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, nudging brokers toward MT5. Yet most retail forex traders stayed put. 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 were built for MT4. Moving to MT5 means rewriting that entire library, and the majority of users would rather keep trading than recoding.
After testing MT4 and MT5 side by side, and the gap is less dramatic than the marketing suggests. MT5 adds a few extras like more timeframes and a built-in economic calendar, but the core charting is about the same. Unless you need MT5-specific features, there's no compelling reason to switch.
Setting up MT4 without the usual headaches
The install process is quick. What actually causes problems is configuration. By default, MT4 opens with four charts crammed into one window. Shut them all and start fresh with the instruments you actually trade.
Templates are worth setting up early. Build your usual indicators on one chart, then save it as a template. After that you can apply it to any new chart instantly. Minor detail, but over months it makes a difference.
A quick tweak that helps: open Tools > Options > Charts and tick "Show ask line." MT4 only shows the bid price by default, which makes buy entries seem misaligned until you realise the ask price is hidden.
How reliable is MT4 backtesting?
The strategy tester in MT4 allows you to run Expert Advisors against historical data. That said: the reliability of those results hinges on your tick data. Built-in history data from MetaQuotes is interpolated, meaning the tester fills gaps with made-up prices. For anything more precise than a quick look, grab third-party tick data.
Modelling quality tells you more than the bottom-line PnL. If it's under 90% means the results are probably misleading. Traders sometimes share screenshots with 25% modelling quality another source and ask why their live results don't match.
Backtesting is where MT4 earns its reputation, but only if you feed it decent data.
Building your own MT4 indicators
MT4 ships with 30 standard technical indicators. Few people use more than five or six. But where MT4 gets interesting is in user-built indicators coded in MQL4. The MQL5 marketplace alone has over 2,000 options, covering everything from basic modifications to complex multi-timeframe dashboards.
Installing them is straightforward: 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 reliability. Free indicators are hit-and-miss. A few are well coded and maintained. Others haven't been updated since 2015 and can freeze your terminal.
If you're downloading custom indicators, look at when it was last updated and whether other traders report issues. A broken indicator won't just give wrong signals — it can lag the whole terminal.
Risk management settings most MT4 traders ignore
MT4 has several built-in risk management tools that a lot of people don't bother with. First worth mentioning is the maximum deviation setting in the new order panel. It sets the amount of slippage you'll accept on market orders. Without this configured and you're accepting whatever price is available.
Everyone knows about stop losses, but MT4's trailing stop feature is overlooked. Click on an open trade, pick Trailing Stop, and set the pip amount. Your stop loss moves when the trade goes into profit. Doesn't work well in choppy markets, but if you're riding trends it takes away the temptation to stare at the screen.
These settings take a minute to configure and the difference in discipline is noticeable over time.
EAs on MT4: what to realistically expect
EAs have obvious appeal: define your rules and let the machine execute. The reality is, the majority of Expert Advisors lose money over any extended time period. Those marketed using incredible historical results tend to be over-optimised — they performed well on historical data and stop working once market conditions change.
None of this means all EAs are useless. Some traders code their own EAs to handle well-defined entry rules: time-based entries, calculating lot sizes, or exiting positions at fixed levels. These utility-type EAs tend to work because they handle defined operations without needing interpretation.
If you're evaluating EAs, run them on a demo account for no less than several weeks in different conditions. Live demo testing is more informative than any backtest.
MT4 beyond the desktop
MT4 was built for Windows. If you're on macOS has always been compromises. The old method was emulation, which did the job but came with rendering issues and stability problems. A few brokers now offer Mac-specific builds using Crossover or similar wrappers, which work more smoothly but still aren't built from scratch for Mac.
The mobile apps, available for both Apple and Android devices, are genuinely useful for keeping an eye on positions and managing trades on the move. Full analysis on a mobile device isn't realistic, but managing exits while away from your desk has saved plenty of traders.
Look into whether your broker has a proper macOS version or just Wine under the hood — the experience varies a lot between the two.