Foreign exchange (forex) trading can be an exciting yet challenging endeavor. As an independent retail trader, having access to the right trading tools and technology is crucial for success. Two of the most popular trading platforms used today are MetaTrader 4 (MT4) and MetaTrader 5 (MT5) by MetaQuotes Software. While these platforms offer a range of built-in tools for trading and analysis, many traders are now opting for more advanced third-party solutions like FX Blue for trade monitoring and performance analytics.
In this comprehensive review, we’ll compare FX Blue to the native capabilities of MT4/5 and outline why this innovative platform is becoming the preferred choice for serious traders looking to improve their results.
Overview and Key Features Comparison
FX Blue is a standalone web-based analytics and trade monitoring tool compatible with MT4, MT5 and other trading platforms. Here is a quick overview of some of the key features offered by FX Blue versus standard MT4/5:
| Feature | FX Blue | MT4/MT5 |
|---|---|---|
| Trade monitoring dashboard | Extensive range of metrics and visuals for all trades | Basic trade list only |
| Performance reporting | Detailed statistics for long and short term results | Limited capabilities |
| Forex backtesting | In-platform optimized backtester | Requires installing separate app |
| Automated alarms | Easily set visual, email or mobile alerts | Sound alerts only |
| Platforms supported | MT4, MT5 and others | MT4/5 only |
As we’ll explore throughout this review, FX Blue provides far greater depth of analytics, convenience and flexibility compared to the rather basic tools available in MT4/5.
Detailed Feature Comparison
Now let’s take a closer look at some of the key capabilities of FX Blue versus MT4/5:
Monitoring Dashboard and Trade Analysis
The main monitoring dashboard in FX Blue gives an instant graphical overview of all your trading performance metrics. This includes detailed analytics on a per-trade basis:
- Per-trade stats like open price, PL, SL/TP distances, swaps, commissions
- Sorting and filtering of trades
- Trade tagging for categorization
- Entry and exit visuals on charts
- Trade descriptions and notes
- Visual profitability histogram
By comparison, the trade monitoring capabilities in MT4/5 are very limited:
- Basic trade list only – no charts or graphs
- Minimal metrics and info per trade
- No tagging, sorting or filtering
For serious traders, the depth of data available in FX Blue is vastly superior for analysing and improving trading strategies and results.
Performance Statistics and Reporting
FX Blue provides a wealth of performance metrics across different time frames. These include:
- Total P/L, long/short P/L, biggest winners/losers
- Win rates, reward/risk ratios, expectancy
- Drawdowns and recovery graphs
- Monthly, yearly and strategy lifetime statistics
- Portfolio metrics like Sharpe ratio
- Statistical significance testing
The platform makes it easy to generate detailed PDF reports for all your key metrics over custom time periods.
In comparison, MT4/5 only shows a simple profit curve and equity graph. There are no detailed statistics on performance metrics like win rates or risk/reward ratios. The only reporting option is a basic account statement.
Strategy Backtesting
FX Blue has a wide range of options for backtesting trading strategies:
- Fast multi-threaded backtesting engine
- Uses tick, minute or daily data for accuracy
- Flexible settings for slippage, spread, commission
- Multiple charting and analytics tools
- Monte Carlo analysis for robustness
MT4/5 requires installing a separate app from the Market to conduct backtests. The process is slower and less convenient than FX Blue’s dedicated tools.
For traders developing or assessing strategies, the integrated backtesting capabilities within FX Blue are far more streamlined and powerful.
Alerts and Notifications
Staying on top of trading activity is crucial. FX Blue provides real-time visual, email and push notification alerts for:
- New trades opening/closing
- Price hitting stop loss or take profit
- Order modifications
- Automated strategy stops
- And many more…
This makes it easy to get notifications anywhere for important events.
MT4/5 only allows setting simple sound alerts within the platform. There are no options for email or push notifications to your mobile device.
Supported Platforms
FX Blue connects directly to MT4, MT5 and FIX API brokers to collect trading data and send orders. But it also offers monitoring capabilities for a wide range of other trading platforms through manual CSV import:
- NinjaTrader
- TradingView
- QuantConnect
- Excel/Google Sheets
- And many others
This provides great flexibility to use FX Blue alongside your preferred trading software. MT4/5 platforms obviously don’t support connecting with external tools.
Unique Benefits of FX Blue
Beyond the featured comparison above, FX Blue also provides a number of additional unique capabilities not available in MT4/5:
Social Community Access
All FX Blue users can voluntarily share their trading data into a large community database. This enables some powerful collaborative benefits:
- Compare your statistics against the community
- Learn from top-performing traders
- Contribute your data to help others
- Use community data for more robust backtesting
Access to this real-time, anonymized data from thousands of traders provides valuable perspective. There are no community aspects within standard MT4/5 platforms.
