QuantAnalyzer review: a lab for finished backtests

What QuantAnalyzer is

QuantAnalyzer comes from StrategyQuant s.r.o., a Prague software house best known for its strategy generator StrategyQuant X. The program used to be called “EA Analyzer”. Its own FAQ says plainly that it is not a tool for creating strategies: it analyses existing strategies and trading results, whether they come from a backtest or a real account.

The workflow is simple: load a report, analyse, simulate, build a portfolio. What it does not do matters just as much: it does not connect to your account, does not start a strategy tester and does not monitor anything in real time. It works with files you exported from your platform beforehand.

1. 11. Sub-menu: Overview, Functions, Pricing, Download and What’s new (changelog). Almost every claim in this report comes from these pages.
2. 22. Three promises: find weak points, Monte Carlo and what-if simulations, optimal portfolios and money management. These are vendor claims.
3. 33. Free version and Pro version: the free version is a permanently free download, not a time-limited trial.
4. 44. System note: “Runs on Windows 10/8.1/7”. The download page now offers only a 64-bit installer; there is no Mac or Linux build.
5. 55. Modules in the sidebar of the illustration: Home, Analyze, Equity Control, Monte Carlo, What-if and more.
6. 66. Toolbar: load report, paste report, results and QuantEditor, the built-in editor for your own extensions.

The current version per the download page is 4.9.4 of 2026-03-16. Its changelog lists, among other things, a new TradingView loader, fixes for loading MT5 statements (partial closes, comments, “out by”) and better format detection for Myfxbook and CSV files. So the program is maintained, even though its core is many years old.

What you can load

The real strength is breadth of import. According to the documentation page “Formats supported in QuantAnalyzer” (last updated December 2020, with formats added since), the program reads:

• –MetaTrader 4: backtest reports as htm, html or csv and account statements as htm or html.
• –MetaTrader 5: backtest reports and account statements as htm or html. The docs have a separate guide for exporting MT5 trade lists with magic numbers.
• –Other platforms: TradeStation (xml, mht, xlsx, csv), MultiCharts (xls, xlsx), cTrader (xml, htm), JForex (html), NinjaTrader (csv), MetaStock (csv), plus ForexTester, Forex Strategy Builder and ZuluTrade.
• –Tracking services: CSV exports from Myfxbook and FX Blue, so a publicly tracked account can be re-examined with QuantAnalyzer’s tools.
• –StrategyQuant formats: strategies and reports from StrategyQuant X, StrategyQuant 3 and QuantAnalyzer itself.
• –General CSV loader: for anything else you describe the column format in an ini file and restart the program. Powerful, but not for beginners.

1. 11. Supported sources per the graphic: MetaTrader 4 and 5, FX Blue, Myfxbook, Dukascopy, MultiCharts, TradeStation, JForex, NinjaTrader and StrategyQuant.
2. 22. “Just one click”: the promise to load a backtest or real trades with one click. Per the docs the program detects the format itself; on errors StrategyQuant asks for a bug report.
3. 33. Extensive and detailed reports: the analysis view, covered below under analysis in detail.
4. 44. What-if scenarios: recalculate trading only on certain days or hours.
5. 55. Money Management simulator: compare position-sizing methods. In the free version visible for 30% of trades only.

Important for MetaTrader users: on loading, QuantAnalyzer can ask for the initial deposit and a symbols table with point value and pip or tick size per symbol. Per the docs the program detects these itself, but you should check them as soon as indices, metals or CFDs with unusual contract sizes are involved. Wrong point values distort every metric that follows.

In the comments under the docs, users occasionally report import problems, such as duplicated orders from a report or missing comments with MT5; support replies there and asks for sample files. That is normal for a tool with so many formats, but it means: after importing, check the number of trades against the original report.

Analysis in detail

The Analyze module is what most users see first: equity curve, metrics, list of trades and charts over time. The “Extensive reports” product page names, among others, Sharpe ratio, return to drawdown, AHPR, Z-score, standard deviation, expectancy, Strategy Quality Number, monthly and annual return, payout ratio, exposure and stagnation in days and percent, i.e. the longest time without a new equity high.

