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. Still, most retail forex traders haven't moved. The reason is not complicated: MT4 has twenty years of muscle memory behind it. A huge library of custom indicators, Expert Advisors, and community scripts only work with MT4. Migrating to MT5 means rebuilding that entire library, and the majority of users can't justify the effort.
I spent time testing MT4 and MT5 side by side, and the differences are marginal for most strategies. MT5 adds a few extras such as more timeframes and a built-in economic calendar, but the charting feels nearly identical. If you're weighing up the two, MT4 is more than enough.
Setting up MT4 without the usual headaches
The install process is quick. Where people waste time is configuration. By default, MT4 opens with four charts crammed into a single workspace. 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 save it as a template. From there you can load it onto other charts instantly. Small thing, but over weeks it makes a difference.
Something most people miss: open Tools > Options > Charts and enable "Show ask line." MT4 only shows the bid price on the chart, which can make entries appear wrong by the spread amount.
Backtesting on MT4: what the results actually mean
MT4 comes with a backtester that gives you the ability to run Expert Advisors against historical data. Worth noting though: the quality of those results hinges on your tick data. Built-in history data is modelled, meaning it fills in missing ticks mathematically. For anything beyond a rough sanity check, grab third-party tick data.
That quality percentage in the results tells you more than the profit figure. If it's under 90% suggests the results shouldn't be taken seriously. People occasionally share screenshots with 25% modelling quality and can't figure out why the EA fails in real conditions.
Backtesting is where MT4 earns its reputation, but it's only as good as the data you give it.
MT4 indicators beyond the defaults
MT4 ships with 30 standard technical indicators. The average trader uses maybe a handful. However the platform's actual strength is in user-built indicators built with MQL4. The MQL5 marketplace alone has thousands available, spanning basic modifications to elaborate signal panels.
The install process is painless: place the .ex4 or .mq4 file into your MQL4/Indicators folder, restart MT4, and you'll find it in the Navigator panel. One thing to watch is quality control. Publicly shared indicators are hit-and-miss. A few are genuinely useful. Others are abandoned projects and may crash your terminal.
If you're downloading custom indicators, verify when it was last updated and if other traders mention bugs. Bad code doesn't only show wrong data — it can lag MT4.
The MT4 risk controls you're probably not using
There are some risk management features that the majority of users skip over. The most useful is maximum deviation in the order window. This defines how much slippage you're willing to tolerate on market orders. Leave it at zero and you're accepting whatever price the broker gives you.
Stop losses go without saying, but MT4's trailing stop feature is worth exploring. Right-click an open trade, pick Trailing Stop, and enter the pip amount. The stop follows when the trade goes in your favour. Doesn't work well in choppy markets, but if you're riding trends it reduces the urge to stare at the screen.
You can configure all of this in under five minutes and more info the difference in discipline is noticeable over time.
Expert Advisors — before you trust a robot with your money
EAs sounds appealing: program your strategy and stop staring at charts. The reality is, the majority of Expert Advisors fail to deliver over any meaningful time period. EAs marketed using flawless equity curves are often fitted to past data — they performed well on historical data and break down when market conditions change.
That doesn't mean all EAs are worthless. Some traders code custom EAs to handle one particular setup: entering at a specific time, calculating lot sizes, or taking profit at set levels. These utility-type EAs work because they handle repetitive actions where you don't need interpretation.
If you're evaluating EAs, use a demo account for no less than a few months. Forward testing tells you more than any backtest.
Using MT4 outside Windows
MT4 is a Windows application at heart. Mac users deal with a workaround. The old method was Wine or PlayOnMac, which mostly worked but came with rendering issues and stability problems. A few brokers now offer macOS versions wrapped around compatibility layers, which work more smoothly but still aren't true native apps.
On mobile, on both iOS and Android, are surprisingly capable for keeping an eye on positions and managing trades on the move. Doing proper analysis on a 5-inch screen doesn't really work, but closing a trade from your phone has saved plenty of traders.
Check whether your broker offers real Mac support or a compatibility layer — it makes a real difference day to day.