By TBS Team | July 21, 2024
Algo trading softwares are tools that provides backtesting, developing and implementing these algorithms. Investors are now assisted with trading decisions by the best algo trading software in India. People have more confidence in computers than in other people for research and analysis of stock performance.
Due to its widespread use, SEBI declared in 2022 that an “Algo trading software” requires a new regulatory structure. Hence, given the prevalence of algorithmic trading, a thorough understanding of Algo trading software is necessary.
What Is Algo Trading Software?
Algorithmic trading, sometimes called automated trading, black-box trading, or algo-trading, is the process of making a trade with a computer program that complies with a set of pre-programmed criteria.
Even though the transaction is quite volatile, it might generate profits more often and quickly than a human trader could with the hep of AI.
By minimizing the impact of human emotions, algorithmic trading not only provides the trader a chance to profit but also increases market liquidity and improves the trading structure. Algorithmic traders trust algo trading software with their capital and rely on it to make wise selections.
Parameters to Consider While Choosing Best Algo Trading Software In India
As mentioned, automatic trading is highly risky and might lead to substantial losses. Consequently, you need to know whether the algo trading platform in India you wish to buy is helping you make money.
Therefore, the following are some factors :
Market/Company Data Availability
All best trading app algorithms use data and prices in real-time. Some algorithms consider earnings and P/E ratios.
But you should choose the trading software that offers real-time market, and business data feeds. These elements should be included directly into the system or easily incorporated from other sources.
Develop A Strategy
With algorithmic trading, you must be able to design and test quantitative trading strategies for stocks, algo trading in commodities, FX, futures, cryptocurrencies, and bonds.
Automation
It expedites, stays organized, and saves work time. An automated technic might save you an hour of tedious work.
Market Connectivity
Each exchange may use a different format to provide its data feed. Many feeds should be compatible with the best algo trading software for mcx.
Another option is to visit a news website that compiles market data from many exchanges and provides it to end users uniformly. Aggregated feeds also should be handled by algorithmic trading tools.
User Interface & Performance
A memory-efficient, highly concurrent, easy user interface and multi-threaded system makes algorithm trading improve your performance and reliability.
Make sure your software is capable of processing several orders per second. The Algo trading software for mcx includes options for scalability to handle an increase in workload.
List Of 12 Best Algo Trading Software in India
1. Zerodha Streak
2. Zerodha Algoz
3. Algotrader
4. Robotrade
5. Robotrader
6. Meta Trader 5
7. AlgoNomics
8. AlgoBulls
9. Omensys Nest
10. TradeTron Tech
11. Tradestation
12. Tickeron
Zerodha Streak
If you are amazed by all the advantages of algorithmic trading and are looking for an algo trading software for mcx in India, go no further than Zerodha Streak.
These advantages are available at a price that is within reach for most people. As a result, it is India’s most sought-after automated trading program. Customers of Zerodha may use Zerodha Streak free for seven days.
Top Features
- User-friendly
- Good technical insights to implement a profitable strategy
- Next-gen tools for back-testing
- It contains plenty of historical data traders may utilize for back-testing.
- Any new plan employs straightforward steps like creating, back-test, and deploy
- Traders may enter and exit strategies using various circumstances
- Algo trading software for mcx
- Traders may submit, back-test, and analyze 20+ scrips at once
- Traders may enable dynamic triggers and alerts without spending all day in the stock market
| Pros | Cons |
|---|---|
| Doesn’t need coding or programming experience | Not free |
| Traders don’t need to watch the stock market all-day | A good internet connection is mandatory |
| A wide variety of technical analysis indicators and tools | Current Technical analysis tools and indicators are inadequate |
| Highly effective back-testing engine |
Zerodha Algoz
Before the debut of Zerodha Algoz in 2013, algorithmic trading was nothing more than a pipe dream for traders in India. As a result, they have over a million downloads and are a popular choice for algo trading in commodities. Zerodha customers are welcome to utilize Zerodha Algoz at no cost.
