What forex traders should actually know about MetaTrader 4
MT4 in 2026: why it refuses to die
MetaQuotes stopped issuing new MT4 licences some time ago, nudging brokers toward MT5. Still, most retail forex traders haven't moved. The reason is straightforward: MT4 does one thing well. A huge library of custom indicators, Expert Advisors, and community scripts were built for MT4. Switching to MT5 means porting that entire library, and the majority of users don't see the point.
After testing MT4 and MT5 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 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
Installation takes a few minutes. The part that trips people up is the setup after install. On first launch, MT4 opens with four charts squeezed onto one window. Close all of them and start fresh with the markets you care about.
Chart templates save time. Build your go-to indicators on one chart, then save it as a template. After that you can apply it to any new chart get more info in two clicks. Small thing, but over weeks it saves hours.
A quick tweak that helps: go to Tools > Options > Charts and check "Show ask line." MT4 only shows the bid price by default, which makes buy entries seem misaligned until you realise the ask price is hidden.
MT4 strategy tester: honest expectations
The strategy tester in MT4 allows you to run Expert Advisors against historical data. But here's the thing: the reliability of those results comes down to your tick data. Standard history data from MetaQuotes is not real tick data, meaning it fills in missing ticks mathematically. For anything that needs accuracy, download real tick data from a provider like Dukascopy.
Modelling quality tells you more than the bottom-line PnL. If it's under 90% suggests the results aren't trustworthy. People occasionally share screenshots with 25% modelling quality and wonder why the EA fails in real conditions.
The strategy tester is one of MT4's stronger features, but the output is only useful with quality tick data.
Building your own MT4 indicators
MT4 comes with 30 built-in technical indicators. The average trader uses maybe a handful. That said, where MT4 gets interesting comes from user-built indicators built with MQL4. The MQL5 marketplace alone has a massive library, ranging from basic modifications to elaborate signal panels.
The install process is painless: place the .ex4 or .mq4 file into the MQL4/Indicators folder, restart MT4, and it appears in the Navigator panel. One thing to watch is reliability. Free indicators are hit-and-miss. Some are genuinely useful. Others are abandoned projects and may crash your terminal.
If you're downloading custom indicators, check the last update date and if other traders report issues. Bad code won't just give wrong signals — it can lag your entire platform.
Managing risk properly inside MT4
There are some risk management features that most traders never configure. Probably the most practical one is the maximum deviation setting in the order window. It sets how much slippage you'll accept on market orders. If you don't set it and you're accepting whatever price is available.
Stop losses go without saying, but trailing stops are overlooked. Right-click an open trade, pick Trailing Stop, and define a distance. It moves when price moves into profit. Doesn't work well in choppy markets, but if you're riding trends it takes away the need to micromanage the trade.
These settings take a minute to configure and the difference in discipline is noticeable over time.
Expert Advisors — before you trust a robot with your money
EAs sounds appealing: set rules, let the code trade, walk away. The reality is, most EAs fail to deliver over any decent time period. EAs sold with perfect backtest curves are often curve-fitted — they performed well on the specific data they were tested on and stop working the moment the market does something different.
None of this means all EAs are worthless. A few people develop personal EAs for one particular setup: entering at a specific time, managing position sizing, or closing trades at fixed levels. These smaller, focused scripts tend to work because they handle repetitive actions without needing discretion.
When looking at Expert Advisors, run them on a demo account for no less than several weeks in different conditions. Forward testing reveals more than any backtest.
Using MT4 outside Windows
The platform was designed for Windows. If you're on macOS face compromises. The old method was running it through Wine, which was functional but introduced visual bugs and the odd crash. Some brokers now offer native Mac apps using Crossover or similar wrappers, which is an improvement but remain wrappers at the end of the day.
The mobile apps, on both Apple and Android devices, are genuinely useful for monitoring positions and making quick adjustments. Full analysis on a 5-inch screen doesn't really work, but managing exits from your phone is genuinely handy.
Check whether your broker offers a proper macOS version or just Wine under the hood — the experience varies a lot between the two.