Automated Trading
FX Blue allows running automated strategies for algorithmic trading using an integrated strategy builder or Pine Script. Strategies can be backtested first for reliability.
MT4/5 requires using MQL4/5 code for Expert Advisors which can be more complex. The FX Blue builder offers a more user-friendly way to automate strategies which can also be shared and sold.
Portfolio Reconciliation
For people running multiple MT4/5 accounts across different brokers or assets, FX Blue helps reconcile all activity into a single consolidated portfolio view. This provides a clear picture of your overall performance and risk exposure in one place.
Trying to consolidate multiple MT4/5 accounts is messier and more labor-intensive without a unifying solution like FX Blue.
Forex VPS Integrations
FX Blue offers seamless integration with popular virtual private server (VPS) services like VPS.net. This allows safely running automated strategies 24/7 on fast, reliable servers.
Setting up your own VPS environment directly with MT4/5 involves more complexity. The tight platform integrations remove hassle for FX Blue users.
Advanced Risk Management
FX Blue provides sophisticated risk management options beyond just basic stop losses on individual trades. You can set various limits for your portfolio:
- Maximum open trade drawdown
- Daily loss amount
- Margin usage limits
- Position sizing rules
- And more…
This allows controlling your total risk across all open trades in your account. Default MT4/5 platforms do not provide tools for managing overall portfolio risk.
Platform Compatibility
FX Blue integrates directly with the following trading platforms and account types:
- MetaTrader 4 – all account types
- MetaTrader 5 – all account types
- FIX API – connects tobrokers providing FIX protocol
- NinjaTrader 8 – connects to live or demo accounts
- TradingView – links via API or CSV export
The platform also supports importing CSV files from other trading tools, allowing broad compatibility:
- NinjaTrader 7
- TradeStation
- QuantConnect
- MATLAB
- Excel
- Google Sheets
- And more…
So whether you trade on MT4/5 or use other platforms, FX Blue can easily connect and consolidate your data for analysis.
FX Blue Subscription Options and Pricing
FX Blue is available via monthly or annual subscription plans, with unlimited use of all features during the subscription period. There is also a free plan with limited functionality for testing. Here is an overview of the pricing:
| Plan | Cost | Features |
|---|---|---|
| Free | $0/month | 3 months data, 2 FX pairs |
| Starter | $12/month | 6 months data, 4 FX pairs |
| Professional | $27/month | 12 months data, All pairs, 1 live account |
| Enterprise | $69/month | 24 months data, All features, Unlimited accounts |
Annual subscription provides 2 months free compared to monthly pricing. Overall FX Blue offers cost-effective access starting at $12/month for significant added value.
Conclusion – Powerful Yet Affordable Trade Analysis
In summary, FX Blue provides a robust set of tools for analysing trading performance that go far beyond the basic capabilities of MT4 and MT5. Key benefits include:
- In-depth monitoring dashboard
- Expansive performance statistics
- Backtesting engine
- Automated notifications
- Community data access
- Portfolio reconciliations
- And much more…
For the price, FX Blue delivers outstanding value to traders looking to enhance their process and results. The platform is intuitive yet powerful, and compatible with MT4/5 as well as other trading tools via CSV.
If you are relying solely on the standard features of MetaTrader 4 or 5, then FX Blue is certainly worth evaluating through a free trial. The wealth of convenience and analytics can provide invaluable insight to improve your trading. For serious retail traders, FX Blue is a potent upgrade over MT4/5 alone.
Frequently Asked Questions
Is FX Blue compatible with MetaTrader 4 and 5?
Yes, FX Blue directly integrates with both MT4 and MT5 to collect trading data and send orders. It’s designed to enhance MetaTrader platforms.
Does FX Blue offer alert notifications?
Yes, FX Blue provides real-time visual, email and push notification alerts for a wide range of trading events. This helps track activity across multiple accounts.
Can I use FX Blue with other trading platforms beside MT4/5?
Absolutely. FX Blue supports import from platforms like NinjaTrader, TradingView and QuantConnect via CSV files. This provides widespread compatibility.
Is backtesting possible in FX Blue?
Yes, FX Blue has an advanced backtesting engine built in to easily test and optimise automated strategies. It’s far more convenient than MT4/5 backtesting.
Does FX Blue help with risk management?
FX Blue provides sophisticated risk management at the portfolio level, including loss limits, drawdown limits, position sizing and more. This goes beyond just trade-level stops.
What pricing plans are available?
FX Blue offers a free plan, Starter ($12/month), Professional ($27/month) and Enterprise ($69/month). Annual subscriptions include 2 months free.
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