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, steering brokers toward MT5. Yet most retail forex traders kept using MT4. The reason is not complicated: MT4 does one thing well. A huge library of custom indicators, Expert Advisors, and community scripts only work with MT4. Switching to MT5 means rebuilding that entire library, and most traders would rather keep trading than recoding.

I've tested both platforms side by side, and the gap is marginal for most strategies. MT5 adds a few extras like more timeframes and a built-in economic calendar, but the core charting is very similar. Unless you need MT5-specific features, there's no compelling reason to switch.

MT4 setup: what the manual doesn't tell you

The install process is quick. The part that trips people up is getting everything configured correctly. On first launch, MT4 opens with four charts squeezed onto a single workspace. Shut them all and open just the pairs you care about.

Save yourself repeating the same setup by using templates. Build your preferred indicators once, then save it as a template. After that you can load it onto other charts in two clicks. Minor detail, but over time it saves hours.

A quick tweak that helps: go to Tools > Options > Charts and enable "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 allows you to run Expert Advisors against historical data. Worth noting though: the accuracy of those results hinges on your tick data. Standard history data from MetaQuotes is not real tick data, meaning the tester fills gaps with made-up prices. If you're testing something beyond a rough sanity check, you need proper historical data.

Modelling quality matters more than the headline profit number. Anything below 90% means the results are probably misleading. I've seen people share screenshots with 25% modelling quality and wonder why live trading looks different.

This is one area where MT4 genuinely outperforms most web-based platforms, but only if you feed it decent data.

MT4 indicators beyond the defaults

MT4 ships with 30 standard technical indicators. Few people use more than five or six. But the real depth lives in custom indicators written in MQL4. There are thousands available, ranging from tweaked versions of standard tools to complex multi-timeframe dashboards.

Installing them is straightforward: copy the .ex4 or .mq4 file into your MQL4/Indicators folder, reboot MT4, and it appears in the Navigator panel. One thing to watch is quality control. Community indicators are hit-and-miss. A few are solid tools. Some stopped working years ago and may crash your terminal.

Before installing anything, check the last update date and if users mention bugs. A poorly written indicator doesn't only show wrong data — it can lag your entire platform.

Managing risk properly inside MT4

There are some risk management tools that the majority of users never configure. First worth mentioning is the maximum deviation setting in the order window. It sets the amount of slippage you'll accept on market orders. If you don't set it and you'll get whatever price the broker gives you.

Stop losses go without saying, but trailing stops is underused. Right-click an open trade, choose Trailing Stop, and enter a distance. Your stop loss adjusts when the trade goes your way. Doesn't work well in choppy markets, but for trend-following it reduces the need to stare at the screen.

These settings take a minute to configure and they take some of the guesswork out of trade management.

EAs on MT4: what to realistically expect

Expert Advisors on MT4 sounds appealing: set rules, let the code trade, walk away. In reality, most EAs underperform over any extended time period. The ones marketed using flawless equity curves tend to be fitted to past data — they worked on historical data and fall apart once market conditions change.

None of this means all EAs are a waste of time. Some traders develop personal EAs for well-defined entry rules: entering at a specific time, automating position size calculations, or exiting positions at fixed levels. These utility-type EAs work because they execute defined operations that don't require discretion.

Before running any EA with real money, run them on a demo account for at least a few months. Forward testing reveals more than historical results ever will.

MT4 beyond the desktop

MT4 was built for Windows. Running it on Mac has always been a workaround. The traditional approach was running it through Wine, which was functional but introduced related site visual bugs and occasional crashes. A few brokers now offer Mac-specific builds built on Wine under the hood, which are better but still aren't true native apps.

The mobile apps, available for both iOS and Android, are genuinely useful for monitoring open trades and making quick adjustments. Full analysis on a 5-inch screen doesn't really work, but managing exits while away from your desk is worth having.

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