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 haven't moved. The reason is not complicated: MT4 works, and people trust what works. A huge library 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've tested both platforms side by side, and the differences are smaller than you'd expect. MT5 adds a few extras including more timeframes and a built-in economic calendar, but chart functionality feels nearly identical. Unless you need MT5-specific features, MT4 still holds its own.
Getting MT4 configured properly the first time
The install process is quick. What actually causes problems is configuration. By default, MT4 shows four charts tiled across the screen. Close all of them and open just the pairs you care about.
Chart templates save time. Build your usual indicators on one chart, then save it as a template. From there you can load it onto other charts without redoing the work. Sounds trivial, but over time it makes a difference.
One setting worth changing: go to Tools > Options > Charts and check "Show ask line." MT4 only shows the bid price by default, which makes entries appear wrong until you realise the ask price is hidden.
MT4 strategy tester: honest expectations
MT4 comes blog with a backtester that gives you the ability to run Expert Advisors against historical data. That said: the quality of those results hinges on your tick data. Standard history data from MetaQuotes is interpolated, meaning the tester fills gaps mathematically. For anything beyond a rough sanity check, download real tick data from a provider like Dukascopy.
Modelling quality tells you more than the bottom-line PnL. Below 90% indicates the results shouldn't be taken seriously. I've seen people post backtest results with 25% modelling quality and can't figure out why their live results don't match.
This is one area where MT4 genuinely outperforms most web-based platforms, but the output is only useful with quality tick data.
Building your own MT4 indicators
MT4 comes with 30 default technical indicators. The average trader uses maybe a handful. But where MT4 gets interesting is in user-built indicators written in MQL4. There are thousands available, spanning simple moving average variations to complex multi-timeframe dashboards.
The install process is painless: drop the .ex4 or .mq4 file into your MQL4/Indicators folder, restart MT4, and the indicator shows up in the Navigator panel. The catch is quality control. Publicly shared indicators are hit-and-miss. Some are solid tools. Others stopped working years ago and can freeze your terminal.
Before installing anything, look at how recently it was maintained and whether people in the forums mention bugs. Bad code won't just give wrong signals — it can slow down your entire platform.
The MT4 risk controls you're probably not using
You'll find a few native risk management tools that most traders skip over. The most useful is maximum deviation in the new order panel. It sets the amount of slippage you'll accept on market orders. If you don't set it and you'll get whatever price the broker gives you.
Stop losses go without saying, but MT4's trailing stop feature are underused. Click on an open trade, choose Trailing Stop, and define a distance. It adjusts with price moves into profit. Not perfect for every strategy, but on trending pairs it removes 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.
EAs on MT4: what to realistically expect
EAs attract traders for obvious reasons: program your strategy and stop staring at charts. In reality, a huge percentage of them fail to deliver over any meaningful time period. EAs marketed using flawless equity curves are usually fitted to past data — they performed well on past prices and fall apart once conditions shift.
None of this means all EAs are worthless. Some traders code personal EAs for well-defined entry rules: opening trades at session opens, managing position sizing, or closing trades at set levels. These utility-type EAs work because they do mechanical tasks that don't require judgment.
Before running any EA with real money, use a demo account for no less than two to three months. Forward testing tells you more than historical results ever will.
MT4 beyond the desktop
The platform was designed for Windows. If you're on macOS deal with compromises. Previously was Wine or PlayOnMac, which did the job but introduced visual bugs and occasional crashes. Some brokers now offer macOS versions built on Wine under the hood, which is an improvement but remain wrappers at the end of the day.
The mobile apps, on both Apple and Android devices, work well for keeping an eye on your account and managing trades on the move. Full analysis on a phone screen isn't realistic, but closing a trade from your phone is worth having.
Check whether your broker offers real Mac support or a compatibility layer — the experience varies a lot between the two.