Ninjatrader vs. Metatrader for Backtesting and Realtime Analysis FX
I am looking for inexpensive solution just to test basic trading ideas for the FX market. I don’t need the platform for trading but I’d also like to do my analysis on this platform which is currently working well with Metatrader.
As I am a newbie in programming I need to know which platform is better for my purpose and so what language (C# or C++) I’ll have to learn.
The timeframes I’d like to test are daily, 4h and scalps off a 15min chart (about 15-20 pips). Currently I prefer somewhat Ninja because I saw that there are better market profile indicators available than for Metatrader.
What are the differences and pros and cons for each platform? I’ve read MT isn’t that great for backtesting, especially for smaller timeframes. Does this affect NT too? Is MT5 better than MT4 for backtesting?
I don’t know if it makes sense but I’ve read that tick volume of an ECN feed is quite reliable for volume analysis in FX. So is it possible to use a Metatrader ECN feed for NT?
If you trade currencies, then in my opinion MT4 is the much better option.
However, if you trade commodities (financial, currency etc..) then NT is the best platform in my opinion. I haven't tried too many others besides TradeStation which actually does a good job between both.