors, and community scripts run on MT4. Migrating to MT5 means rewriting that entire library, and few people don't see the point.
I spent time testing MT4 and MT5 side by side, and the gap is less dramatic than the marketing suggests. MT5 has a few extras like more timeframes and a built-in economic calendar, but the charting feels very similar. If you're weighing up the two, MT4 still holds its own.
MT4 setup: what the manual doesn't tell you
Installation takes a few minutes. Where people waste time is the setup after install. On first launch, MT4 loads with four charts squeezed onto a single workspace. Clear the lot and start fresh with the instruments you care about.
Save yourself repeating the same setup by using templates. Set up your usual indicators on one chart, then save it as a template. Then you can load it onto other charts instantly. Sounds trivial, but over time it adds up.
One setting worth changing: open Tools > Options > Charts and enable "Show ask line." By default MT4 displays the bid price on the chart, which makes your entries look off by the spread amount.
How reliable is MT4 backtesting?
MT4 comes with a backtester that lets you run Expert Advisors against historical data. Worth noting though: the accuracy of those results comes down to your tick data. The default history data is modelled, meaning gaps between real check this out data points are estimated with made-up prices. For anything beyond a rough sanity check, you need proper historical data.
The "modelling quality" percentage is more important than the headline profit number. If it's under 90% indicates the results shouldn't be taken seriously. I've seen people post backtest results with 25% modelling quality and can't figure out why the EA fails in real conditions.
The strategy tester is one of MT4's stronger features, but the output is only useful with quality tick data.
MT4 indicators beyond the defaults
MT4 comes with 30 standard technical indicators. Most traders never touch them all. However where MT4 gets interesting is in custom indicators built with MQL4. You can find a massive library, covering everything from tweaked versions of standard tools to elaborate signal panels.
Installing them is straightforward: place the .ex4 or .mq4 file into the MQL4/Indicators folder, reboot MT4, and you'll find it in the Navigator panel. The catch is quality. Free indicators range from excellent to broken. Some are solid tools. Others are abandoned projects and can freeze your terminal.
When adding third-party indicators, check the last update date and whether users have flagged problems. A poorly written indicator doesn't only show wrong data — it can slow down the whole terminal.
Risk management settings most MT4 traders ignore
MT4 has several built-in risk management tools that a lot of people don't bother with. First worth mentioning is maximum deviation in the new order panel. It sets the amount of slippage is acceptable on market orders. If you don't set it and you'll get whatever price comes through.
Stop losses are obvious, but MT4's trailing stop feature is worth exploring. Click on an open trade, select Trailing Stop, and define the pip amount. The stop follows when the trade goes into profit. Not perfect for every strategy, but on trending pairs it takes away the urge to micromanage the trade.
These settings take a minute to configure and they remove a lot of the emotional decision-making.
Expert Advisors — before you trust a robot with your money
EAs attract traders for obvious reasons: program your strategy and stop staring at charts. In practice, a huge percentage of them underperform over any extended time period. The ones marketed using incredible historical results are often over-optimised — they look great on past prices and fall apart once market conditions change.
That doesn't mean all EAs are worthless. A few people code personal EAs to handle one particular setup: opening trades at session opens, calculating lot sizes, or closing trades at fixed levels. That kind of automation work because they do repetitive actions that don't require interpretation.
Before running any EA with real money, test on demo first for a minimum of a few months. Running it forward in real time is more informative than any backtest.
MT4 beyond the desktop
MT4 is a Windows application at heart. Mac users deal with friction. The old method was running it through Wine, which did the job but had display glitches and stability problems. Certain brokers now offer Mac-specific builds using Crossover or similar wrappers, which work more smoothly but still aren't true native apps.
The mobile apps, available for both iPhone and Android, are surprisingly capable for keeping an eye on your account and making quick adjustments. Full analysis on a 5-inch screen isn't realistic, but closing a trade from your phone is genuinely handy.
It's worth confirming if your broker provides real Mac support or a compatibility layer — the experience varies a lot between the two.