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February 24, 2023

Since December 2022, QChartist is head to head with MetaTrader 4

Filed under: Trading — admin @ 3:56 pm

QChartist (QC) – MetaTrader 4 (MT4) comparison tab:

QChartistMetaTrader 4
Drawing tools (objects)6024
IndicatorsA hundredTousands available from various contributors
Live or Realtime chartsYes, Live Charts for tousands of tickers from
various data sources. Also a realtime watchlist..
Custom Price Alerts with sound and email.
Yes, Realtime charts but for a limited number of symbols
Realtime watchlist + realtime updated charts.
Custom Price Alerts with sound and email.
Intraday data availableYesYes
EOD data availableYesYes
StocksTousands of stocks available from various data sourcesOnly a few stocks are available depending on your broker
IndicesAll indices availableAll indices available
ForexAll pairs availableAll pairs available
CommoditiesAll commodities availableAll commodities available
CryptoAll crypto pairs are availableSome crypto pairs are available
Depth of historical dataDown to the 1970’s depending on the data sourceIt depends on the broker, difficulty to get data before 2000
Indicators loading speedFaster thanks to C++ coding abilitiesFast thanks to MQL which is almost as fast as C++
Historical data passes
year 2038 and after
Backtesting toolsNoYes
Can trade directly with
a broker
Tools for orders management
(expert advisors…)
Market ScannerYes (QTGuard)No, but paid solutions are available
Astro tools and indicatorsYes, built-inYes, but not built-in, complex to install with libraries…
Open SourceYesNo
Set price alertsYesYes
Beauty, design, GUI, coding
Very basicQuite beautiful
Number of separate indicators
that can be attached to the chart
Just one for the momentAs much as you want
Templates can be accessed
Just click on the template icon and choose your template
from the selection
You can click on the File menu > Load template
and choose a .tpl file in the filedialog
Just click on the template icon and choose your template
from the selection
Also accessible from in the Menu
ease to pass from one chart to
You have to click on the combobox and click on the
Simply click on the tabs (faster)
Level of complexity that can
be achieved
Complex (C++), unlimited (Open Source)Almost as complex (MQL), limited (Closed Source)
Chart types available83 (Bars, Candlesticks, Lines)
Logarithmic price scaleYesNo
Draw symbols (arrows, stickers,
Change indicators colors, line style
and width, transparency
Not implemented. Causes buffers limitationsYes
One indicator can be attached
multiple times with different parameters
Languages available1 (English)39
Full screen chartYesYes
Chart windows can be arranged
Text To Speech functionYesNo
Data source flexibility
(new data sources can be easily added
with API keys)
Complete documentationBasic documentation but many undocumented featuresPrecise and complete documentation
Easy to programEasyDifficult
Rapidity to download chartsMediumFast
User can interact with drawing directly
on the chart with the mouse cursor
Not implemented yet!Yes
Maximum amount of indicator buffersUnlimited amount of indicator buffers!The amount of indicator buffers cannot exceed 512
Subscription Free ChartsYou can get charts without a subscription thanks to the
Yahoo Finance Free API
It requires a subscription to a broker to get charts and

To conclude: QChartist and MetaTrader 4 are good free charting software alternatives and they are complementary. They are a good and powerful combo when used together because there are some things that QChartist can’t do and some things that MT4 can’t do. Together, they can do many things, otherwise everything !

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