MT4 in 2026: why it refuses to die
MetaQuotes stopped issuing new MT4 licences some time ago, pushing brokers toward MT5. Still, 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. Moving to MT5 means rebuilding that entire library, and most traders don't see the point.
I've tested both platforms side by side, and the differences are marginal for most strategies. MT5 adds a few extras like more timeframes and a built-in economic calendar, but chart functionality feels very similar. For most retail strategies, there's no compelling reason to switch.
Setting up MT4 without the usual headaches
Downloading and installing MT4 is the easy part. The part that mt4 broker trips people up is getting everything configured correctly. On first launch, MT4 shows four charts tiled across one window. Clear the lot and start fresh with the instruments you follow.
Chart templates save time. Set up your preferred indicators on one chart, then save it as a template. From there you can load it onto other charts in two clicks. Minor detail, but over weeks it saves hours.
Something most people miss: open Tools > Options > Charts and check "Show ask line." MT4 only shows the bid price on the chart, which can make entries appear wrong until you realise the ask price is hidden.
Backtesting on MT4: what the results actually mean
MT4 comes with a backtester that allows you to run Expert Advisors against historical data. That said: the quality of those results comes down to your tick data. The default history data is modelled, meaning gaps between real data points are estimated using algorithms. For anything more precise than a quick look, you need real tick data from a provider like Dukascopy.
The "modelling quality" percentage tells you more than the profit figure. Anything below 90% suggests the results shouldn't be taken seriously. Traders sometimes share screenshots with 25% modelling quality and can't figure out why live trading looks different.
The strategy tester is one of MT4's stronger features, but it's only as good as the data you give it.
Building your own MT4 indicators
MT4 ships with 30 default technical indicators. Most traders never touch them all. But the real depth lives in custom indicators written in MQL4. The MQL5 marketplace alone has over 2,000 options, covering everything from simple moving average variations to full trading dashboards.
The install process is painless: copy the .ex4 or .mq4 file into your MQL4/Indicators folder, restart MT4, and you'll find it in the Navigator panel. One thing to watch is quality. Community indicators range from excellent to broken. A few are solid tools. Many haven't been updated since 2015 and will crash your terminal.
Before installing anything, verify how recently it was maintained and whether other traders mention bugs. A broken indicator doesn't only show wrong data — it can freeze MT4.
Risk management settings most MT4 traders ignore
MT4 has a few native risk management features that a lot of people don't bother with. The most useful is maximum deviation in the new order panel. This controls 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 the broker gives you.
Stop losses go without saying, but MT4's trailing stop feature are underused. Right-click an open trade, pick Trailing Stop, and define the pip amount. It moves with the trade goes in your favour. Not perfect for every strategy, but for trend-following it removes the urge to sit and watch.
You can configure all of this in under five minutes and the difference in discipline is noticeable over time.
Expert Advisors — before you trust a robot with your money
Automated trading through Expert Advisors have obvious appeal: program your strategy and stop staring at charts. In reality, a huge percentage of them underperform over any decent time period. The ones sold with incredible historical results are often curve-fitted — they worked on the specific data they were tested on and break down when conditions shift.
This isn't to say all EAs are useless. Some traders develop personal EAs to handle specific, narrow tasks: opening trades at session opens, automating position size calculations, or taking profit at set levels. These utility-type EAs tend to work because they do defined operations where you don't need discretion.
When looking at Expert Advisors, run them on a demo account for no less than two to three months. Forward testing is more informative than any backtest.
Using MT4 outside Windows
MT4 was built for Windows. Running it on Mac has always been a workaround. The traditional approach was emulation, which was functional but introduced display glitches and stability problems. Certain brokers now offer macOS versions built on Crossover or similar wrappers, which are better but remain wrappers at the end of the day.
On mobile, on both Apple and Android devices, are surprisingly capable for monitoring your account and making quick adjustments. Serious charting work on a 5-inch screen is pushing it, but managing exits from your phone has saved plenty of traders.
It's worth confirming if your broker provides real Mac support or a compatibility layer — it makes a real difference day to day.