MetaTrader 4 in 2026: what still works and what doesn't
What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences some time ago, steering brokers toward MT5. Still, most retail forex traders stayed put. The reason is not complicated: MT4 does one thing well. Thousands of custom indicators, Expert Advisors, and community scripts run on MT4. Migrating to MT5 means porting that entire library, and few people don't see the point.
After testing MT4 and MT5 side by side, and the gap is less dramatic than the marketing suggests. MT5 adds a few extras including more timeframes and a built-in economic calendar, but the core charting is very similar. Unless you need MT5-specific features, there's no compelling reason to switch.
Getting MT4 configured properly the first time
The install process is quick. Where people waste time is configuration. Out of the box, MT4 loads with four charts squeezed onto a single workspace. Close all of them and start fresh with the markets you actually trade.
Save yourself repeating the same setup by using templates. Configure your preferred indicators once, then save it as a template. After that you can load it onto other charts without redoing the work. Sounds trivial, but over time it makes a difference.
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 entries appear wrong until you realise the ask price is hidden.
MT4 strategy tester: honest expectations
MT4 comes with a backtester that allows you to run Expert Advisors against historical data. But here's the thing: the reliability of those results hinges on your tick data. Standard history data is interpolated, meaning gaps between real data points are estimated using algorithms. For anything beyond a rough sanity check, download third-party tick data.
That quality percentage in the results tells you more than the profit figure. Anything below 90% means the results are probably misleading. I've seen people show off backtests with 25% modelling quality and ask why the EA fails in real conditions.
Backtesting is where MT4 earns its reputation, but only if you feed it decent data.
MT4 indicators beyond the defaults
MT4 comes with 30 standard technical indicators. Few people use more than five or six. But the real depth is in custom indicators written in MQL4. The MQL5 marketplace alone has thousands available, spanning simple moving average variations to elaborate signal panels.
Adding a custom indicator is simple: copy the .ex4 or .mq4 file into the MQL4/Indicators folder, reboot MT4, and the indicator shows up in the Navigator panel. The risk is quality control. Free indicators are hit-and-miss. A few are genuinely useful. Others stopped working years ago and will crash your terminal.
When adding third-party indicators, look at when it was last updated and if other traders report issues. A poorly written indicator won't just give wrong signals — it can slow down MT4.
Managing risk properly inside MT4
MT4 has some risk management options that a lot of people don't bother with. The most useful is maximum deviation in the new order panel. It sets the amount of slippage is acceptable on market orders. Leave it at zero and the broker can fill you at whatever price comes through.
Stop losses go without saying, but trailing stops are overlooked. Click on an open trade, choose Trailing Stop, and set the pip amount. The stop adjusts when the trade goes your way. Not perfect for every strategy, but for trend-following it reduces the temptation to stare at the screen.
None of this is complicated to set up and the difference in discipline is noticeable over time.
Expert Advisors — before you trust a robot with your money
Automated trading through Expert Advisors attract traders for obvious reasons: define your rules and let the machine execute. The reality is, a huge percentage of them fail to deliver over any decent time period. Those advertised with flawless equity curves are usually fitted to past data — they look great on historical data and break down the moment conditions shift.
None of this means all EAs are worthless. A few people build personal EAs for well-defined entry rules: time-based entries, calculating lot sizes, or closing trades at additional information fixed levels. These utility-type EAs tend to work because they execute mechanical tasks that don't require judgment.
If you're evaluating EAs, use a demo account for no less than two to three months. Live demo testing tells you more than any backtest.
MT4 on Mac and mobile: what actually works
MT4 is a Windows application at heart. Mac users has always been a workaround. Previously was Wine or PlayOnMac, which was functional but had rendering issues and stability problems. A few brokers now offer native Mac apps built on Wine under the hood, which work more smoothly but still aren't built from scratch for Mac.
On mobile, available for both iPhone and Android, are surprisingly capable for keeping an eye on your account and tweaking stops. Full analysis on a phone screen is pushing it, but adjusting a stop loss on the go has saved plenty of traders.
Look into whether your broker has real Mac support or a compatibility layer — the experience varies a lot between the two.