Trade analytics platforms are invaluable tools for traders looking to improve their performance. With so many options available, choosing the right platform can be tricky. In this comprehensive review, we compare FX Blue to other top trade analytics platforms and explain why FX Blue stands out as our top choice.
An Overview of FX Blue and Key Alternatives
FX Blue is a popular trade analytics platform designed specifically for MetaTrader 4 and MetaTrader 5. Key features include detailed statistics, insightful graphs, trade journaling, automated trading reporting, and a customizable interface.
Some of the top competing trade analytics platforms include:
- Edgewonk
- NinjaTrader
- QuantAnalyzer
- Tradervue
- MyFXBook
Below we directly compare FX Blue to these alternatives across five key factors that are most important for trade analytics and platform selection.
1. Compatibility and Integration
FX Blue seamlessly integrates with MetaTrader 4 and MetaTrader 5. This is a huge advantage for the many traders using those platforms.
Compatibility is more limited with other platforms. NinjaTrader only works with NinjaTrader brokers. Edgewonk connects to MT4/MT5 but requires extra setup steps. Platforms like QuantAnalyzer have API options but integration is not as smooth.
In addition, FX Blue offers a web interface so stats can be accessed from any device. Other platforms may require installing software on each device.
Overall, FX Blue provides the best compatibility and easiest integration for MetaTrader users.
2. Statistical Analysis and Performance Metrics
FX Blue offers an incredibly detailed and robust set of trading statistics and performance metrics. Traders can dive deep into their numbers and get custom views of all key data.
Some highlights include:
- 300+ standard performance metrics – Metrics like profit factor, expectancy, Sharpe ratio, max drawdown, and many more.
- Advanced graphing and comparison – Visualize performance data in depth. Compare metrics across time periods, symbols, and other filters.
- Trade analysis – Analyze individual trades with metrics like risk/reward ratio, profitability, duration, etc.
- Position analysis – See open position statistics like current profit, drawdown, etc.
- Custom statistics – Create fully custom metrics by combining 60+ indicators and values.
Many competitors have a solid set of standard metrics but lack the advanced functionality of FX Blue. Edgewonk offers good customization but graphing features are more limited. NinjaTrader has visualizations but less detail in metrics like trade analysis.
For serious traders who rely on statistics, FX Blue stands out.
3. Automated Trading Logs and Journals
Keeping an accurate trading journal is crucial but time-consuming. FX Blue saves traders hours by automatically logging all trading activity and generating journals.
With FX Blue, every trade, order, and account change gets logged in detail. Journals are generated instantly with metrics not available in other journals. Features include:
- Snapshot journals – See account stats for any historical moment.
- Trade details – Every trade has profit, duration, notes, and more.
- Filtering – Filter journals by symbol, time period, profit status, and more.
- One-click journals – Quickly generate journals for any date range.
- Daily comments – Add notes to summarize performance.
- Backup and restore – Data is safely stored in the cloud.
Some platforms like Edgewonk allow manual trade logging which is time-intensive. Alternatives with automatic logging like NinjaTrader may not have as robust journals. FX Blue combines automated, detailed logging with insightful journals.
4. Customization and Flexibility
FX Blue stands out for its incredibly flexible and customizable setups. Traders can tailor views and tools to match their process.
With FX Blue, traders can:
- Build completely custom layouts with drag-and-drop widgets
- Create personalized metrics as described above
- Customize existing metrics with thresholds, colors, etc.
- Tweak settings for data sampling, time zones, profit calculation, and more
- Set alerts for metrics and trading events
- Connect multiple accounts with options for separation or aggregation
- Integrate with Excel, Google Sheets, and JSON for further analysis
Other platforms lock users into set layouts and metrics. NinjaTrader only shows metrics NinjaTrader defines. Edgewonk offers templates but little drag-and-drop flexibility. QuantAnalyzer connections to Excel offer some customization but FX Blue gives traders more control over their data views.
5. Pricing and Features
FX Blue provides all the advanced functionality described above while remaining one of the most affordable platforms.
Their tiered subscription plans start at just $5 per month for basic statistics. Upgrades to include auto-journals, alerts, and custom metrics run $16-$45 monthly.
Competitor platforms can be significantly pricier:
- NinjaTrader plans start at $99 monthly for basic features
- Edgewonk costs $14-$20 monthly for limited functionality
- Tradervue is $199+ annually
Considering the robust features and seamless MetaTrader integration, FX Blue provides unmatched value and functionality for the price.
The comparison table below summarizes the key differences:
| Platform | MT4/MT5 Integration | Statistics/Metrics | Automated Journals | Customization | Starting Price |
|---|---|---|---|---|---|
| FX Blue | Seamless | 300+ metrics, fully customizable | Auto logging and generation | Extremely flexible widgets and options | $5/month |
| Edgewonk | Available but limited | Good customization | Manual logging required | Some custom templates | $14/month |
| NinjaTrader | Only with NinjaTrader brokers | Their standard set only | Auto logging but basic journals | Minimal customization | $99/month |
| Tradervue | Requires bridge | Standard set only | Optional auto logging | Little customization | $199/year |
Conclusion
In conclusion, FX Blue stands out as our top pick among trade analytics platforms, especially for MetaTrader traders. Seamless integration, vast statistical analysis, automated logging, customization, and affordable pricing make it our #1 choice.
We hope this comprehensive FX Blue review has provided valuable information to help traders compare options and select the best analytics platform for their needs. Please get in touch if we can help further as you evaluate trade analytics tools and work toward improving trading performance.
Frequently Asked Questions
What are the main benefits of FX Blue over other platforms?
The key advantages of FX Blue are seamless integration with MetaTrader, vast statistical analysis, automated trade logging, extreme customization of data views, and affordable pricing.
What platforms are the main competitors to FX Blue?
The top competing platforms are Edgewonk, NinjaTrader, QuantAnalyzer, Tradervue, and MyFXBook. Each has pros and cons compared to FX Blue.
Can FX Blue connect to brokers besides MetaTrader?
FX Blue is designed specifically for MetaTrader 4 and 5. For other brokers, competitors like Edgewonk may be better options.
Is FX Blue more affordable than competitors?
Yes, FX Blue offers its advanced features for just $5-$45 per month. Competitors often charge significantly higher monthly or annual fees.
Does FX Blue allow logging trades manually like Edgewonk?
No, FX Blue relies on automated logging from MetaTrader activity rather than manual inputs. This saves traders significant time.
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