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 simple: MT4 has twenty years of muscle memory behind it. Thousands of custom indicators, Expert Advisors, and community scripts were built for MT4. Switching to MT5 means porting that entire library, and the majority of users don't see the point.
After testing both platforms side by side, and the differences are smaller than you'd expect. MT5 has a few extras such as more timeframes and a built-in economic calendar, but chart functionality feels very similar. For most retail strategies, MT4 still holds its own.
Getting MT4 configured properly the first time
The install process is quick. Where people waste time is getting everything configured correctly. On first launch, MT4 shows four charts tiled across a single workspace. Close all of them and open just the markets you follow.
Templates are worth setting up early. Build your go-to indicators on one chart, then right-click and save as template. After that you can apply it to any new chart without redoing the work. Minor detail, but over time it adds up.
One setting worth changing: open Tools > Options > Charts and check "Show ask line." MT4 only shows the bid price on the chart, which makes your entries look off by the look here spread amount.
Backtesting on MT4: what the results actually mean
MT4 comes with a backtester that lets you run Expert Advisors against historical data. Worth noting though: the accuracy of those results comes down to your tick data. The default history data is modelled, meaning it fills in missing ticks with made-up prices. If you're testing something that needs accuracy, grab proper historical data.
The "modelling quality" percentage is more important than the headline profit number. Below 90% means the results shouldn't be taken seriously. I've seen people show off backtests with 25% modelling quality and wonder why their live results don't match.
The strategy tester is one of MT4's stronger features, but the output is only useful with quality tick data.
MT4 indicators beyond the defaults
MT4 ships with 30 standard technical indicators. Few people use more than five or six. That said, the real depth lives in community-made indicators built with MQL4. You can find a massive library, ranging from tweaked versions of standard tools to full trading dashboards.
Installing them is straightforward: place the .ex4 or .mq4 file into your MQL4/Indicators folder, refresh MT4, and it appears in the Navigator panel. One thing to watch is reliability. Publicly shared indicators are hit-and-miss. A few are solid tools. Many stopped working years ago and can freeze your terminal.
When adding third-party indicators, check how recently it was maintained and whether users report issues. A poorly written indicator won't just give wrong signals — it can freeze MT4.
The MT4 risk controls you're probably not using
There are several built-in risk management features that a lot of people don't bother with. The most useful is maximum deviation in the trade execution window. This controls how much slippage you'll accept on market orders. If you don't set it and the broker can fill you at whatever price comes through.
Stop losses go without saying, but MT4's trailing stop feature are worth exploring. Click on an open trade, choose Trailing Stop, and define the pip amount. It follows when price moves in your favour. Not perfect for every strategy, but for trend-following it reduces 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.
Running Expert Advisors: practical expectations
EAs attract traders for obvious reasons: set rules, let the code trade, walk away. In practice, a huge percentage of them underperform over any meaningful time period. The ones sold with flawless equity curves tend to be fitted to past data — they worked on historical data and stop working once conditions shift.
None of this means all EAs are a waste of time. Some traders develop custom EAs for one particular setup: entering at a specific time, calculating lot sizes, or taking profit at fixed levels. These utility-type EAs are more reliable because they do mechanical tasks where you don't need judgment.
If you're evaluating EAs, test on demo first for at least a few months. Running it forward in real time tells you more than backtesting alone.
MT4 on Mac and mobile: what actually works
The platform was designed for Windows. Running it on Mac deal with compromises. The old method was running it through Wine, which mostly worked but had display glitches and the odd crash. Certain brokers now offer Mac-specific builds wrapped around compatibility layers, which work more smoothly but remain wrappers at the end of the day.
MT4 mobile, on both Apple and Android devices, are surprisingly capable for monitoring your account and managing trades on the move. Doing proper analysis on a phone screen isn't realistic, but managing exits from your phone is genuinely handy.
Check whether your broker offers a native Mac build or just a wrapper — the experience varies a lot between the two.