MT4 in 2026: why it refuses to die
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 does one thing well. More than a decade's worth of custom indicators, Expert Advisors, and community scripts run on MT4. Moving to MT5 means rewriting that entire library, and the majority of users don't see the point.
I spent time testing MT4 and MT5 side by side, and the gap is less dramatic than the marketing suggests. MT5 has a few extras like more timeframes and a built-in economic calendar, but the charting feels nearly identical. For most retail strategies, MT4 still holds its own.
Getting MT4 configured properly the first time
Downloading and installing MT4 is the easy part. Where people waste time is getting everything configured correctly. By default, MT4 loads with four charts squeezed onto the screen. Shut them all and start fresh with the instruments you actually trade.
Save yourself repeating the same setup by using templates. Set up your preferred indicators once, then save it as a template. From there you can load it onto other charts instantly. Small thing, but over time it adds up.
A quick tweak that helps: go to Tools > Options > Charts and check "Show ask line." The default view is the bid price by default, which can make buy entries seem misaligned by the spread amount.
How reliable is MT4 backtesting?
The strategy tester in MT4 lets you run Expert Advisors against historical data. Worth noting though: the reliability of those results hinges on your tick data. The default history data is modelled, meaning it fills in missing ticks using algorithms. For anything more precise than a quick look, grab third-party tick data.
The "modelling quality" percentage tells you more than the bottom-line PnL. Below 90% indicates the results aren't trustworthy. People best metatrader 4 brokers occasionally post backtest results with 25% modelling quality and can't figure out why live trading looks different.
Backtesting is where MT4 earns its reputation, but it's only as good as the data you give it.
Building your own MT4 indicators
MT4 ships with 30 default technical indicators. Few people use more than five or six. But where MT4 gets interesting comes from custom indicators coded in MQL4. You can find a massive library, spanning tweaked versions of standard tools to full trading dashboards.
The install process is painless: place the .ex4 or .mq4 file into the MQL4/Indicators folder, restart MT4, and you'll find it in the Navigator panel. One thing to watch is quality control. Community indicators vary wildly. A few are solid tools. Others stopped working years ago and may crash your terminal.
If you're downloading custom indicators, verify when it was last updated and if other traders mention bugs. A broken indicator won't just give wrong signals — it can slow down MT4.
The MT4 risk controls you're probably not using
There are a few native risk management features that a lot of people don't bother with. The most useful is the maximum deviation setting in the new order panel. This controls the amount of slippage is acceptable on market orders. If you don't set it and the broker can fill you at whatever price is available.
Everyone knows about stop losses, but the trailing stop function is underused. Click on an open trade, select Trailing Stop, and set your preferred distance. The stop adjusts automatically as the trade goes your way. Not perfect for every strategy, but if you're riding trends it removes the urge to stare at the screen.
None of this is complicated to set up and they take some of the guesswork out of trade management.
Expert Advisors — before you trust a robot with your money
EAs sounds appealing: set rules, let the code trade, walk away. In practice, a huge percentage of them underperform over any extended time period. EAs sold with perfect backtest curves tend to be over-optimised — they worked on the specific data they were tested on and fall apart the moment the market does something different.
This isn't to say all EAs are worthless. A few people build personal EAs to handle one particular setup: time-based entries, automating position size calculations, or exiting positions at fixed levels. These utility-type EAs are more reliable because they do defined operations where you don't need judgment.
When looking at Expert Advisors, use a demo account for at least a few months. Forward testing reveals more than historical results ever will.
MT4 beyond the desktop
MT4 was built for Windows. Mac users has always been a workaround. Previously was emulation, which mostly worked but came with visual bugs and occasional crashes. Some brokers now offer Mac-specific builds using Crossover or similar wrappers, which are better but still aren't built from scratch for Mac.
On mobile, available for both iPhone and Android, work well for keeping an eye on your account and making quick adjustments. Doing proper analysis on a mobile device doesn't really work, but managing exits from your phone has saved plenty of traders.
Check whether your broker offers a proper macOS version or just Wine under the hood — it makes a real difference day to day.