What forex traders should actually know about MetaTrader 4

MT4 in 2026: why it refuses to die

MetaQuotes stopped issuing new MT4 licences a while back, pushing brokers toward MT5. Still, most retail forex traders stayed put. The reason is straightforward: MT4 works, and people trust what works. More than a decade's worth of custom indicators, Expert Advisors, and community scripts were built for MT4. Migrating to MT5 means rewriting that entire library, and few people don't see the point.

I spent time testing both platforms side by side, and the differences are marginal for most strategies. MT5 adds a few extras such as more timeframes and a built-in economic calendar, but chart functionality feels nearly identical. If you're weighing up the two, MT4 still holds its own.

Setting up MT4 without the usual headaches

Installation takes a few minutes. The part that trips people up is the setup after install. Out of the box, MT4 opens with four charts crammed into a single workspace. Clear the lot and start fresh with the pairs you actually trade.

Save yourself repeating the same setup by using templates. Configure your go-to indicators once, then save it as a template. From there you can apply it to any new chart instantly. Small thing, but over weeks it adds up.

One setting worth changing: open Tools > Options > Charts and enable "Show ask line." MT4 only shows the bid price by default, which can make buy entries seem misaligned by the spread amount.

How reliable is MT4 backtesting?

MT4's built-in strategy tester gives you the ability to run Expert Advisors against historical data. But here's the thing: the quality of those results hinges on your tick data. The default history data is not real tick data, meaning the tester fills gaps mathematically. For anything beyond a rough sanity check, download proper historical data.

Modelling quality matters more than the headline profit number. If it's under 90% indicates the results aren't trustworthy. I've seen people share screenshots with 25% modelling quality and ask why the EA fails in real conditions.

This is one area where MT4 genuinely outperforms most web-based platforms, but it's only as good as the data you give it.

Custom indicators on MT4: worth the effort?

MT4 ships with 30 built-in technical indicators. The average trader uses maybe a handful. However the platform's actual strength is in custom indicators coded in MQL4. There are over 2,000 options, spanning simple moving average variations to full trading dashboards.

Adding a custom indicator is simple: copy the .ex4 or .mq4 file into your MQL4/Indicators folder, refresh MT4, and the indicator shows up in the Navigator panel. One thing to watch is quality. Publicly shared indicators vary wildly. Some are genuinely useful. Many are abandoned projects and will crash your terminal.

If you're downloading custom indicators, check how recently it was maintained and if other traders have flagged problems. A poorly written indicator doesn't only show wrong data — it can freeze the whole terminal.

Risk management settings most MT4 traders ignore

MT4 has several built-in risk management tools that the majority of users don't bother with. The most useful is the maximum deviation setting in the trade execution window. It sets how much slippage you'll accept on market orders. Leave it at zero and you'll get whatever price the broker gives you.

Stop losses go without saying, but trailing stops is underused. Click on an open trade, pick Trailing Stop, and set a distance. It adjusts automatically as price moves in your favour. Doesn't work well in choppy markets, but on trending pairs it reduces the temptation to micromanage the trade.

You can find more configure all of this in under five minutes and the difference in discipline is noticeable over time.

EAs on MT4: what to realistically expect

Expert Advisors on MT4 have obvious appeal: define your rules and let the machine execute. In practice, most EAs fail to deliver over any meaningful time period. The ones marketed using incredible historical results are usually curve-fitted — they worked on past prices and break down once conditions shift.

That doesn't mean all EAs are a waste of time. A few people build personal EAs for one particular setup: time-based entries, calculating lot sizes, or exiting positions at set levels. These smaller, focused scripts are more reliable because they handle defined operations without needing discretion.

If you're evaluating EAs, test on demo first for a minimum of several weeks in different conditions. Forward testing reveals more than backtesting alone.

Using MT4 outside Windows

MT4 was built for Windows. If you're on macOS deal with a workaround. The old method was emulation, which mostly worked but introduced display glitches and stability problems. A few brokers now offer macOS versions wrapped around Crossover or similar wrappers, which are better but still aren't built from scratch for Mac.

MT4 mobile, available for both iPhone and Android, are surprisingly capable for keeping an eye on positions and making quick adjustments. Doing proper analysis on a 5-inch screen is pushing it, but adjusting a stop loss from your phone is genuinely handy.

Look into whether your broker has a proper macOS version or just Wine under the hood — it makes a real difference day to day.