AmiBroker is a powerful charting and backtesting platform, but it comes with a price tag that may not suit beginners. If you’re just starting out and looking for AmiBroker free alternatives, this guide covers the best tools that offer similar features—without costing a rupee.
Why Look for AmiBroker Alternatives?
AmiBroker is great, but:
- It requires a paid license (INR 18,000+ for Standard version)
- It has a steep learning curve for non-programmers
- It lacks native mobile or web versions
- Beginners may find it overkill for simple tasks
That’s where free alternatives shine—offering easier interfaces and enough features for early-stage traders.
1. TradingView (Free Plan)
Platform: Web, Android, iOS
Best For: Charting, indicators, and community strategies
Key Features:
- Real-time charts for forex and crypto
- 3 indicators per chart (free version)
- Strategy tester available (limited on free)
- Huge public script library
- No installation needed
✅ Great for technical analysis with modern UI
❌ Limited custom coding unless you learn Pine Script
2. Chartink
Platform: Web
Best For: Indian stock market screening
Key Features:
- Free charting with basic indicators
- In-depth scanner for NSE stocks
- Supports intraday & EOD scans
- Strategy builder (premium, but scanning is free)
✅ Excellent for scanning patterns in NSE stocks
❌ Doesn’t support backtesting or custom scripts
3. MetaTrader 4 (MT4)
Platform: Desktop, Android, iOS
Best For: Forex charting and basic strategy testing
Key Features:
- Built-in indicators and EA support
- Free through most brokers
- Strategy tester for bots
- Supports community scripts (MQL4)
✅ Suitable for forex backtesting and EA testing
❌ Not ideal for Indian equity or NSE charts
4. Investing.com Desktop Charts
Platform: Web
Best For: Quick access to free global and Indian charts
Key Features:
- Live NSE/BSE data
- Technical indicators and overlays
- Drawing tools and timeframes
- No registration required
✅ Ideal for fast analysis without login
❌ No scanning or strategy building tools
5. Fyers One
Platform: Windows (Desktop only)
Best For: NSE traders looking for a free trading + charting tool
Key Features:
- Advanced charting
- Free for Fyers account holders
- 60+ indicators
- Real-time NSE data
- Built-in scanner
✅ Offers TradingView-powered charts
❌ Only usable if you have a Fyers account
Comparison Table
| Platform | Charting | Scanning | Backtesting | Custom Scripts | Ideal For |
|---|---|---|---|---|---|
| TradingView | ✅ | ❌ | ✅ (Limited) | ✅ (Pine) | Global markets |
| Chartink | ✅ | ✅ | ❌ | ❌ | NSE screening |
| MetaTrader 4 | ✅ | ❌ | ✅ | ✅ (MQL4) | Forex trading |
| Investing.com | ✅ | ❌ | ❌ | ❌ | Quick analysis |
| Fyers One | ✅ | ✅ | ❌ | ❌ | Indian equity |
Final Thoughts
If you’re just starting out and not ready to invest in a paid tool like AmiBroker, these free platforms are more than capable of handling beginner-level charting, scanning, and even strategy building. As your skills grow, you can always consider upgrading or switching to more advanced platforms.
FAQs
Q1. Is there any free software exactly like AmiBroker?
Not exactly. AmiBroker is a premium tool. However, TradingView and Chartink provide partial functionality at no cost.
Q2. Which free tool is best for Indian stock screening?
Chartink is highly recommended for NSE stock screening and pattern scans.
Q3. Can I backtest strategies for free?
Yes, MetaTrader 4 and TradingView’s strategy tester (limited in free plan) allow basic backtesting.
Q4. Are these free tools safe to use?
Yes, all tools listed are trusted platforms used by thousands of traders worldwide.
Q5. Should I still learn AmiBroker later?
If you plan to go deeper into quantitative analysis and automated trading, learning AmiBroker is a smart move.