Best FX Replay Alternative in 2024

So, you're ready to take your backtesting game to the next level. You already know what backtesting is and how it can benefit your trading. But you're left with one question: "What should I use to backtest?" With so many options out there, it can be tough to know where to start.

Today, we're going to pit two popular backtesting softwares against each other: FX Replay and TradeZella. We'll break down their key features, price, functionalities, and overall value, so you can decide which one is the best fit for your needs.

We're not here to tell you which platform is the best. That’s ultimately your call. Our aim is to provide an unbiased comparison so you can make an informed decision based on your own trading style and trading goals.

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TradeZella vs. FX Replay: Summary of Key Features & Price

First, let’s zoom out and look at what each of the platforms offer.

FX Replay, launched in 2022, is primarily a backtesting platform. While it has recently integrated a journaling component for backtested trades, its focus remains on providing a tool for testing trading strategies.

TradeZella, on the other hand, offers backtesting as one of its core features but goes beyond that to provide a more comprehensive trading solution, as seen on the sidebar menu. It allows you to automatically track and journal your trades, both backtested and live, build playbooks, replay your trades, access educational resources, and more.

We know pricing is a huge factor for traders, especially if you’re already paying for multiple subscriptions. FX Replay is generally more affordable at $35 per month, making it a suitable option for those looking for a platform solely to test their strategies.

However, if you're seeking an all-in-one solution that extends beyond backtesting, TradeZella might offer a better bang for your buck. Despite its higher price point, it provides a wider range of features to support your entire trading journey.

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TradeZella vs. FX Replay: Backtesting Capabilities

We know you’re interested in the backtesting side of each platform, so let’s dive right in!

Assets

Both platforms offer backtesting for a variety of assets, including Forex, Futures, Crypto, and Indices. However, TradeZella provides an additional advantage by allowing you to backtest stocks, whereas FX Replay does not. So if you’re a stock trader looking to backtest your trades, TradeZella is the only choice.

TradingView Charts

Both platforms integrate with TradingView charts, providing you with a powerful and customizable tool for visualizing market data.

Tool Templates

Both platforms offer tool templates to streamline your backtesting workflow and save time.

Multichart and Multipair

Both platforms support multichart and multipair analysis, allowing you to simultaneously monitor multiple charts and instruments. FX Replay allows you to backtest on more charts (up to 16 charts) compared to TradeZella (up to 8 charts).

If you require the ability to view 16 charts simultaneously, FX Replay is the preferred choice. However, if your trading strategy does not necessitate that many charts, TradeZella can still provide sufficient multichart capabilities for most traders.

Replay and Jump to Candle

Both platforms allow you to replay market action and jump to specific candles, providing great control over your backtesting sessions.

Custom Indicators

Both platforms offer custom-made indicators for their users. Because FX Replay has been in the market for longer, they provide more custom indicators as of writing, but TradeZella has started launching their very own custom indicators and will continue to add more.

Automatic Position Sizing

Both TradeZella and FX Replay offer automatic position sizing features, which can be a valuable tool for managing risk and optimizing your trading strategies. This feature allows you to automatically calculate the appropriate position size based on your risk tolerance and trading parameters.

Quick Buy and Sell Buttons

Both platforms also provide convenient quick buy and sell buttons, making it easy to place orders during your backtests. This can save you time and streamline your workflow.

Speed Controls

You can adjust the speed of your backtesting session on both platforms. With FX Replay, you can go up to 16x the speed. With TradeZella, you can speed up to 10x. If you prefer to accelerate your backtests significantly, FX Replay might be a better option in terms of speed control.

Seconds Data/Tick

Tick data is essential for precise backtesting, as it captures price changes at the most granular level, providing a more accurate representation of market movements. TradeZella offers seconds data, while FX Replay does not.

If your trading strategies require the most granular level of price data, TradeZella's support for seconds data gives it a clear advantage over FX Replay in this regard.

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TradeZella vs. FX Replay: Analytics

Both TradeZella and FX Replay offer comprehensive analytics dashboards to help you evaluate your backtesting performance. However, they take slightly different approaches:

FX Replay offers a custom analytics dashboard designed specifically for backtesting sessions. This dashboard provides you with detailed insights into your backtest performance. Their dashboard includes:

Basic analytics

Total PnL, account balance, win rate, total trades, breakeven trades, and various risk-reward ratios.

Advanced analytics

Average RR, average duration, total trades, account age, winning/losing trades statistics, performance by time period, and Monte Carlo simulations.

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TradeZella takes a unique approach by presenting your performance analytics as if they were actual trades taken on live markets. This allows you to visualize your results in a more realistic and intuitive way.

By clicking on "Go to Dashboard," you can access your session's dashboard, daily journal, trade log, and reports, providing a comprehensive overview of your backtesting performance.

Dashboard

Clear overall glance at your trading performance in different views (Dollar, Percentage, R-Multiple, Ticks, Pips, Points)

• Account Balance & P&L
• Daily Net Cumulative P&L & Net Daily P&L
• Trade Win Rate & Day Win Rate
• Avg Win/Loss Trade
• Trade Expectancy
• Streaks: Current Day Streak, Current Trade Streak, Current Streak
• Max Drawdown & Average Drawdown
• Advanced Calendar
• Zella Score

Trade Log

Gives you a detailed and customizable list of all the trades you’ve taken in that session. Clicking on an individual trade allows you to review that trade even deeper, as if it were an actual trade taken on the live market.

Reports

This is where your data comes together and where you can review your strategy’s strengths and weaknesses on a much deeper level. Access 50+ reports to discover key insights in your strategies, like:

• Peak trading times
• Optimal holding periods
• Average risk and reward
• Best or worst trading days
• Most profitable months
• Performance by price, volume, instrument

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In terms of reporting, it’s clear that both TradeZella and FX Replay offer comprehensive analytics dashboards to help you analyze your backtesting performance.

However, TradeZella's unique approach of presenting analytics as if they were live trades and its additional features, such as the intensive trade log and in-depth reporting, make it a strong contender for traders seeking a more intuitive and in-depth analysis of their backtesting results.

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TradeZella vs. FX Replay: Summary

Both TradeZella and FX Replay offer robust solutions for your backtesting needs, each with its own strengths and weaknesses.

FX Replay excels in backtesting capabilities, providing more custom indicators, greater speed control, and the ability to view more charts on a single screen. It also offers a more affordable pricing plan.

TradeZella offers a unique advantage by providing a seamless transition from backtesting to live trading. This means you can develop and refine your strategies through backtesting, and when you're ready to implement them in the live market, you can import your trades into TradeZella to track and analyze your performance. This allows for consistent monitoring and evaluation of your strategies in both backtesting and live trading environments.

So, which backtesting software is right for you?

The best choice depends on your specific needs and preferences. Consider factors such as your budget, the level of customization and functionalities you require, and whether you want a platform that can support you throughout your trading journey, from backtesting to live trading.

If TradeZella sounds like the ideal fit for you, you can start your journey by visiting the website here.

Remember, the key to successful trading is continuous learning and improvement. Whichever platform you choose, make sure to leverage its features to gain a deeper understanding of the markets and refine your trading strategies.