Before risking real money in the stock market, smart traders test their strategies using historical data. This process—called backtesting—is now easier and more accessible than ever. In this post, we explore the best free backtesting tools for Indian stocks, perfect for beginners and budget-conscious traders.
What Is Backtesting?
Backtesting is the process of applying a trading strategy to past market data to check how it would have performed. It helps traders:
- Validate strategy performance
- Optimize entry/exit rules
- Identify risk and drawdown
- Build trading confidence
1. Chartink Backtest (Free Scans)
Platform: Web
Best For: Basic screening backtests on NSE stocks
Features:
- No coding needed
- Supports intraday and EOD scans
- Apply filters like RSI, EMA, MACD, etc.
- Historical data scanning
- Free to use (with registration)
✅ Simple and clean UI
❌ Limited to predefined indicator logic, not full P&L backtest
2. Streak by Zerodha (Free Plan)
Platform: Web, Android, iOS
Best For: Strategy building and visual backtests
Features:
- No-code strategy builder
- Works with NSE equity and F&O
- Shows win rate, profit/loss, max drawdown
- Backtest with custom stop-loss and target
- Limited free usage per month
✅ Designed for beginners
❌ Requires Zerodha login to access
3. AlgoTest Backtest Tool
Platform: Web
Best For: Backtesting options strategies in India
Features:
- Focused on Bank Nifty/Nifty options
- Allows multiple-leg strategies
- Historical options chain data
- Real trade simulation metrics
- Free plan supports basic use
✅ Accurate for options traders
❌ Equity backtest not yet available (in development)
4. TradingView (Free Plan)
Platform: Web, Android, iOS
Best For: Backtesting indicator-based equity strategies
Features:
- Strategy Tester with Pine Script
- Apply long/short rules to charts
- See visual trade entries and exits
- Works on NSE data (delayed)
- Free plan includes basic testing
✅ Good for strategy prototyping
❌ Requires Pine Script knowledge for custom logic
5. BacktestR.in (Experimental Tool)
Platform: Web
Best For: Testing basic trading logic on NSE stocks
Features:
- Open-source feel
- Run logic like buy/sell conditions
- Upload CSV or pick symbols
- Basic performance results (return, drawdown)
✅ Useful for learning
❌ Not actively maintained or broker integrated
Quick Comparison Table
| Tool | Coding Needed | NSE Support | Intraday | Visual Results | Free Access |
|---|---|---|---|---|---|
| Chartink | ❌ | ✅ | ✅ | ❌ | ✅ |
| Streak | ❌ | ✅ | ✅ | ✅ | ✅ (limited) |
| AlgoTest | ❌ | ❌ (Options only) | ✅ | ✅ | ✅ (basic) |
| TradingView | ✅ (Pine Script) | ✅ (delayed) | ✅ | ✅ | ✅ |
| BacktestR.in | ❌ | ✅ | ❌ | ❌ | ✅ |
How to Start Backtesting for Free
- Define your strategy clearly (indicators, entry/exit, SL/TP)
- Choose a tool based on market (equity/options) and coding skill
- Run tests on different stocks/timeframes
- Evaluate metrics like win rate, drawdown, and net return
- Refine and retest before using real capital
Final Thoughts
Backtesting is a vital step for any serious trader. Whether you want to test an RSI crossover strategy or complex options legs, these free tools for Indian stocks provide enough power to get started. As your strategies evolve, you can choose to upgrade or integrate with brokers.
FAQs
Q1. Can I backtest NSE stocks for free?
Yes. Tools like Chartink, Streak, and TradingView allow free backtesting on NSE-listed stocks.
Q2. Do I need coding skills to backtest?
Not necessarily. Platforms like Streak and AlgoTest offer drag-and-drop strategy builders.
Q3. Can I test intraday strategies for free?
Yes. Chartink and Streak both support intraday data in their free plans.
Q4. Which tool is best for beginners?
Streak by Zerodha is highly recommended for its no-code visual interface and detailed metrics.
Q5. Do these tools support live trading?
Some do. Streak and AlgoTest support live execution through broker integration.