MT4 in 2026: why it refuses to die
MetaQuotes stopped issuing new MT4 licences some time ago, nudging brokers toward MT5. But most retail forex traders kept using MT4. The reason is straightforward: MT4 works, and people trust what works. Thousands of custom indicators, Expert Advisors, and community scripts run on MT4. Switching to MT5 means porting that entire library, and few people don't see the point.
I spent time testing 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 charting feels very similar. If you're weighing up the two, MT4 still holds its own.
Setting up MT4 without the usual headaches
Downloading and installing MT4 is the easy part. Where people waste time is configuration. On first launch, MT4 shows four charts squeezed onto one window. Close all of them and open just the pairs you actually trade.
Save yourself repeating the same setup by using templates. Build your preferred indicators on one chart, then right-click and save as template. After that you can apply it to any new chart in two clicks. Small thing, but over months it saves hours.
One setting worth changing: go to 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.
Backtesting on MT4: what the results actually mean
MT4's built-in strategy tester lets you run Expert Advisors against historical data. That said: the reliability of those results depends entirely on your tick data. The default history data is modelled, meaning it fills in missing ticks mathematically. If you're testing something more precise than a quick look, grab proper historical data.
That quality percentage in the results is more important than the bottom-line PnL. If it's under 90% indicates the results are probably metatrader 4 brokers misleading. I've seen people show off backtests with 25% modelling quality and ask why their live results don't match.
This is one area where MT4 genuinely outperforms most web-based platforms, but it's only as good as the data you give it.
MT4 indicators beyond the defaults
MT4 ships with 30 standard technical indicators. Few people use more than five or six. However the platform's actual strength lives in custom indicators coded in MQL4. The MQL5 marketplace alone has a massive library, covering everything from simple moving average variations to full trading dashboards.
Adding a custom indicator is simple: copy the .ex4 or .mq4 file into the MQL4/Indicators folder, refresh MT4, and you'll find it in the Navigator panel. The risk is quality control. Free indicators range from excellent to broken. A few are genuinely useful. Many stopped working years ago and will crash your terminal.
If you're downloading custom indicators, check when it was last updated and if other traders mention bugs. Bad code won't just give wrong signals — it can freeze your entire platform.
Managing risk properly inside MT4
MT4 has a few native risk management tools that most traders skip over. Probably the most practical one is the maximum deviation setting in the new order panel. This defines the amount of slippage is acceptable on market orders. Without this configured and the broker can fill you at whatever price is available.
Stop losses go without saying, but MT4's trailing stop feature is underused. Right-click an open trade, choose Trailing Stop, and set the pip amount. The stop moves with the trade goes in your favour. Doesn't work well in choppy markets, but if you're riding trends it takes away the temptation to stare at the screen.
You can configure all of this in under five minutes and the difference in discipline is noticeable over time.
Running Expert Advisors: practical expectations
Automated trading through Expert Advisors attract traders for obvious reasons: set rules, let the code trade, walk away. The reality is, a huge percentage of them underperform over any extended time period. The ones marketed using flawless equity curves are often curve-fitted — they worked on the specific data they were tested on and fall apart when the market does something different.
This isn't to say all EAs are worthless. Some traders code their own EAs for one particular setup: time-based entries, calculating lot sizes, or exiting positions at fixed levels. That kind of automation are more reliable because they do mechanical tasks without needing judgment.
If you're evaluating EAs, test on demo first for no less than a few months. Live demo testing reveals more than any backtest.
MT4 beyond the desktop
MT4 was built for Windows. Running it on Mac face friction. The old method was Wine or PlayOnMac, which did the job but had display glitches and occasional crashes. Some brokers now offer macOS versions using Crossover or similar wrappers, which work more smoothly but remain wrappers at the end of the day.
On mobile, on both iOS and Android, are surprisingly capable for watching open trades and tweaking stops. Full analysis on a 5-inch screen isn't realistic, but adjusting a stop loss on the go is worth having.
It's worth confirming if your broker provides a native Mac build or just a wrapper — it makes a real difference day to day.