MT4 after twenty years: an honest take on the platform
MT4 in 2026: why it refuses to die
MetaQuotes stopped issuing new MT4 licences years ago, steering brokers toward MT5. Yet most retail forex traders haven't moved. The reason is simple: MT4 does one thing well. More than a decade's worth of custom indicators, Expert Advisors, and community scripts were built for MT4. Moving to MT5 means rebuilding that entire library, and most traders would rather keep trading than recoding.
After testing both platforms side by side, and the differences are less dramatic than the marketing suggests. MT5 has a few extras like more timeframes and a built-in economic calendar, but the charting is about the same. If you're weighing up the two, MT4 still holds its own.
Setting up MT4 without the usual headaches
The install process is quick. Where people waste time is getting everything configured correctly. Out of the box, MT4 loads with four charts crammed into the screen. Close all of them and start fresh with the instruments you care about.
Save yourself repeating the same setup by using templates. Build your preferred indicators once, then right-click and save as template. Then you can apply it to any new chart instantly. Minor detail, but over weeks it adds up.
A quick tweak that helps: go to Tools > Options > Charts and tick "Show ask line." The default view is the bid price on the chart, which can make your entries look off until you realise the ask price is hidden.
Backtesting on MT4: what the results actually mean
The strategy tester in MT4 lets you run Expert Advisors against historical data. Worth noting though: the reliability of those results hinges on your tick data. The default history data is interpolated, meaning it fills in missing ticks using algorithms. If you're testing something beyond a rough sanity check, you need real tick data from a provider like Dukascopy.
That quality percentage in the results tells you more than the headline profit number. If it's under 90% suggests the results shouldn't be taken seriously. I've seen people show off backtests with 25% modelling quality and wonder why the EA fails in real conditions.
Backtesting is where MT4 earns its reputation, but only if you feed it decent data.
Custom indicators on MT4: worth the effort?
MT4 ships with 30 built-in technical indicators. Most traders never touch them all. However where MT4 gets interesting is in user-built indicators written in MQL4. You can find thousands available, covering everything from basic modifications to elaborate signal panels.
The install process is painless: drop the .ex4 or .mq4 file into your MQL4/Indicators folder, reboot MT4, and the indicator shows up in the Navigator panel. The risk is quality. Publicly shared indicators vary wildly. Some are genuinely useful. Others stopped working years ago and may crash your terminal.
If you're downloading custom indicators, look at how recently it was maintained and whether people in the forums report issues. A broken indicator doesn't only show wrong data — it can freeze your entire platform.
Risk management settings most MT4 traders ignore
MT4 has some risk management features that most traders never configure. Probably the most practical one is the maximum deviation setting in the trade execution window. This controls the amount of slippage you'll accept on market orders. Without this configured and you're accepting whatever price the broker gives you.
Everyone knows about stop losses, but MT4's trailing stop feature is overlooked. Right-click an open trade, pick Trailing Stop, and define your preferred distance. Your stop loss moves when the trade goes in your favour. Doesn't work well in choppy markets, but on trending pairs it reduces the urge 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
EAs sounds appealing: program your strategy and stop staring at charts. The reality is, the majority of Expert Advisors fail to deliver over any extended time period. Those sold with incredible historical results tend to be over-optimised — they worked on historical data and stop working the moment conditions shift.
None of this means all EAs are a waste of time. A few people code their own EAs for specific, narrow tasks: time-based entries, calculating lot sizes, or taking profit at predetermined levels. That kind of automation tend to work because they do mechanical tasks without needing interpretation.
If you're evaluating EAs, test on demo first for a minimum of two to three months. Live demo testing is more informative than any backtest.
Using MT4 outside Windows
MT4 is a Windows application at heart. If you're on macOS deal with a workaround. Previously was emulation, which did the job but had rendering issues and the odd crash. Some brokers now offer native Mac apps using Wine under the hood, which are better but remain wrappers at the end of the day.
The mobile apps, available for both Apple and Android devices, are surprisingly capable for watching positions and tweaking stops. Full analysis on a mobile device doesn't really work, but adjusting see this a stop loss while away from your desk is genuinely handy.
It's worth confirming if your broker provides a native Mac build or just a wrapper — the experience varies a lot between the two.