5 Best Free Backtesting Tools | Must-Try Verification Environments Before You Pay
Many believe that backtesting is meaningless unless you use expensive paid software. However, the reality is different.
As long as your verification design is sound, it is entirely possible to conduct professional-level backtesting using completely free environments. In this article, we introduce 5 tools you should try before spending a single dollar, from the perspective of "tools you must try before you pay."
Conclusion | Free Backtesting Tools Comparison Table
| Tool | Verification Type | Free Scope | Limits / Warnings | Ideal User |
|---|---|---|---|---|
| MT5 (Strategy Tester) | Automated (EA) | Run EA backtests & optimizations for free | Requires coding for discretionary rules. Data depends on broker | EA Users / Algorithmic Traders |
| TradingView (Bar Replay) | Manual (Discretionary) | Replay historical charts for manual verification | Weak recording/aggregation features. Hard for strict validation | Discretionary Traders |
| Delver | Hybrid | Complete the process from fixing rules to execution and result analysis for free | Not suitable for those who prefer purely intuitive trading | Reproducibility-focused / Design-oriented Traders |
| Python (Custom) | Automated | Build unlimited backtests with zero software costs | High development and maintenance overhead | Engineers |
| Excel / Google Sheets | Support / Aggregation | Manage verification logs and numerical data for free | No chart replay. High manual input effort | Those who want to manage verification with data |
Check out our comprehensive comparison article below for a deep dive into these tools.
You Can Achieve Great Results with Free Backtesting
Many Believe Expensive Tools are Mandatory
The image that backtesting equals expensive dedicated software is persistent. In reality, it is possible to conduct verification that eliminates the "reasons you lose" using only a combination of free tools.
The key is to clarify:
- What exactly do you want to verify?
- What level of data do you need to reach the next stage?
What Free Tools Can (and Can't) Do
Free tools aren't omnipotent. However, if your goals are to:
- Filter out obviously failing strategies
- Confirm the reproducibility of your rules
- Understand your risk structure
Then paid tools are not necessary.
"Verification Design" Over "Tools"
No matter what tool you use, if:
- Your conditions are vague
- Your exits are inconsistent
- You don't record your results
Then your verification will not function. The tool is just a means; the design is the core.
Example of the setting screen in Delver.
3 Factors to Consider Before Choosing a Tool
Truly Free Scope
Many tools claim to be "free" but:
- Only offer a demo
- Charge for saving results
- Have strict usage limits
Always confirm whether the core verification features are usable without cost.
Guaranteed Reproducibility
Verification results are meaningless if they cannot be reproduced.
- Can you fix the conditions?
- Does the same input always yield the same output?
Tools that are weak in this area are dangerous, regardless of how feature-rich they may be.
Learn more about the downsides of non-reproducible verification here:
Portability and Reuse of Results
Verification is not a one-time task. It becomes an asset only when you can look back, improve, and reuse the data.
The Top 5 Free Backtesting Tools
① MT5 (Strategy Tester)
What's Free: EA backtesting and parameter optimization.
Best For: Fully automated logic verification.
Limit: You must code your discretionary rules into MQL5.
Official MT5 Site.
② TradingView (Bar Replay)
What's Free: Replay historical charts for manual entry judgment verification.
Best For: Developing your "feel" for setups.
Limit: Weak result aggregation and a tendency for verification to become purely intuitive.
Official TradingView Site.
③ Delver
What's Free: Fix rules for entries, exits, and time limits, then execute and analyze results for free.
Crucial Difference: Specifically designed to remove "intuition" from the process.
Best For: Those ready to move to the next stage of manual verification.
Official Delver Site.
④ Python (Custom Scripts)
What's Free: Virtually unlimited testing potential depending on data and logic.
Best For: Engineers or those wanting deep verification of unique logic.
Limit: It's easy to focus on coding rather than the actual verification.
⑤ Excel / Google Sheets
What's Free: Aggregating logs, R-multiples, PF, and Drawdowns.
Best For: Supporting manual verification and building data habits.
Limit: Cannot replay charts; not recommended as a standalone tool.
Common Pitfalls of Free Backtesting
Blaming the Tool
Switching to a paid tool won't fix a strategy that lacks a fundamental edge.
Vague Verification Design
Whether free or paid, a test with vague conditions will inevitably fail.
Judging by "Intuition" Instead of Data
It's dangerous to judge a strategy as "good" based solely on win rate.
When to Consider Paid Tools
When Free Environments are Clearly Not Enough
When verification volume or speed becomes your primary bottleneck.
When You Need Speed and Scale
If you need to mass-produce strategy comparisons or parameter tests.
When Collaboration is Required
When you need to share results with a team or outsource operations.
Summary | What to Do Before You Pay
- Fix your rules
- Evaluate results numerically
- Push the limits of free environments
If you haven't mastered these, moving to a paid tool will change nothing. Mastering the "correct" way to verify in a free environment is the priority.
Check out our comparison guide for more details: