MetaTrader 4 in 2026: what still works and what doesn't
What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences a while back, nudging brokers toward MT5. But most retail forex traders stayed put. 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 rewriting that entire library, and few people would rather keep trading than recoding.
I've tested MT4 and MT5 side by side, and the gap is less dramatic than the marketing suggests. MT5 has a few extras including more timeframes and a built-in economic calendar, but the charting feels nearly identical. Unless you need MT5-specific features, MT4 is more than enough.
MT4 setup: what the manual doesn't tell you
Downloading and installing MT4 is the easy website part. The part that trips people up is getting everything configured correctly. By default, MT4 shows four charts squeezed onto the screen. Clear the lot and start fresh with the instruments you actually trade.
Chart templates save time. Configure your preferred indicators on one chart, then save it as a template. Then you can apply it to any new chart instantly. Small thing, but over time it adds up.
Something most people miss: open Tools > Options > Charts and check "Show ask line." The default view is the bid price by default, which can make entries appear wrong by the spread amount.
MT4 strategy tester: honest expectations
The strategy tester in MT4 gives you the ability to run Expert Advisors against historical data. But here's the thing: the accuracy of those results hinges on your tick data. Standard history data from MetaQuotes is modelled, meaning the tester fills gaps using algorithms. If you're testing something beyond a rough sanity check, you need real tick data from a provider like Dukascopy.
Modelling quality matters more than the headline profit number. Below 90% indicates the results shouldn't be taken seriously. People occasionally show off backtests with 25% modelling quality and wonder why their live results don't match.
This is one area where MT4 genuinely outperforms most web-based platforms, but the output is only useful with quality tick data.
Building your own MT4 indicators
MT4 ships with 30 default technical indicators. Few people use more than five or six. However the platform's actual strength comes from user-built indicators written in MQL4. The MQL5 marketplace alone has a massive library, ranging from basic modifications to complex multi-timeframe dashboards.
Adding a custom indicator is simple: drop the .ex4 or .mq4 file into your MQL4/Indicators folder, refresh MT4, and the indicator shows up in the Navigator panel. The catch is quality control. Free indicators are hit-and-miss. Some are solid tools. Many haven't been updated since 2015 and will crash your terminal.
When adding third-party indicators, verify how recently it was maintained and whether people in the forums mention bugs. Bad code doesn't only show wrong data — it can freeze MT4.
Risk management settings most MT4 traders ignore
You'll find some risk management tools that most traders don't bother with. The most useful is maximum deviation in the trade execution window. This defines the amount of slippage you'll accept on market orders. Leave it at zero and you're accepting whatever price the broker gives you.
Stop losses are obvious, but trailing stops is underused. Right-click an open trade, select Trailing Stop, and enter the pip amount. The stop follows automatically as price moves in your favour. Doesn't work well in choppy markets, but if you're riding trends it reduces the need to stare at the screen.
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 reality, a huge percentage of them underperform over any meaningful time period. Those sold with incredible historical results are often fitted to past data — they look great on historical data and break down when the market does something different.
That doesn't mean all EAs are worthless. Some traders code personal EAs to handle one particular setup: opening trades at session opens, calculating lot sizes, or exiting positions at set levels. These smaller, focused scripts work because they handle defined operations that don't require interpretation.
When looking at Expert Advisors, test on demo first for a minimum of a few months. Forward testing is more informative than any backtest.
MT4 beyond the desktop
MT4 is a Windows application at heart. Mac users face a workaround. The traditional approach was running it through Wine, which did the job but had rendering issues and the odd crash. Some brokers now offer native Mac apps built on compatibility layers, which is an improvement but remain wrappers at the end of the day.
On mobile, on both Apple and Android devices, are surprisingly capable for watching your account and making quick adjustments. Full analysis on a 5-inch screen doesn't really work, but closing a trade while away from your desk is genuinely handy.
Check whether your broker offers real Mac support or a compatibility layer — the difference in stability is noticeable.