A practical look at MT4 for forex traders
MT4 in 2026: why it refuses to die
MetaQuotes stopped issuing new MT4 licences a while back, steering brokers toward MT5. But most retail forex traders haven't moved. The reason is not complicated: MT4 works, and people trust what works. Thousands of custom indicators, Expert Advisors, and community scripts run on MT4. Switching to MT5 means rewriting that entire library, and the majority of users don't see the point.
I've tested both platforms side by side, and the differences are smaller than you'd expect. MT5 adds a few extras such as more timeframes and a built-in economic calendar, but the charting is about the same. If you're weighing up the two, there's no compelling reason to switch.
MT4 setup: what the manual doesn't tell you
The install process is quick. Where people waste time is configuration. On first launch, MT4 loads with four charts squeezed onto the screen. Close all of them and open just the instruments you care about.
Save yourself repeating the same setup by using templates. Set up your preferred indicators once, then right-click and save as template. Then you can load it onto other charts in two clicks. Small thing, but over weeks it makes a difference.
Something most people miss: open Tools > Options > Charts and enable view more information "Show ask line." By default MT4 displays the bid price by default, which can make buy entries seem misaligned 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 hinges on your tick data. The default history data is modelled, meaning gaps between real data points are estimated using algorithms. For anything beyond a rough sanity check, download third-party tick data.
Modelling quality tells you more than the headline profit number. Anything below 90% means the results aren't trustworthy. Traders sometimes show off backtests with 25% modelling quality and ask why their live results don't match.
The strategy tester is one of MT4's stronger features, but only if you feed it decent data.
MT4 indicators beyond the defaults
MT4 comes with 30 standard technical indicators. Most traders never touch them all. However the platform's actual strength comes from custom indicators written in MQL4. There are over 2,000 options, covering everything from tweaked versions of standard tools to full trading dashboards.
The install process is painless: copy the .ex4 or .mq4 file into your MQL4/Indicators folder, refresh MT4, and it appears in the Navigator panel. The catch is quality. Publicly shared indicators vary wildly. A few are genuinely useful. Many are abandoned projects and will crash your terminal.
Before installing anything, check when it was last updated and whether users mention bugs. A poorly written indicator doesn't only show wrong data — it can freeze MT4.
The MT4 risk controls you're probably not using
There are a few native risk management features that most traders skip over. First worth mentioning is the maximum deviation setting in the trade execution window. This defines how much slippage is acceptable on market orders. Without this configured and you'll get whatever price comes through.
Everyone knows about stop losses, but trailing stops are overlooked. Click on an open trade, choose Trailing Stop, and enter your preferred distance. It adjusts automatically as the trade goes your way. Doesn't work well in choppy markets, but on trending pairs it removes the need to stare at the screen.
None of this is complicated to set up and the difference in discipline is noticeable over time.
Expert Advisors — before you trust a robot with your money
Expert Advisors on MT4 attract traders for obvious reasons: define your rules and let the machine execute. In reality, a huge percentage of them fail to deliver over any meaningful time period. Those sold with incredible historical results are often fitted to past data — they worked on the specific data they were tested on and fall apart the moment the market does something different.
This isn't to say all EAs are a waste of time. Certain traders develop personal EAs for specific, narrow tasks: entering at a specific time, automating position size calculations, or exiting positions at set levels. These utility-type EAs tend to work because they do repetitive actions that don't require judgment.
If you're evaluating EAs, test on demo first for no less than a few months. Running it forward in real time tells you more than backtesting alone.
MT4 beyond the desktop
The platform was designed for Windows. If you're on macOS deal with compromises. The old method was running it through Wine, which was functional but had display glitches and stability problems. Some brokers now offer Mac-specific builds wrapped around Wine under the hood, which work more smoothly but remain wrappers at the end of the day.
The mobile apps, on both Apple and Android devices, are genuinely useful for watching your account and managing trades on the move. Full analysis on a phone screen isn't realistic, but managing exits on the go has saved plenty of traders.
Look into whether your broker has a native Mac build or just a wrapper — the experience varies a lot between the two.