Which Backtesting Software is Best for Systematic Traders?

Beyond Charts VS MetaTrader 4: Which Trading Software is the Best? - Table of Contents

Beyond Charts VS MetaTrader 4: Comparing Backtesting Software for Systematic Trading

If you’re serious about systematic trading, MetaTrader 4 (MT4) is a more complete option for strategy automation, backtesting, and execution, especially in the forex market. Beyond Charts, on the other hand, is useful primarily as a charting and scanning tool, but lacks the depth needed for end-to-end system development and execution.

Let’s break this down section by section so you can make the best choice based on your goals and workflow.

Beyond Charts VS MetaTrader 4 at a Glance:

Short on time? Here’s how Beyond Charts 4 VS MetaTrader 4 compare side by side.

Feature	Beyond Charts	MetaTrader 4
Platform	Windows only	Windows, iOS, Android
Price	~AUD $595	Free via most brokers
Backtesting	Limited portfolio testing	Realistic backtesting via MQL4
Brokerage Integration	None	Fully integrated
Strategy Execution	Not supported	Fully automated trading
Programming	BCFL (basic)	MQL4 (powerful, C-like)
Use Case	Scanning & charting	Strategy design, automation, execution

Platform Overview, Cost & Compatibility

Beyond Charts runs on Windows and can work on Mac via emulation tools like Parallels. It requires a one-time license fee (~AUD $595). There’s a 21-day free trial, but no free tier.

MetaTrader 4 is a Windows-based platform, but also offers mobile apps for Android and iOS. Many brokers provide MT4 free of charge, making it far more accessible. Like Beyond Charts, Mac users need emulation software – Wine is technically possible but not recommended due to instability.

Verdict: MT4 wins on cost and cross-platform availability.

Beyond Charts Main View:

MetaTrader 4 Main View:

Market Access & Data Support in Beyond Charts VS MetaTrader 4

Beyond Charts is designed for end-of-day (EOD) trading. It doesn’t connect to brokers or support live execution. Market access is limited to those supported by third-party EOD data providers.

MT4, on the other hand, offers full access to live forex, indices, commodities, and crypto depending on the broker. Integrated data and trading in one place makes it much easier for real-time testing and execution.

Verdict: MT4 offers greater flexibility for live data and execution.

Beyond Charts Backtesting Interface:

MetaTrader 4 Backtesting Interface:

Building & Customizing Trading Strategies

Beyond Charts has a scripting language (BCFL) for creating indicators and scans, but it’s not built for full trading system development or testing. Strategy creation feels disjointed, as execution is manual and there’s no connection to brokers.

MetaTrader 4 supports MQL4, a full scripting language to build, test, and automate strategies (called EAs or Expert Advisors). Traders can code their rules once and use them from backtest to live trading without manual intervention.

If you’re learning trading system development, the lack of automation in Beyond Charts can become a bottleneck.

Verdict: MT4 is much stronger for systematic strategy development.

Check Out: Trading System Development

Beyond Charts Code Editor:

MetaTrader 4 Code Editor:

Backtesting Performance, Speed & Realism

Beyond Charts offers a backtesting module, but lacks advanced portfolio-level simulations. Testing is done on individual stocks, and realism is limited due to simplistic assumptions around fills and slippage.

MetaTrader 4 provides bar-by-bar simulation using tick data (if imported), realistic fill modeling, and historical spread and slippage simulation. It supports portfolio-level strategy testing across symbols using Expert Advisors.

If you’re learning proper backtesting, the realism of MT4’s engine is a major advantage.

Verdict: MT4’s backtesting is significantly more advanced and robust.

Check out: Backtesting | Drawdown

Beyond Charts Backtest Report:

MetaTrader 4 Backtest Report:

Strategy Optimization & Stress Testing Tools

Beyond Charts offers parameter scanning but has no proper optimization engine. There’s no Monte Carlo simulation, walk-forward analysis, or robustness testing.

MT4 includes an optimization module that allows for brute-force and genetic algorithm optimization across strategy inputs. While not as sophisticated as institutional-grade tools, it’s more than enough for serious retail traders who want to test strategy robustness.

For learning how to avoid curve fitting, MT4 provides a solid playground.

Verdict: MT4 again leads with superior optimization capabilities.

Charting Features, Signal Exploration & Live Execution

This is where Beyond Charts shines. It offers clean, interactive charts with strong technical analysis tools, and very capable scanning functionality. It’s often used as a pre-trade visual aid by traders using other platforms for execution.

MT4’s charting is functional but dated. Scanning is limited, especially when compared to Beyond Charts. However, what it lacks in beauty, it makes up for in automation, with one click, your strategy can generate, place, and manage trades.

Verdict: Beyond Charts for scanning and charts, MT4 for strategy-driven execution.

Check Out Order Types | Automated Trading Systems

MetaTrader 4 Automation Set Up:

Support, Documentation & Learning Resources

Beyond Charts documentation is sparse and somewhat outdated. Learning support is minimal, with no structured community or training ecosystem.

MetaTrader 4 has a massive global user base, extensive documentation, forums, and video tutorials. Because of its popularity, you can find help on nearly any trading concept. Plus, many system traders build and share tools in MQL4.

That said, neither tool compares to the clarity, speed, and support offered by RealTest, which we prefer for serious system development.

Verdict: MT4 offers far more learning resources and support.

Beyond Charts Forum Front Page is illustrated down below:

Beyondcharts - forum front page via share wealth systems

MetaTrader 4 Forum Front Page is illustrated down below:

Beyond Charts VS MetaTrader 4: Which One Should You Use?

If your main need is charting and scanning EOD data across markets, Beyond Charts can help.

But if you’re aiming to trade systematically, run full backtests, or automate your entries and exits, MetaTrader 4 is clearly the better choice.

Our Recommendation

Use Beyond Charts if you need a visual scanning companion for your research workflow, especially for stocks.

But if you’re ready to move beyond indicators and discretionary charts into consistent, rules-based, automated trading, then MetaTrader 4 is the better stepping stone, especially in the forex and crypto markets.

That said, for serious stock system development and portfolio testing, our top recommendation remains RealTest. It’s faster, more realistic, and purpose-built for systematic traders who want confidence in every number they see.

Want The Rest of the Puzzle?

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If you’re tired of chasing tips and want to build wealth systematically, the next step is clear: The Trader Success System.

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Trading and Backtesting Software Review List

Check our our Trading and backtesting software review hub

Multicharts-backtest-report | enlightened stock trading

Adrian Reid Founder and CEO

Adrian is a full-time private trader based in Australia and also the Founder and Trading Coach at Enlightened Stock Trading, which focuses on educating and supporting traders on their journey to profitable systems trading. Following his successful adoption of systematic trading which generated him hundreds of thousands of dollars a year using just 30 minutes a day to manage his system trading workflow, Adrian made the easy decision to leave his professional work in the corporate world in 2012. Adrian trades long/short across US, Australian and international stock markets and the cryptocurrency markets. His trading systems are now fully automated and have consistently outperformed international share markets with dramatically reduced risk over the past 20+ years. Adrian focuses on building portfolios of profitable, stable and robust long term trading systems to beat market returns with high risk adjusted returns. Adrian teaches traders from all over the world how to get profitable, confident and consistent by trading systematically and backtesting their own trading systems. He helps profitable traders grow and smooth returns by implementing a portfolio of trading systems to make money from different markets and market conditions.

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Beyond Charts VS MetaTrader 4: Which Trading Software is the Best?