MT4 in 2026: why it refuses to die
MetaQuotes stopped issuing new MT4 licences some time ago, nudging brokers toward MT5. But 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. Switching to MT5 means rebuilding that entire library, and most traders can't justify the effort.
I've tested MT4 and MT5 side by side, and the gap is marginal for most strategies. MT5 adds a few extras such as more timeframes and a built-in economic calendar, but the core charting is very similar. If you're weighing up the two, MT4 is more than enough.
Setting up MT4 without the usual headaches
The install process is quick. What actually causes problems is configuration. On first launch, MT4 opens with four charts tiled across one window. Shut them all and start fresh with the pairs you follow.
Templates are worth setting up early. Build your usual indicators once, then right-click and save as template. Then you can apply it to any new chart instantly. Sounds trivial, but over months it makes a difference.
Something most people miss: go to Tools > Options > Charts and tick "Show ask line." The default view is the bid price on the chart, which can make your entries look off by the spread amount.
Backtesting on MT4: what the results actually mean
The strategy tester in MT4 gives you the ability to run Expert Advisors against historical data. That said: the accuracy of those results depends entirely on your tick data. The default history data is modelled, meaning gaps between real learn more data points are estimated using algorithms. For anything more precise than a quick look, you need real tick data from a provider like Dukascopy.
Modelling quality tells you more than the headline profit number. Below 90% suggests the results shouldn't be taken seriously. I've seen people post backtest results with 25% modelling quality and ask why the EA fails in real conditions.
Backtesting is where MT4 earns its reputation, but the output is only useful with quality tick data.
Building your own MT4 indicators
MT4 comes with 30 standard technical indicators. Most traders never touch them all. That said, the platform's actual strength lives in user-built indicators written in MQL4. You can find thousands available, spanning tweaked versions of standard tools to complex multi-timeframe dashboards.
Adding a custom indicator is simple: copy the .ex4 or .mq4 file into your MQL4/Indicators folder, reboot MT4, and the indicator shows up in the Navigator panel. The risk is quality control. Community indicators vary wildly. Some are genuinely useful. Many stopped working years ago and may crash your terminal.
When adding third-party indicators, look at how recently it was maintained and if people in the forums mention bugs. Bad code won't just give wrong signals — it can freeze the whole terminal.
Managing risk properly inside MT4
There are some risk management options that most traders never configure. Probably the most practical one is maximum deviation in the order window. It sets how much slippage you'll accept on market orders. If you don't set it and you're accepting whatever price is available.
Stop losses are obvious, but MT4's trailing stop feature are worth exploring. Right-click an open trade, select Trailing Stop, and set a distance. Your stop loss follows with the trade goes into profit. It won't suit every approach, but if you're riding trends it takes away the need to micromanage the trade.
None of this is complicated to set up and they take some of the guesswork out of trade management.
Expert Advisors — before you trust a robot with your money
Automated trading through Expert Advisors attract traders for obvious reasons: define your rules and let the machine execute. In practice, most EAs fail to deliver over any meaningful time period. The ones sold with flawless equity curves are often fitted to past data — they look great on historical data and stop working once market conditions change.
That doesn't mean all EAs are a waste of time. Some traders build their own EAs for specific, narrow tasks: time-based entries, automating position size calculations, or taking profit at set levels. These utility-type EAs tend to work because they execute mechanical tasks that don't require judgment.
When looking at Expert Advisors, test on demo first for a minimum of a few months. Live demo testing reveals more than any backtest.
MT4 beyond the desktop
MT4 is a Windows application at heart. Running it on Mac has always been friction. The old method was emulation, which mostly worked but introduced rendering issues and the odd crash. Some brokers now offer Mac-specific builds wrapped around Crossover or similar wrappers, which are better but still aren't true native apps.
On mobile, available for both iOS and Android, are surprisingly capable for monitoring your account and tweaking stops. Doing proper analysis on a phone screen doesn't really work, but closing a trade while away from your desk is genuinely handy.
It's worth confirming if your broker provides real Mac support or a compatibility layer — the experience varies a lot between the two.