Which Backtesting Software is Best for Systematic Traders?

Beyond Charts VS MetaTrader 5: Which Trading Software is the Best? - Table of Contents

Beyond Charts VS MetaTrader 5: Comparing Backtesting Software for Systematic Trading

If you’re choosing between Beyond Charts and MetaTrader 5 for backtesting and systematic trading, MetaTrader 5 is the stronger option for most traders due to its broader market access, integrated broker support, and automated execution capabilities. However, the right tool still depends on your goals, markets, and workflow. Let’s break down the key differences so you can make a smart, confident decision.

Beyond Charts VS MetaTrader 5 at a Glance:

Short on time? Here’s how Beyond Charts VS MetaTrader 5 compare side by side.

Feature	Beyond Charts	MetaTrader 5
Operating System	Windows only (Mac via emulator)	Windows, Mac (via emulator), Web, Mobile
Price	Paid (~AUD $595) with 21-day free trial	Free (via most brokers)
Broker Integration	No	Yes (multiple brokers)
Programming Language	BCFL (custom scripting)	MQL5 (C-like, supports EAs, indicators)
Drag-and-Drop System Dev	No	No
Markets Supported	Stocks, futures, indices	Forex, CFDs, indices, commodities, stocks
Chart Types	5 types including candlestick, point & figure	Candlestick, line, Heikin Ashi, more
Backtesting Capability	Basic; script-based	Advanced; supports multi-currency portfolios
Automation	Limited	Full automation (expert advisors)
Documentation & Support	Sparse	Extensive online resources, community

Platform Overview, Cost & Compatibility

Beyond Charts is a charting and analysis tool with scripting capabilities. It’s a Windows-only application, though it can run on Mac using an emulator like Parallels. The license costs approximately AUD $595, with a 21-day free trial.

MetaTrader 5, launched in 2010, is a multi-asset trading platform widely used in forex and CFD trading. It’s free via most brokers and runs on Windows, macOS (via emulator), web browser, and mobile devices. This makes it significantly more accessible for cross-device users and budget-conscious traders.

If you’re trading on a Mac or prefer the flexibility of mobile or web access, MetaTrader 5 offers more freedom.

Beyond Charts Main View:

MetaTrader 5 Main View:

Market Access & Data Support in Beyond Charts VS MetaTrader 5

Beyond Charts supports stock markets like the ASX, JSE, and US exchanges, plus futures and indices. However, it lacks real-time data feeds and relies on external data management.

MetaTrader 5 excels in this category. It’s built for forex and CFD markets but also supports stocks, indices, and commodities via connected brokers. Live data is integrated through the broker, simplifying your workflow.

For traders who want access to multiple asset classes with live feeds and direct execution, MT5 is more aligned with those needs.

Beyond Charts Backtesting Interface:

MetaTrader 5 Backtesting Interface:

Building & Customizing Trading Strategies

Neither platform offers drag-and-drop system creation. Both rely on scripting languages:

Beyond Charts uses BCFL (Beyond Charts Formula Language), a custom script language that’s less commonly supported outside the platform.
MetaTrader 5 uses MQL5, a powerful and widely used programming language for building trading robots, indicators, and custom tools.

The MT5 ecosystem includes an integrated development environment, community-shared scripts, and codebase access, which drastically reduces the time needed to build or modify strategies.

Check Out: Trading System Development

Beyond Charts Code Editor:

MetaTrader 5 Code Editor:

Backtesting Performance, Speed & Realism

Systematic traders need portfolio-level testing, slippage modeling, and realistic execution assumptions. Here’s where the differences matter:

Beyond Charts has basic backtesting, suitable for single-symbol strategy testing only. There’s no portfolio simulation or slippage control.
MetaTrader 5 offers multi-currency portfolio testing, variable spreads, modeling of commissions and slippage, and fast execution simulation.

For traders serious about validating a system across symbols or market conditions, MetaTrader 5 is the clear winner in this area.

That said, neither platform compares to RealTest when it comes to realistic, fast portfolio-level backtesting. If that’s your priority, consider switching to RealTest entirely.

Check out: Backtesting | Drawdown

Beyond Charts Backtest Report:

Metatrader 5 Backtest Report:

Strategy Optimization & Stress Testing Tools

System robustness matters far more than just maximizing profit in a backtest.

Beyond Charts offers limited optimization, and lacks modern robustness tools like Monte Carlo analysis, walk-forward testing, or parameter stability reports.
MetaTrader 5 supports parameter optimization and some forward testing, but is prone to curve fitting due to how it handles historical data and lacks built-in stability testing.

Again, both tools fall short of best practices unless you apply external methods. For proper robustness analysis, RealTest or Amibroker (with care) are better suited.

MetaTrader 5 Genetic Optimization:

Charting Features, Signal Exploration & Live Execution

Beyond Charts was built for charting. It supports multiple chart types including candlestick, bar, point & figure, and comes with many built-in indicators. But execution and scanning are rudimentary, and there’s no automation or broker link.
MetaTrader 5 offers decent charts, scanning via custom indicators and expert advisors, and full automation through connected brokers.

If you love charting and manually reviewing trade setups, Beyond Charts might feel more intuitive. But if you want to automate your strategy and minimize screen time, MT5 is more practical.

Check Out Order Types | Automated Trading Systems

MetaTrader 5 Automation Set Up:

Support, Documentation & Learning Resources

Here’s where things split dramatically.

Beyond Charts has sparse, outdated documentation and a small user community. You’re mostly on your own.
MetaTrader 5 has extensive documentation, tutorials, and a massive online support ecosystem. There’s a marketplace for code, live forums, and thousands of third-party resources.

If you value time and need answers quickly, MetaTrader 5 saves you hours of frustration.

Beyond Charts Forum Front Page is illustrated down below:

Beyondcharts - forum front page via share wealth systems

MetaTrader 5 Forum Front Page is illustrated down below:

Beyond Charts VS MetaTrader 5: Which One Should You Use?

MetaTrader 5 is more versatile, better supported, and far more scalable for systematic traders. It integrates with brokers, supports automation, and allows advanced backtesting.

Beyond Charts is more of a charting tool with some scripting, suitable for manual traders and basic testing, but not built for high-confidence system design.

Still, neither is ideal for serious system development. Both platforms lack the realism and speed of RealTest, which Enlightened Stock Trading recommends for system traders who want to trade with precision and confidence.

Our Recommendation

Use MetaTrader 5 if you:

Trade forex, CFDs, or indices
Need automated execution
Want a free, broker-supported platform
Prefer wide community support

Use Beyond Charts if you:

Primarily trade Australian or US stocks
Want visual charting and basic scripting
Are not concerned with broker integration

But if you’re ready to build a portfolio of trading systems, test them properly, and develop confidence to trade live without hesitation, then it’s time to step beyond both tools.

Want The Rest of the Puzzle?

Backtesting software is just one piece. The real transformation happens when you align your tools, your systems, and your psychology with your goals.

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

Inside, you’ll discover:

Proven trading systems
A step-by-step backtesting framework
Position sizing tools
Automation strategies that let you trade in 30 minutes or less

Join The Trader Success System Now

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.

See Full Bio

Backtesting Trading Systems Trading Strategy Risk Management For Traders Position Sizing Stop Loss Trend Trading Mean Reversion Technical Analysis Trading Indicators Amibroker Trading Plans Order Types Trading Calculators Trading Books Trading Mistakes Trading Goals Trading Psychology Trading System Optimization Stock Trading Cryptocurrency Trading

Beyond Charts VS MetaTrader 5: Which Trading Software is the Best?