1. 11. Toolbar: load or paste report, results, QuantEditor, log console, plugins and updates, tools.
2. 22. Modules: Home, Analyze, Equity Control, Monte Carlo, What-if, Compare Results, Portfolio Master, Money Management and Scripter.
3. 33. Analysis tabs: Overview, List of trades, Equity chart, Trade analysis, Settings, Portfolio correlation and Open balances.
4. 44. Yearly table: profit, profit factor, number of trades and win rate per year, with the yearly result as a bar chart below.
5. 55. Charts over time: result by hour, day and direction. The vendor says there are more than 20 such charts.
6. 66. Databank at the bottom: loaded single strategies and portfolios with metrics such as net profit, win rate, stability and maximum drawdown.

Several loaded strategies can be combined into a portfolio report. QuantAnalyzer computes strategy correlation on a daily, weekly or monthly basis, and per the docs not only on profit and loss but optionally on the number of open or closed positions. One limitation the docs state openly matters: drawdown and metrics are based on closed trades only by default. The real floating drawdown is shown only by the Open balances function, and for that you must additionally import one-minute (OHLC) data for the traded symbols. How to read such metrics is covered in our guides on trading metrics and the equity curve.

Reports can be saved as HTML, for example to share them; the product page links two examples, a single-strategy and a portfolio report. There is no web interface or public results page as with Myfxbook or FX Blue.

Simulations: Monte Carlo, money management, what-if, equity control

This is what sets QuantAnalyzer apart from a plain statistics program. Per the vendor, all four simulation types are implemented as code snippets with full source code and can be changed or extended in the built-in QuantEditor.

• –Monte Carlo: many runs with small changes, such as the order of trades, to see how widely possible paths spread. StrategyQuant calls this the standard way to estimate robustness and a real edge; it is not proof of future profits. Included in the free version.
• –Money management: recalculate the same trades with a fixed lot size, a fixed percentage risk or other models. In the free version visible for 30% of trades only.
• –What-if: filter trades, e.g. only Monday to Thursday, at most one trade a day, or only between 9 a.m. and 3 p.m. The extendability page shows, as an example, a custom rule that removes all trades on the third Friday of the month. Included in the free version.
• –Equity control: simulates switching the strategy off and on based on its own equity curve to sit out losing phases; the simulation shows whether that helps. In the free version visible for 30% of trades only.

A warning that StrategyQuant itself makes in the small print on hypothetical results: every one of these simulations works on the past. What-if filters that remove bad days after the fact are the easiest way to make a curve look better than it will be live. They are useful as a test of whether a result hangs on a few days or hours, not as a setting you then carry over to live trading. More in why EAs fail live.

Portfolio Master: search combinations instead of guessing

Portfolio Master answers a typical EA trader’s question: I have 20 strategies but can only run five, which five? Per the vendor, the tool tries thousands of combinations and picks those that best meet your conditions. These include:

• –Correlation filter, so that as few strategies as possible move in step.
• –Sectors, so that, say, indices, metals and currencies are evenly represented.
• –Conditions you set, by which unsuitable portfolios are dropped automatically.
• –Genetic search with an out-of-sample part: part of the data stays hidden during the search and serves as a check afterwards.

In the free version Portfolio Master is limited to four strategies, which is too few for real portfolio questions. StrategyQuant X Starter and Professional also limit it to four strategies per the price table; it is unlimited in QuantAnalyzer Pro and StrategyQuant X Ultimate. A methodological note: the more combinations a tool searches, the more likely it finds one that looks good by chance. The out-of-sample part is therefore not optional. Background in our guide to EA portfolio management.

Compare Results: live account versus backtest

Compare Results puts the curve of a live or demo account next to the backtest of the same strategy so you can see where they diverge. Per the vendor this also works as a mass compare: if you trade dozens or hundreds of strategies on live and demo accounts, you match them to their backtests in one step. In the free version the tool compares only the first 50 trades.

1. 11. Purpose per the vendor: compare results from your trading platform or live accounts with backtests from StrategyQuant or AlgoWizard.
2. 22. Two equity curves of the same strategy on top of each other. Where they separate, execution, data or settings differ.
3. 33. Legend: both curves carry the same strategy name, one with the suffix (2).
4. 44. System note: this tool, too, runs only in the Windows application.

