MetaTrader 4 in 2026: what still works and what doesn't
MT4 in 2026: why it refuses to die
MetaQuotes stopped issuing new MT4 licences some time ago, nudging brokers toward MT5. But most retail forex traders kept using MT4. The reason is not complicated: MT4 has twenty years of muscle memory behind it. Thousands of custom indicators, Expert Advisors, and community scripts run on MT4. Switching to MT5 means rebuilding 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, MT4 still holds its own.
MT4 setup: what the manual doesn't tell you
Installation takes a few minutes. Where people waste time is getting everything configured correctly. By default, MT4 loads with four charts squeezed onto the screen. Close all of them and start fresh with the instruments you follow.
Templates are worth setting up early. Build your go-to indicators once, then save it as a template. Then you can apply it to any new chart in two clicks. Minor detail, but over time it saves hours.
Something most people miss: go to Tools > Options > Charts and tick "Show ask line." By default MT4 displays the bid price by default, which makes your entries look off until you realise the ask price is hidden.
How reliable is MT4 backtesting?
The strategy tester in MT4 lets you run Expert Advisors against historical data. That said: the quality of those results comes down to your tick data. The default history data from MetaQuotes is modelled, meaning gaps between real data points are estimated using algorithms. For anything beyond a rough sanity check, grab real tick data from a provider like Dukascopy.
The "modelling quality" percentage matters more than the profit figure. Below 90% indicates the results are probably misleading. People occasionally share screenshots with 25% modelling quality and ask why their live results don't match.
The strategy tester is one of MT4's stronger features, but it's only as good as the data you give it.
Custom indicators on MT4: worth the effort?
MT4 ships with 30 default technical indicators. Most traders never touch them all. However the real depth comes from user-built indicators written in MQL4. There are a massive library, spanning tweaked versions of standard tools to full trading dashboards.
Installing them is straightforward: copy the .ex4 or .mq4 file into the MQL4/Indicators folder, refresh MT4, and you'll find it in the Navigator panel. The catch is quality control. Publicly shared indicators vary wildly. Some are solid tools. Some haven't been updated since 2015 and can freeze your terminal.
Before installing anything, check how recently it was maintained and whether people in the forums mention bugs. A broken indicator won't just give wrong signals — it can slow down your entire platform.
Managing risk properly inside MT4
There are a few native risk management tools that a lot of people don't bother with. Probably the most practical one is the maximum deviation setting 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 MT4's trailing stop feature are overlooked. Right-click an open trade, choose Trailing Stop, and enter your preferred distance. It moves automatically as the trade goes in your favour. Not perfect for every strategy, but for trend-following it removes the urge to stare at the screen.
These settings take a minute to configure 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: define your rules and let the machine execute. In reality, the majority of Expert Advisors fail to deliver over any decent time period. EAs advertised with flawless equity webpage curves are often over-optimised — they worked on the specific data they were tested on and stop working once market conditions change.
This isn't to say all EAs are a waste of time. A few people build personal EAs to handle specific, narrow tasks: entering at a specific time, calculating lot sizes, or exiting positions at fixed levels. That kind of automation are more reliable because they execute defined operations where you don't need judgment.
If you're evaluating EAs, run them on a demo account for at least a few months. Running it forward in real time reveals more than historical results ever will.
MT4 beyond the desktop
MT4 was built for Windows. If you're on macOS deal with compromises. The old method was emulation, which did the job but introduced display glitches and occasional crashes. Some brokers now offer macOS versions using compatibility layers, which is an improvement but remain wrappers at the end of the day.
The mobile apps, available for both iPhone and Android, are genuinely useful for keeping an eye on open trades and managing trades on the move. Doing proper analysis on a mobile device isn't realistic, but adjusting a stop loss while away from your desk is worth having.
Look into whether your broker has real Mac support or a compatibility layer — the experience varies a lot between the two.