MT4 in 2026: why it refuses to die
MetaQuotes stopped issuing new MT4 licences years ago, pushing brokers toward MT5. Still, most retail forex traders haven't moved. The reason is simple: MT4 works, and people trust what works. A huge library of custom indicators, Expert Advisors, and community scripts visit were built for MT4. Switching to MT5 means porting that entire library, and few people can't justify the effort.
After testing both platforms side by side, and the gap is marginal for most strategies. MT5 has a few extras including more timeframes and a built-in economic calendar, but chart functionality is very similar. If you're weighing up the two, there's no compelling reason to switch.
Setting up MT4 without the usual headaches
Installation takes a few minutes. Where people waste time is configuration. Out of the box, MT4 shows four charts squeezed onto one window. Close all of them and open just the instruments you follow.
Templates are worth setting up early. Set up your usual indicators once, then save it as a template. Then you can load it onto other charts instantly. Minor detail, but over time it saves hours.
Something most people miss: open Tools > Options > Charts and check "Show ask line." MT4 only shows the bid price on the chart, which can make entries appear wrong until you realise the ask price is hidden.
Backtesting on MT4: what the results actually mean
The strategy tester in MT4 allows you to run Expert Advisors against historical data. That said: the reliability of those results comes down to your tick data. The default history data from MetaQuotes is modelled, meaning gaps between real data points are estimated mathematically. For anything that needs accuracy, you need third-party tick data.
Modelling quality tells you more than the bottom-line PnL. If it's under 90% means the results shouldn't be taken seriously. I've seen people show off backtests with 25% modelling quality and ask why live trading looks different.
The strategy tester is one of MT4's stronger features, but it's only as good as the data you give it.
MT4 indicators beyond the defaults
MT4 comes with 30 built-in technical indicators. Most traders never touch them all. That said, the platform's actual strength is in community-made indicators written in MQL4. There are over 2,000 options, ranging from tweaked versions of standard tools to full trading dashboards.
Installing them is straightforward: place the .ex4 or .mq4 file into the MQL4/Indicators folder, reboot MT4, and the indicator shows up in the Navigator panel. One thing to watch is quality. Publicly shared indicators are hit-and-miss. A few are solid tools. Many stopped working years ago and can freeze your terminal.
Before installing anything, check how recently it was maintained and whether other traders have flagged problems. Bad code doesn't only show wrong data — it can slow down your entire platform.
The MT4 risk controls you're probably not using
You'll find a few native risk management tools 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. Leave it at zero and you'll get whatever price comes through.
Everyone knows about stop losses, but trailing stops is overlooked. Click on an open trade, pick Trailing Stop, and set the pip amount. It moves when the trade goes in your favour. It won't suit every approach, but if you're riding trends it takes away the need to stare at the screen.
None of this is complicated to set up and they remove a lot of the emotional decision-making.
Running Expert Advisors: practical expectations
EAs sounds appealing: set rules, let the code trade, walk away. In practice, most EAs underperform over any decent time period. Those sold with incredible historical results are often fitted to past data — they worked on historical data and stop working once market conditions change.
None of this means all EAs are a waste of time. Certain traders develop personal EAs to handle well-defined entry rules: entering at a specific time, calculating lot sizes, or exiting positions at set levels. That kind of automation are more reliable because they handle mechanical tasks where you don't need judgment.
When looking at Expert Advisors, use a demo account for at least a few months. Forward testing reveals more than historical results ever will.
MT4 on Mac and mobile: what actually works
MT4 is a Windows application at heart. Mac users has always been a workaround. Previously was Wine or PlayOnMac, which was functional but introduced display glitches and the odd crash. Some brokers now offer Mac-specific builds wrapped around compatibility layers, which is an improvement but remain wrappers at the end of the day.
The mobile apps, on both iPhone and Android, are genuinely useful for monitoring your account and making quick adjustments. Full analysis on a 5-inch screen is pushing it, but managing exits while away from your desk is worth having.
Look into whether your broker has a native Mac build or just a wrapper — the experience varies a lot between the two.