Readers of our Account Tracker report know the principle: there too, an MT5 backtest can be laid over a live account. The difference is the workflow. QuantAnalyzer needs files for both sides that you export and load; the Account Tracker already has the live account because it monitors it continuously. In return, QuantAnalyzer handles backtests from many platforms and StrategyQuant formats, not just MT5.

Extending, automating, and the free MT4 plugin

Per the vendor, almost every calculation in QuantAnalyzer is a snippet whose source code you can see in QuantEditor: metrics such as Sharpe, Calmar or CAGR, Monte Carlo and equity-control methods, money-management models, what-if rules, charts and even import formats. You can adapt existing ones or write your own. On top comes the Scripter, which runs tasks without the user interface, much like Excel macros: for example, start a Monte Carlo simulation with fixed parameters and write the result to the databank.

StrategyQuant also offers MT QuantAnalyzer, a free plugin for MetaTrader 4. From a chart icon it opens an analysis of the account history with equity curve, metrics such as Sharpe ratio, R expectancy, CAGR and Z-score, a list of trades and groups by symbol, magic number or comment. Installing it requires enabling “Allow DLL imports” in MT4. That is common for such tools, but it means the plugin may run code outside MetaTrader. Only use it from the original source. We found no equivalent plugin for MT5.

And AI? With StrategyQuant X build 145, StrategyQuant introduced the assistant “Q”. Per the Q page, QuantAnalyzer is to be connected in 2027, explicitly as an indicative timeline. So today QuantAnalyzer has no AI assistant.

Free or Pro: what the limits mean in practice

The free version is not a trial period but permanently free. Standard metrics, Monte Carlo and what-if are fully included. Four things are limited, and they are exactly the ones you need for portfolio decisions:

1. 11. Free: free download, “No hidden fees”.
2. 22. Pro: $29 a month as a subscription; via the selector alternatively $349 once as a lifetime licence.
3. 33. Payment via FastSpring: licence by email right after purchase; the subscription can be cancelled at any time per the page.
4. 44. Free version limits: money management and equity control for 30% of trades only, Portfolio Master up to four strategies, Compare Results for the first 50 trades only.

In practice: with the free version you learn the program and can study single strategies thoroughly. As soon as you want to compare position sizes, combine more than four strategies or lay a live account fully over its backtest, you need Pro. If you buy StrategyQuant X in the Ultimate edition, you get QuantAnalyzer Pro included per the price table (listed there with a value of $349).

QuantAnalyzer, Backtest Manager and StrategyQuant X

Because the operator of this site is connected to ATS, we stick to what every vendor describes publicly and to our reports on the Backtest Manager and StrategyQuant X. The Backtest Manager had not been released publicly on the check date; its features are vendor claims.

• –Where the backtests come from: QuantAnalyzer creates none; it reads finished reports from many platforms. The Backtest Manager, per ATS, runs real MT5 backtests in batches and in parallel. StrategyQuant X uses its own engine and generates strategies itself.
• –Platforms: QuantAnalyzer has the broadest import (MT4, MT5, TradeStation, NinjaTrader, CSV and more). The Backtest Manager is MT5 only.
• –Simulations: QuantAnalyzer goes deepest here and is fully extensible. The Backtest Manager lists Monte Carlo and alternative data in its Robustness Suite; how deep that goes we will know after launch.
• –Portfolios: Portfolio Master (QuantAnalyzer) versus Portfolio Builder and replaying up to ten results together (Backtest Manager, per ATS).
• –Floating drawdown: QuantAnalyzer shows it only through Open balances with separately imported one-minute data. Per ATS, the Backtest Manager rebuilds equity automatically from deals and price bars.
• –Cost: QuantAnalyzer Free, Pro $29 a month or $349 once. Backtest Manager per ATS Free and Pro €29 a month. StrategyQuant X from $1,290 once.

The tools are not mutually exclusive. An obvious workflow for MT5 users: create backtests with the Strategy Tester or the Backtest Manager, then load the reports into QuantAnalyzer for Monte Carlo and portfolio search.