If your priority is robust backtesting, strategy flexibility, and high-speed simulation, Amibroker is the clear winner. MetaTrader 4, on the other hand, is best suited for forex traders who want broker-integrated execution and a built-in platform for algorithmic trading via Expert Advisors (EAs).

Amibroker is ideal for systematic traders who build strategies with precise rules. It supports full custom scripting via AFL, which allows total control over entries, exits, position sizing, backtesting, and more.

MT4 uses MQL4, which is more programmer-oriented and focused on building Expert Advisors (EAs). Creating multi-strategy portfolios or testing across instruments is cumbersome.

Verdict:
If you want to test multiple trading systems or diversify strategies across timeframes, Amibroker is the better option.

Amibroker delivers blazing-fast backtesting with true portfolio-level simulation. You can account for cash constraints, multiple positions, commissions, and drawdown. Ideal for building confidence in your edge.

MT4 runs single-instrument strategy tests and is relatively slow. It lacks detailed simulation features and cannot test realistic portfolios natively.

Verdict: Amibroker outperforms hands down if you’re serious about validating your systems realistically.

Amibroker has a highly flexible optimizer with multiple objective functions, custom metrics, and walk-forward testing support. You can easily test for curve fitting and parameter sensitivity.

MT4 includes a basic strategy tester, but lacks the tools needed for robust multi-factor optimization or stress testing.

Verdict:
For traders who want to build robust systems that perform across varying conditions, Amibroker is again the leader.

Amibroker is known for its highly customisable charting and scanning capabilities. You can scan thousands of symbols using any indicator or rule set.

MT4 has simple charting and built-in indicators. Scanning is limited unless coded via EAs. Execution is smoother due to broker integration.

Verdict:
If you love technical analysis, scanning custom conditions, and building alerts, Amibroker is more powerful. For quick execution of simple rules, MT4 is simpler.

Amibroker has an extensive knowledge base and active user community, but documentation can be dense. AFL has a steep learning curve. This is why many Enlightened Stock Trading students choose it only after learning the right approach to system design.

MT4 is beginner-friendly and well-documented in forums. But much of the content is forex-focused and lacks depth for serious system development.

Verdict:
Amibroker is best for traders who are ready to build serious systems. MT4 suits hobby traders or those automating forex strategies.

If you’re serious about trading with logic, precision, and repeatability – Amibroker is the superior backtesting software.

MetaTrader 4 serves a purpose for automated forex trading and simple EA testing, but it’s not designed for sophisticated system traders who want to diversify across markets, timeframes, and strategies.