MetaTrader 4 in 2026: what still works and what doesn't

What keeps MT4 relevant after two decades

MetaQuotes stopped issuing new MT4 licences years ago, nudging brokers toward MT5. But most retail forex traders haven't moved. The reason is not complicated: MT4 does one thing well. Thousands of custom indicators, Expert Advisors, and community scripts were built for MT4. Moving to MT5 means porting that entire library, and the majority of users can't justify the effort.

I've tested both platforms 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 is about the same. Unless you need MT5-specific features, there's no compelling reason to switch.

Getting MT4 configured properly the first time

Downloading and installing MT4 is the easy part. The part that trips people up is the setup after install. Out of the box, MT4 loads with four charts tiled across a single workspace. Shut them all and open just the pairs you actually trade.

Save yourself repeating the same setup by using templates. Set up your go-to indicators once, then save it as a template. After that you can apply it to any new chart without redoing the work. Sounds trivial, but over time it saves hours.

One setting worth changing: go to Tools > Options > Charts and check "Show ask line." The default view is the bid price by default, which makes your entries look off until you realise the ask price is hidden.

How reliable is MT4 backtesting?

MT4's built-in strategy tester allows you to run Expert Advisors against historical data. That said: the quality of those results depends entirely on your tick data. The default history data from MetaQuotes is not real tick data, meaning the tester fills gaps mathematically. For anything more precise than a quick look, grab third-party tick data.

The "modelling quality" percentage tells you more than the profit figure. Anything below 90% means the results aren't trustworthy. I've seen people post backtest results with 25% modelling quality and can't figure out why their live results don't match.

The strategy tester is one of MT4's stronger features, but it's only as good as the data you give it.

Custom indicators on MT4: worth the effort?

MT4 comes with 30 built-in technical indicators. The average trader uses maybe a handful. However the platform's actual strength is in community-made indicators written in MQL4. You can find a massive library, ranging from tweaked versions of standard tools to complex multi-timeframe dashboards.

Installing them is straightforward: place 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. Free indicators range from excellent to broken. A few are solid tools. Others stopped working years ago and may crash your terminal.

When adding third-party indicators, look at how recently it was maintained and whether users report issues. A poorly written indicator doesn't only show wrong data — it can lag your entire platform.

Managing risk properly inside MT4

MT4 has a few native risk management options that most traders don't bother with. The most useful is maximum deviation in the trade execution window. This controls the amount of slippage you're willing to tolerate on market orders. Without this configured and you're accepting whatever price is available.

Everyone knows about stop losses, but trailing stops are underused. Click on an open trade, pick Trailing Stop, and set the pip amount. It follows when the trade goes your way. Doesn't work well in choppy markets, but if you're riding trends it removes the need to sit and watch.

None of this is complicated to set up and they take some of the guesswork out of trade management.

EAs on MT4: what to realistically expect

Expert Advisors on MT4 have obvious appeal: define your rules and let the machine execute. The reality is, a huge percentage of them fail to deliver over any meaningful time period. Those advertised with flawless equity curves are often over-optimised — they look great on past prices and break down the moment market conditions change.

That doesn't mean all EAs are worthless. Certain traders build personal EAs to handle well-defined entry rules: entering at a specific time, managing position sizing, or exiting positions at predetermined levels. These smaller, focused scripts work 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 any backtest.

MT4 beyond the desktop

The platform was designed for Windows. If you're on macOS has always been compromises. The old method was running it through Wine, which did the job but came with visual bugs and occasional crashes. Certain brokers now offer macOS versions using compatibility layers, which is an improvement but still aren't built from scratch for Mac.

MT4 mobile, on both iPhone and Android, are surprisingly capable for watching open trades best mt4 brokers and making quick adjustments. Serious charting work on a mobile device doesn't really work, 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 difference in stability is noticeable.