MetaTrader 4 in 2026: what still works and what doesn't
Why traders still pick MT4 blog over newer platforms
MetaQuotes stopped issuing new MT4 licences a while back, steering brokers toward MT5. Yet most retail forex traders kept using MT4. The reason is simple: MT4 does one thing well. Thousands of custom indicators, Expert Advisors, and community scripts were built for MT4. Moving to MT5 means rebuilding that entire library, and the majority of users don't see the point.
I've tested both platforms side by side, and the differences are marginal for most strategies. MT5 adds a few extras including more timeframes and a built-in economic calendar, but the core charting feels very similar. Unless you need MT5-specific features, MT4 is more than enough.
MT4 setup: what the manual doesn't tell you
Installation takes a few minutes. The part that trips people up is getting everything configured correctly. Out of the box, MT4 opens with four charts tiled across a single workspace. Clear the lot and open just the instruments you actually trade.
Templates are worth setting up early. Configure your usual indicators once, then right-click and save as template. After that you can load it onto other charts in two clicks. Sounds trivial, but over months it saves hours.
A quick tweak that helps: open Tools > Options > Charts and check "Show ask line." The default view is the bid price on the chart, which can make your entries look off until you realise the ask price is hidden.
MT4 strategy tester: honest expectations
The strategy tester in MT4 gives you the ability to run Expert Advisors against historical data. That said: the quality of those results comes down to your tick data. Standard history data is modelled, meaning gaps between real data points are estimated with made-up prices. For anything that needs accuracy, grab real tick data from a provider like Dukascopy.
Modelling quality is more important than the bottom-line PnL. Anything 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.
The strategy tester is one of MT4's stronger features, but it's only as good as the data you give it.
Custom indicators on MT4: worth the effort?
MT4 ships with 30 built-in technical indicators. Most traders never touch them all. However the platform's actual strength comes from custom indicators written in MQL4. The MQL5 marketplace alone has over 2,000 options, covering everything from 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 the indicator shows up in the Navigator panel. One thing to watch is quality. Free indicators are hit-and-miss. Some are well coded and maintained. Some stopped working years ago and may crash your terminal.
Before installing anything, look at how recently it was maintained and if people in the forums mention bugs. A broken indicator won't just give wrong signals — it can slow down your entire platform.
The MT4 risk controls you're probably not using
There are some risk management tools that the majority of users don't bother with. The most useful is the maximum deviation setting in the order window. This controls the amount of slippage you'll accept on market orders. Without this configured and you're accepting whatever price comes through.
Stop losses are obvious, but trailing stops is overlooked. Click on an open trade, pick Trailing Stop, and enter your preferred distance. The stop adjusts with price moves in your favour. Not perfect for every strategy, but if you're riding trends it takes away the urge to sit and watch.
None of this is complicated to set up and the difference in discipline is noticeable over time.
Running Expert Advisors: practical expectations
EAs have obvious appeal: set rules, let the code trade, walk away. In practice, the majority of Expert Advisors lose money over any decent time period. EAs marketed using perfect backtest curves are usually fitted to past data — they look great on historical data and break down when conditions shift.
That doesn't mean all EAs are useless. Certain traders code their own EAs to handle specific, narrow tasks: time-based entries, managing position sizing, or exiting positions at predetermined levels. That kind of automation work because they handle defined operations that don't require judgment.
Before running any EA with real money, use a demo account for no less than a few months. Live demo testing is more informative than any backtest.
Using MT4 outside Windows
MT4 was built for Windows. If you're on macOS deal with friction. Previously was running it through Wine, which was functional but came with rendering issues and the odd crash. Some brokers now offer macOS versions wrapped around compatibility layers, which is an improvement but remain wrappers at the end of the day.
On mobile, available for both Apple and Android devices, are genuinely useful for keeping an eye on open trades and tweaking stops. Full analysis on a phone screen is pushing it, but closing a trade from your phone is genuinely handy.
Look into whether your broker has a proper macOS version or just Wine under the hood — the experience varies a lot between the two.