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, steering brokers toward MT5. Yet most retail forex traders stayed put. The reason is simple: MT4 does one thing well. More than a decade's worth of custom indicators, Expert Advisors, and community scripts were built for MT4. Migrating to MT5 means rebuilding that entire library, and most traders can't justify the discover this effort.

I spent time testing both platforms side by side, and the differences are smaller than you'd expect. MT5 has a few extras such as more timeframes and a built-in economic calendar, but the core charting is nearly identical. For most retail strategies, MT4 still holds its own.

MT4 setup: what the manual doesn't tell you

The install process is quick. The part that trips people up is the setup after install. On first launch, MT4 loads with four charts crammed into one window. Close all of them and start fresh with the pairs you follow.

Chart templates save time. Set up your preferred indicators once, then save it as a template. After that you can load it onto other charts without redoing the work. Sounds trivial, but over time it saves hours.

Something most people miss: open 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

The strategy tester in MT4 allows you to run Expert Advisors against historical data. But here's the thing: the accuracy of those results comes down to your tick data. The default history data is interpolated, meaning it fills in missing ticks with made-up prices. For anything more precise than a quick look, grab real tick data from a provider like Dukascopy.

Modelling quality is more important than the bottom-line PnL. Anything below 90% indicates the results are probably misleading. People occasionally show off backtests with 25% modelling quality and wonder 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.

Custom indicators on MT4: worth the effort?

MT4 comes with 30 standard technical indicators. Most traders never touch them all. But the real depth is in community-made indicators coded in MQL4. You can find thousands available, ranging from tweaked versions of standard tools 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 reliability. Community indicators are hit-and-miss. Some are solid tools. Others stopped working years ago and can freeze your terminal.

If you're downloading custom indicators, check when it was last updated 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

MT4 has several built-in risk management options that the majority of users skip over. First worth mentioning is maximum deviation in the trade execution window. This defines how much slippage is acceptable on market orders. Without this configured and you're accepting whatever price the broker gives you.

Stop losses are obvious, but the trailing stop function are worth exploring. Right-click an open trade, choose Trailing Stop, and define your preferred distance. The stop follows when the trade goes in your favour. Not perfect for every strategy, but for trend-following 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.

Running Expert Advisors: practical expectations

Expert Advisors on MT4 sounds appealing: program your strategy and stop staring at charts. In practice, the majority of Expert Advisors lose money over any extended time period. Those marketed using flawless equity curves are often over-optimised — they look great on historical data and stop working once conditions shift.

That doesn't mean all EAs are a waste of time. Certain traders develop custom EAs to handle one particular setup: time-based entries, managing position sizing, or taking profit at predetermined levels. That kind of automation are more reliable because they handle mechanical tasks without needing judgment.

If you're evaluating EAs, use a demo account for a minimum of several weeks in different conditions. Running it forward in real time reveals more than any backtest.

MT4 beyond the desktop

MT4 was built for Windows. If you're on macOS face compromises. The traditional approach was Wine or PlayOnMac, which mostly worked but came with visual bugs and occasional crashes. Certain brokers now offer Mac-specific builds using Wine under the hood, which are better but remain wrappers at the end of the day.

The mobile apps, available for both Apple and Android devices, are surprisingly capable for keeping an eye on positions and tweaking stops. Doing proper analysis on a 5-inch screen is pushing it, but managing exits while away from your desk 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.