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. Yet most retail forex traders kept using MT4. The reason is not complicated: MT4 works, and people trust what works. A huge library of custom indicators, Expert Advisors, and community scripts run on MT4. Migrating to MT5 means rewriting that entire library, and most traders can't justify the effort.
After 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 core charting feels very similar. For most retail strategies, there's no compelling reason to switch.
Getting MT4 configured properly the first time
The install process is quick. The part that trips people up is configuration. Out of the box, MT4 shows four charts squeezed onto a single workspace. Clear the lot and open just the markets you follow.
Save yourself repeating the same setup by using templates. Set up your usual indicators once, then right-click and save as template. After that you can load it onto other charts without redoing the work. Small thing, but over weeks it saves hours.
Something most people miss: open Tools > Options > Charts and check "Show ask line." By default MT4 displays the bid price on the chart, which makes entries appear wrong by the spread amount.
How reliable is MT4 backtesting?
MT4's built-in strategy tester lets you run Expert Advisors against historical data. But here's the thing: the quality of those results comes down to your learn how tick data. Built-in history data is interpolated, meaning it fills in missing ticks mathematically. For anything beyond a rough sanity check, download real tick data from a provider like Dukascopy.
That quality percentage in the results matters more than the profit figure. Anything below 90% indicates the results shouldn't be taken seriously. 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.
Custom indicators on MT4: worth the effort?
MT4 ships with 30 default technical indicators. Few people use more than five or six. But the platform's actual strength lives in community-made indicators coded in MQL4. You can find over 2,000 options, covering everything from simple moving average variations to elaborate signal panels.
The install process is painless: copy the .ex4 or .mq4 file into the MQL4/Indicators folder, restart MT4, and the indicator shows up in the Navigator panel. One thing to watch is reliability. Free indicators vary wildly. A few are solid tools. Others are abandoned projects and may crash your terminal.
When adding third-party indicators, look at the last update date and whether users report issues. A broken indicator won't just give wrong signals — it can slow down the whole terminal.
The MT4 risk controls you're probably not using
MT4 has some risk management features that most traders don't bother with. Probably the most practical one is the maximum deviation setting in the new order panel. This defines how much slippage you're willing to tolerate on market orders. Without this configured and you're accepting whatever price comes through.
Everyone knows about stop losses, but trailing stops is underused. Click on an open trade, select Trailing Stop, and define a distance. It follows with the trade goes in your favour. Not perfect for every strategy, but for trend-following it takes away the temptation to micromanage the trade.
You can configure all of this in under five minutes and the difference in discipline is noticeable over time.
Expert Advisors — before you trust a robot with your money
Expert Advisors on MT4 attract traders for obvious reasons: set rules, let the code trade, walk away. The reality is, most EAs lose money over any extended time period. Those sold with incredible historical results tend to be fitted to past data — they look great on historical data and break down the moment market conditions change.
This isn't to say all EAs are useless. Some traders build custom EAs to handle well-defined entry rules: opening trades at session opens, calculating lot sizes, or taking profit at set levels. That kind of automation are more reliable because they do mechanical tasks where you don't need judgment.
Before running any EA with real money, test on demo first for a minimum of several weeks in different conditions. Live demo testing tells you more than any backtest.
MT4 beyond the desktop
MT4 is a Windows application at heart. If you're on macOS has always been a workaround. Previously was running it through Wine, which was functional but had display glitches and the odd crash. A few brokers now offer native Mac apps wrapped around Crossover or similar wrappers, which are better but still aren't built from scratch for Mac.
On mobile, available for both iPhone and Android, work well for monitoring positions and making quick adjustments. Full analysis on a mobile device is pushing it, but managing exits while away from your desk is worth having.
Look into whether your broker has real Mac support or a compatibility layer — it makes a real difference day to day.