MT4 in 2026: why it refuses to die
MetaQuotes stopped issuing new MT4 licences years ago, nudging brokers toward MT5. Still, most retail forex traders kept using MT4. The reason is simple: MT4 works, and people trust what works. Thousands of custom indicators, Expert Advisors, and community scripts were built for MT4. Migrating to MT5 means rewriting that entire library, and the majority of users can't justify the effort.
I spent time testing both platforms side by side, and the differences are marginal for most strategies. MT5 has a few extras including more timeframes and a built-in economic calendar, but the core charting is about the same. For most retail strategies, MT4 still holds its own.
Setting up MT4 without the usual headaches
The install process is quick. What actually causes problems is configuration. By default, MT4 loads with four charts squeezed onto one window. Shut them all and start fresh with the instruments you care about.
Save yourself repeating the same setup by using templates. Configure your go-to indicators on one chart, then right-click and save as template. From there you can load it onto other charts instantly. Minor detail, but over months it saves hours.
A quick tweak that helps: go to Tools > Options > Charts and check "Show ask line." By default MT4 displays the bid price on the chart, which makes entries appear wrong by the spread amount.
How reliable is MT4 backtesting?
MT4's built-in strategy tester lets you run Expert Advisors against historical data. Worth noting though: the accuracy of those results comes down to your tick data. Standard history data is modelled, meaning gaps between real data points are estimated mathematically. For anything that needs accuracy, you need proper historical data.
That quality percentage in the results tells you more than the profit figure. Anything below 90% indicates the results shouldn't be taken seriously. Traders sometimes read more 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 it's only as good as the data you give it.
Custom indicators on MT4: worth the effort?
MT4 comes with 30 default technical indicators. Most traders never touch them all. However the platform's actual strength lives in custom indicators built with MQL4. There are over 2,000 options, covering everything from simple moving average variations to complex multi-timeframe dashboards.
The install process is painless: place the .ex4 or .mq4 file into your MQL4/Indicators folder, restart MT4, and the indicator shows up in the Navigator panel. The risk is reliability. Publicly shared indicators range from excellent to broken. A few are well coded and maintained. Some are abandoned projects and can freeze your terminal.
If you're downloading custom indicators, check when it was last updated and whether people in the forums report issues. A poorly written indicator won't just give wrong signals — it can lag your entire platform.
Risk management settings most MT4 traders ignore
You'll find several built-in risk management options that most traders skip over. Probably the most practical one is the maximum deviation setting in the new order panel. This defines the amount of slippage you'll accept on market orders. If you don't set it and you're accepting whatever price the broker gives you.
Stop losses go without saying, but MT4's trailing stop feature are overlooked. Click on an open trade, choose Trailing Stop, and enter a distance. It adjusts automatically as the trade goes into profit. It won't suit every approach, but if you're riding trends it reduces the urge to micromanage the trade.
None of this is complicated to set up and they remove a lot of the emotional decision-making.
Expert Advisors — before you trust a robot with your money
EAs have obvious appeal: program your strategy and stop staring at charts. In reality, most EAs lose money over any meaningful time period. EAs marketed using flawless equity curves are usually fitted to past data — they worked on the specific data they were tested on and break down the moment the market does something different.
None of this means all EAs are a waste of time. A few people build personal EAs for specific, narrow tasks: entering at a specific time, automating position size calculations, or exiting positions at fixed levels. These utility-type EAs work because they execute defined operations without needing judgment.
Before running any EA with real money, test on demo first for a minimum of two to three months. Running it forward in real time tells you more than any backtest.
MT4 beyond the desktop
The platform was designed for Windows. Running it on Mac face friction. The old method was Wine or PlayOnMac, which mostly worked but introduced visual bugs and the odd crash. Some brokers now offer Mac-specific builds using Crossover or similar wrappers, which are better but still aren't true native apps.
MT4 mobile, available for both iPhone and Android, are surprisingly capable for monitoring positions and tweaking stops. Serious charting work on a mobile device isn't realistic, but closing a trade while away from your desk has saved plenty of traders.
It's worth confirming if your broker provides a proper macOS version or just Wine under the hood — it makes a real difference day to day.