MetaTrader 4 in 2026: what still works and what doesn't
What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences years ago, steering brokers toward MT5. But most retail forex traders stayed put. The reason is not complicated: MT4 does one thing well. A huge library of custom indicators, Expert Advisors, and community scripts run on MT4. Moving to MT5 means porting that entire library, and the majority of users would rather keep trading than recoding.
I spent time testing both platforms 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, MT4 is more than enough.
MT4 setup: what the manual doesn't tell you
The install process is quick. The part that trips people up is configuration. On first launch, MT4 opens with four charts squeezed onto the screen. Clear the lot and start fresh with the pairs you care about.
Chart templates save time. Configure your preferred indicators once, then right-click and save as template. Then you can apply it to any new chart without redoing the work. Minor detail, but over months it adds up.
One setting worth changing: go to Tools > Options > Charts and enable "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
MT4 comes with a backtester that gives you the ability to run Expert Advisors against historical data. Worth noting though: the reliability of those results hinges on your tick data. Built-in history data is modelled, meaning it fills in missing ticks using algorithms. For anything beyond a rough sanity check, you need third-party tick data.
That quality percentage in the results is more important than the bottom-line PnL. If it's under 90% indicates the results shouldn't be taken seriously. I've seen people show off backtests with 25% modelling quality and ask why live trading looks different.
The strategy tester is one of MT4's stronger features, but it's only as good as the data you give it.
Building your own MT4 indicators
MT4 comes with 30 default technical indicators. Few people use more than five or six. That said, 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: copy the .ex4 or .mq4 file into the MQL4/Indicators folder, reboot MT4, and you'll find it in the Navigator panel. The catch is quality control. Free indicators range from excellent to broken. A few are genuinely useful. Many haven't been updated since 2015 and will crash your terminal.
Before installing anything, look at the last update date and if people in the forums mention bugs. A poorly written indicator doesn't only show wrong data — it can slow down the whole terminal.
The MT4 risk controls you're probably not using
MT4 has several built-in risk management options that a lot of people skip over. The most useful is the maximum deviation setting in the order window. It sets the amount of slippage you'll accept on market orders. Leave it at zero and the broker can fill you at whatever price is available.
Stop losses are obvious, but the trailing stop function is underused. Right-click an open trade, choose Trailing Stop, and enter your preferred distance. Your stop loss follows automatically as price moves your way. Not perfect for every strategy, but if you're riding trends it takes away the need to stare at the screen.
None of this is complicated to set up and they take some of the guesswork out of trade management.
EAs on MT4: what to realistically expect
Expert Advisors on MT4 have obvious appeal: program your strategy and stop staring at charts. In practice, the majority of Expert Advisors fail to deliver over any more extended time period. The ones advertised with incredible historical results are often fitted to past data — they worked on historical data and break down once the market does something different.
That doesn't mean all EAs are a waste of time. Some traders code personal EAs for one particular setup: opening trades at session opens, managing position sizing, or taking profit at set levels. These utility-type EAs are more reliable because they handle mechanical tasks where you don't need discretion.
When looking at Expert Advisors, use a demo account for a minimum of two to three months. Running it forward in real time is more informative than backtesting alone.
MT4 beyond the desktop
The platform was designed for Windows. If you're on macOS deal with a workaround. The traditional approach was emulation, which did the job but came with display glitches and stability problems. A few brokers now offer native Mac apps wrapped around Wine under the hood, which are better but remain wrappers at the end of the day.
On mobile, on both iPhone and Android, are genuinely useful for keeping an eye on positions and making quick adjustments. Full analysis on a mobile device isn't realistic, but managing exits on the go is genuinely handy.
Look into whether your broker has a proper macOS version or just Wine under the hood — it makes a real difference day to day.