MT4 in 2026: why it refuses to die
MetaQuotes stopped issuing new MT4 licences some time ago, steering brokers toward MT5. But most retail forex traders kept using MT4. The reason is straightforward: MT4 works, and people trust what works. More than a decade's worth of custom indicators, Expert Advisors, and community scripts were built for MT4. Migrating to MT5 means porting that entire library, and few people can't justify the effort.
After testing MT4 and MT5 side by side, and the differences are smaller than you'd expect. MT5 has a few extras including more timeframes and a built-in economic calendar, but the charting feels 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 configuration. Out of the box, MT4 loads with four charts tiled across the screen. Shut them all and start fresh with the markets you actually trade.
Chart templates save time. Set up your preferred indicators on one chart, then save it as a template. After that you can load it onto other charts without redoing the work. Small thing, but over time it makes a difference.
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 your entries look off until you realise the ask price is hidden.
Backtesting on MT4: what the results actually mean
The strategy tester in MT4 lets you run Expert Advisors against historical data. Worth noting though: the accuracy of those results depends entirely on your tick data. The default history data from MetaQuotes is interpolated, meaning it fills in missing ticks with made-up prices. If you're testing something more precise than a quick look, grab real tick data from a provider like Dukascopy.
Modelling quality matters more than the headline profit number. If it's under 90% suggests the results shouldn't be taken seriously. People occasionally post backtest results with 25% modelling quality and ask why the EA fails in real conditions.
Backtesting is where MT4 earns its reputation, but it's only as good as the data you give it.
MT4 indicators beyond the defaults
MT4 ships with 30 default technical indicators. Most traders never touch them all. That said, the real depth lives in community-made indicators written in MQL4. There are over 2,000 options, ranging from tweaked versions of standard tools to complex multi-timeframe dashboards.
Adding a custom indicator is simple: drop the .ex4 or .mq4 file into the MQL4/Indicators folder, reboot MT4, and you'll find it in the Navigator panel. The risk is quality. Publicly shared indicators range from excellent to broken. A few are solid tools. Many stopped working years ago and can freeze your terminal.
Before installing anything, verify when it was last updated and if people in the forums report issues. A broken indicator doesn't only show wrong data — it can slow down your entire platform.
The MT4 risk controls you're probably not using
There are some risk management options that most traders skip over. Probably the most practical one is maximum deviation in the trade execution window. It sets how much 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 trailing stops are worth exploring. Click on an open trade, select Trailing Stop, and set the pip amount. Your stop loss follows automatically as price moves your way. Not perfect for every strategy, but if you're riding trends it takes away the temptation to sit and watch.
You can configure all of this in under five minutes and they remove a lot of the emotional decision-making.
Running Expert Advisors: practical expectations
EAs have obvious appeal: program your strategy and stop staring at charts. In practice, a huge percentage of them lose money over any meaningful time period. Those marketed using incredible historical results are often fitted to past data — they worked on past prices and break down once the market does something different.
This isn't to say all EAs are a waste of time. Certain traders build their own EAs to handle one particular setup: time-based entries, automating position size calculations, or exiting positions at set levels. That kind of automation are more reliable because they execute mechanical tasks without needing discretion.
When looking at Expert Advisors, use a demo account for no less than two to three months. Running it forward in real time is more informative than backtesting alone.
Using MT4 outside Windows
The platform was designed for Windows. Running it on Mac has always been compromises. The traditional approach was running it through Wine, which was functional but had visual visit here bugs and occasional crashes. A few brokers now offer macOS versions built on Crossover or similar wrappers, which are better but still aren't true native apps.
On mobile, available for both Apple and Android devices, are surprisingly capable for monitoring positions and tweaking stops. Doing proper analysis on a 5-inch screen is pushing it, but adjusting a stop loss on the go is genuinely handy.
Check whether your broker offers a proper macOS version or just Wine under the hood — the experience varies a lot between the two.