MetaTrader 4 in 2026: what still works and what doesn't

Why traders still pick MT4 over newer platforms

MetaQuotes stopped issuing new MT4 licences some time ago, pushing brokers toward MT5. Still, most retail forex traders haven't moved. The reason is straightforward: MT4 does one thing well. More than a decade's worth of custom indicators, Expert Advisors, and community scripts run on MT4. Migrating to MT5 means rewriting that entire library, and most traders don't see the point.

I spent time testing both platforms side by side, and the gap is marginal for most strategies. MT5 has a few extras like more timeframes and a built-in economic calendar, but chart functionality feels nearly identical. If you're weighing up the two, MT4 is more than enough.

Setting up MT4 without the usual headaches

The install process is quick. What actually causes problems is configuration. Out of the box, MT4 opens with four charts tiled across the screen. Close all of them and start fresh with the pairs you care about.

Templates are worth setting up early. Set up your usual indicators on one chart, then right-click and save as template. After that you can apply it to any new chart in two clicks. Small thing, but over months it adds up.

Something most people miss: go to Tools > Options > Charts and tick "Show ask line." The default view is the bid price on the chart, which makes buy entries seem misaligned by the spread amount.

MT4 strategy tester: honest expectations

MT4 comes with a backtester that lets you run Expert Advisors against historical data. But here's the thing: the quality of those results hinges on your tick data. Standard history data from MetaQuotes is interpolated, meaning it fills in missing ticks with made-up prices. If you're testing something that needs accuracy, you need third-party tick data.

The "modelling quality" percentage matters more than the profit figure. If it's under 90% means the results aren't trustworthy. People occasionally show off backtests with 25% modelling quality and can't figure out why the EA fails in real conditions.

This is one area where MT4 genuinely outperforms most web-based platforms, but the output is only useful with quality tick data.

Custom indicators on MT4: worth the effort?

MT4 ships with 30 default technical indicators. The average trader uses maybe a handful. That said, where MT4 gets interesting lives in custom indicators written in MQL4. The MQL5 marketplace alone has over 2,000 options, spanning tweaked versions of standard tools to full trading dashboards.

The install process is painless: drop the .ex4 or .mq4 file into your MQL4/Indicators folder, refresh MT4, and it appears in the Navigator panel. The risk is quality control. Publicly shared indicators are hit-and-miss. Some are well coded and maintained. Many haven't been updated since 2015 and can freeze your terminal.

If you're downloading custom indicators, look at the last update date and whether people in the forums report issues. A poorly written indicator doesn't only show wrong data — it metatrader 4 can freeze the whole terminal.

Risk management settings most MT4 traders ignore

You'll find several built-in risk management features that a lot of people skip over. First worth mentioning is the maximum deviation setting in the trade execution window. It sets the amount of slippage you'll accept on market orders. If you don't set it and the broker can fill you at whatever price comes through.

Everyone knows about stop losses, but MT4's trailing stop feature are overlooked. Click on an open trade, pick Trailing Stop, and enter the pip amount. Your stop loss follows when the trade goes in your favour. It won't suit every approach, but if you're riding trends it reduces the need to micromanage the trade.

You can configure all of this in under five minutes and they take some of the guesswork out of trade management.

Running Expert Advisors: practical expectations

EAs sounds appealing: define your rules and let the machine execute. In reality, the majority of Expert Advisors fail to deliver over any meaningful time period. EAs advertised with perfect backtest curves are usually fitted to past data — they worked on past prices and stop working when market conditions change.

This isn't to say all EAs are worthless. Some traders build their own EAs to handle well-defined entry rules: entering at a specific time, calculating lot sizes, or taking profit at set levels. These utility-type EAs tend to work because they execute defined operations without needing judgment.

When looking at Expert Advisors, run them on a demo account for at least a few months. Live demo testing tells you more than historical results ever will.

Using MT4 outside Windows

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 rendering issues and stability problems. A few brokers now offer macOS versions using Crossover or similar wrappers, which work more smoothly but remain wrappers at the end of the day.

The mobile apps, available for both iPhone and Android, work well for keeping an eye on positions and making quick adjustments. Full analysis on a 5-inch screen doesn't really work, but managing exits from your phone is genuinely handy.

Check whether your broker offers a proper macOS version or just Wine under the hood — it makes a real difference day to day.