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, pushing brokers toward MT5. But most retail forex traders kept using MT4. The reason is straightforward: MT4 has twenty years of muscle memory behind it. Thousands of custom indicators, Expert Advisors, and community scripts were built for MT4. Migrating to MT5 means rewriting that entire library, and the majority of users don't see the point.
I've tested MT4 and MT5 side by side, and the differences are smaller than you'd expect. MT5 has a few extras including more timeframes and a built-in economic calendar, but the core charting is about the same. If you're weighing up the two, there's no compelling reason to switch.
MT4 setup: what the manual doesn't tell you
The install process is quick. What actually causes problems is the setup after install. On first launch, MT4 shows four charts tiled across a single workspace. Clear the lot and open just the pairs you actually trade.
Save yourself repeating the same setup by using templates. Set up your preferred indicators on one chart, then save it as a template. After that you can load it onto other charts instantly. Minor detail, but over time it saves hours.
A quick tweak that helps: open Tools > Options > Charts and check "Show ask line." By default MT4 displays the bid price by default, which makes your entries look off until you realise the ask price is hidden.
MT4 strategy tester: honest expectations
MT4 comes with a backtester that lets you run Expert Advisors against historical data. But here's the thing: the quality of those results comes down to your tick data. The default history data from MetaQuotes is modelled, 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.
That quality percentage in the results is more important than the bottom-line PnL. If it's under 90% suggests the results shouldn't be taken seriously. Traders sometimes post backtest results with 25% modelling quality and ask why the EA fails in real conditions.
The strategy tester is one of MT4's stronger features, but it's only as good as the data you give it.
Building your own MT4 indicators
MT4 comes with 30 built-in technical indicators. Few people use more than five or six. But where MT4 gets interesting is in user-built indicators built with MQL4. You can find over 2,000 options, spanning basic modifications to full trading dashboards.
The install process is painless: drop the .ex4 or .mq4 file into the MQL4/Indicators folder, reboot MT4, and the indicator shows up in the Navigator panel. The catch is quality control. Free indicators range from excellent to broken. Some are genuinely useful. Others are abandoned projects and can freeze your terminal.
When adding third-party indicators, look at when it was last updated and if users have flagged more articles problems. A poorly written indicator won't just give wrong signals — it can lag MT4.
The MT4 risk controls you're probably not using
There are some risk management options that a lot of people don't bother with. The most useful is maximum deviation in the new order panel. This controls how much slippage you're willing to tolerate on market orders. If you don't set it and the broker can fill you at whatever price comes through.
Stop losses are obvious, but trailing stops are worth exploring. Right-click an open trade, select Trailing Stop, and define your preferred distance. Your stop loss follows with price moves into profit. Not perfect for every strategy, but if you're riding trends it removes the need 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: define your rules and let the machine execute. In practice, a huge percentage of them lose money over any decent time period. Those sold with perfect backtest curves are usually curve-fitted — they look great on past prices and fall apart when the market does something different.
This isn't to say all EAs are useless. Certain traders develop custom EAs for one particular setup: time-based entries, calculating lot sizes, or taking profit at fixed levels. These smaller, focused scripts are more reliable because they execute defined operations where you don't need interpretation.
Before running any EA with real money, use a demo account for at least several weeks in different conditions. Live demo testing tells you more than historical results ever will.
MT4 beyond the desktop
The platform was designed for Windows. Mac users face friction. Previously was running it through Wine, which did the job but introduced display glitches and occasional crashes. Certain brokers now offer Mac-specific builds wrapped around Wine under the hood, which is an improvement but still aren't true native apps.
The mobile apps, on both Apple and Android devices, work well for keeping an eye on your account and tweaking stops. Full analysis on a mobile device doesn't really work, but adjusting a stop loss from your phone is genuinely handy.
Check whether your broker offers a proper macOS version or just Wine under the hood — the experience varies a lot between the two.