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 stayed put. The reason is not complicated: MT4 does one thing well. More than a decade's worth of custom indicators, Expert Advisors, and community scripts were built for MT4. Switching to MT5 means rewriting that entire library, and few people would rather keep trading than recoding.
I spent time testing MT4 and MT5 side by side, and the gap is less dramatic than the marketing suggests. MT5 adds a few extras like more timeframes and a built-in economic calendar, but chart functionality feels about the same. If you're weighing up the two, there's no compelling reason to switch.
Setting up MT4 without the usual headaches
The install process is quick. The part that trips people up is configuration. Out of the box, MT4 opens with four charts crammed into a single workspace. Clear the lot and start fresh with the markets you follow.
Templates are worth setting up early. Configure your go-to indicators on one chart, then save it as a template. After that you can load it onto other charts in two clicks. Small thing, but over months it adds up.
One setting worth changing: go to Tools > Options > Charts and enable "Show ask line." The default view is the bid price on the chart, which makes entries appear wrong until you realise the ask price is hidden.
How reliable is MT4 backtesting?
The strategy tester in MT4 allows you to run Expert Advisors against historical data. But here's the thing: the reliability of those results comes down to your tick data. Built-in history data is interpolated, meaning gaps between real data points are estimated mathematically. If you're testing something that needs accuracy, you need real tick data from a provider like Dukascopy.
The "modelling quality" percentage matters more than the bottom-line PnL. Below 90% indicates the results shouldn't be taken seriously. Traders sometimes share screenshots with 25% modelling quality and wonder why the EA fails in real conditions.
Backtesting is where MT4 earns its reputation, but only if you feed it decent data.
MT4 indicators beyond the defaults
MT4 comes with 30 built-in technical indicators. Few people use more than five or six. That said, the platform's actual strength comes from community-made indicators written in MQL4. There are over 2,000 options, covering everything from basic modifications to complex multi-timeframe dashboards.
Installing them is straightforward: drop the .ex4 or .mq4 file into the MQL4/Indicators folder, refresh MT4, and it appears in the Navigator panel. The catch is reliability. Community indicators vary wildly. Some are solid tools. Others haven't been updated since 2015 and can freeze your terminal.
Before installing anything, look at how recently it was maintained and whether other traders have flagged problems. A poorly written indicator doesn't only show wrong data — it can slow down the whole terminal.
The MT4 risk controls you're probably not using
There are a few native risk management tools that most traders never configure. First worth mentioning is the maximum deviation setting in the new order panel. This controls the amount of slippage you'll accept on market orders. Without this configured and you're accepting whatever price comes through.
Everyone knows about stop losses, but MT4's trailing stop feature is underused. Click on an open trade, choose Trailing Stop, and enter your preferred distance. It moves automatically as price moves your way. Not perfect for every strategy, but on trending pairs it takes away the temptation to stare at the screen.
You can configure all of this in under five minutes and they remove a resources lot of the emotional decision-making.
EAs on MT4: what to realistically expect
Automated trading through Expert Advisors have obvious appeal: define your rules and let the machine execute. In practice, the majority of Expert Advisors underperform over any decent time period. Those marketed using flawless equity curves are often fitted to past data — they look great on historical data and break down once conditions shift.
This isn't to say all EAs are worthless. Certain traders build personal EAs for specific, narrow tasks: entering at a specific time, automating position size calculations, or taking profit at set levels. These utility-type EAs are more reliable because they do defined operations that don't require discretion.
If you're evaluating EAs, use a demo account for at least several weeks in different conditions. Live demo testing tells you more than any backtest.
MT4 beyond the desktop
The platform was designed for Windows. If you're on macOS deal with a workaround. The old method was running it through Wine, which mostly worked but introduced display glitches and stability problems. Certain brokers now offer native Mac apps built on compatibility layers, which are better but remain wrappers at the end of the day.
MT4 mobile, on both iPhone and Android, work well for monitoring open trades and managing trades on the move. Serious charting work on a phone screen is pushing it, but managing exits on the go is worth having.
Check whether your broker offers a proper macOS version or just Wine under the hood — it makes a real difference day to day.