Top Features
- User-friendly
- Good technical insights with charting software to implement a profitable strategy
- User-defined time frames display charts with 1-minute, 5-minute, 1-hour, and up-to 3 years charts are accessible for examination
- Next-gen tools for back-testing
- It contains plenty of historical data traders may utilize for back-testing
- Back-test, write, and partly or entirely automate a strategy
| Pros | Cons |
|---|---|
| Live Market strategy automation is strong | Requires technological skills such as coding |
| Technical Analysis tools may build the perfect strategy | With the free edition of this software, trades may only be partly automated |
| An ideal approach can be found and back-tested by analyzing different trading styles | For trading automation, traders need dealer terminal service. |
| Customer care support for algo trading in commodities | Not user-friendly |
| Algorithmic trading tools may automate finished tactics |
Algotrader
India and other countries across the globe have benefited from the growth of automated trading systems thanks to the Swiss company AlgoTrader.
Beginning with versions 2.2 and 2.3 in 2009 and concluding with the current, well-liked 4.0 edition, AlgoTrader has produced a succession of comprehensive editions.
Top Features
- General Capabilities
- Charts & Indicators
- 0 Enhancements
- Cryptocurrencies Trading
- 15 interfaces/adapters
- Number of alarms and notifications
- Strategy-specific UI additions
- Easy, no-dependencies installation
- Storage of up to one million values per second
- Compression reduces storage space
- Flexible data queries via tagging
- Possible 200% back-test acceleration
- Real-time tick-to-bar aggregation
| Pros | Cons |
|---|---|
| AlgoTraders use the quick Esper Engine. For instance, 5 million events/sec. | High market volatility may cause losses |
| AlgoTrader’s extensive data processing capabilities enable it to handle high-frequency trading. Additionally, institutional dealers’ profit. | Manual supervision is sometimes required |
| Customizable software | AlgoTraders lacks charting |
| Support will provide manuals and online training after installation | When market conditions change, the bid-ask spread may widen |
| Comprehensive assistance | Technical malfunctions might generate huge losses due to high market integration |
| The structure of AlgoTraders is robust and contemporary | |
| algo trading software for mcx |
Robotrade
The Indian market has just been made accessible to this brand-new, recently created automated trading software in India.
Robotrade is the fastest and most reliable method to begin algo trading. It is also India’s most sophisticated and well-liked automated trading system.
Top Features
- Real-time data
- Automates trailing stop loss
- RoboTrade allows automatic or manual trading
- Order execution is sub-1 second
- Try and test your strategies
- RoboTrade uses AI robotics
- Good technical insights with charting software to implement a profitable strategy
- Using many chart templates at once
- RoboTrade supports NSE, BSE, MCX, and F&O
| Pros | Cons |
|---|---|
| Gives real-time information | Mediocre client service |
| Automatic and manual trading are two choices offered | |
| Have a success rate of 95% | |
| Swift order fulfillment |
Robotrader
Robotrader provides various services to traders, investors, and technical analysts, as well as small, medium, and high net worth clients, is quickly gaining popularity. They don’t demand installments and are free algo trading software in India.
Top Features
- It handles many scrips at a single time
- Real-time automation and evaluation
- Traders may manually close trades if unsatisfied
- Traders may record partial profit
- Multiple stop-loss options are available
- Technical insights with charting software
- There’s also reverse trading. For example, you are selling when a buy signal appears.
- Buy/sell index signals might produce numerous orders
- Let’s traders schedule order execution
- Traders may establish daily profit/loss limits
- Quant trading methods
- Algo trading in commodities
- Multi-user plug-in available
- Enables cloud utilization and requires no downloads
| Pros | Cons |
|---|---|
| Technically free reverse trading | Limited free trading |
| Sets maximum daily risk and profit percentages | Analysis and programming skills needed |
| You can drag-and-drop strategy combinations without scripting | |
| Trader-friendly alternatives |
Analysis and programming skills needed
Meta Trader 5
MetaTrader 5 was only recently introduced in a beta version. Overall, the design and user interface are identical to the previous iteration, which is a smart decision given that MetaTrader 4’s popularity is largely due to its flexibility and usability.
Top Features
- Advanced trading script
- A smart expert advisor
- Pre-designed chart-in-chart style
- In-depth study of technical strategy
- Improved language system
| Pros | Cons |
|---|---|
| Easy-to-use user interface | Deactivated hedging for exchange markets |
| Detailed range of analytical tools | Different programming languages which may compel a user to redo some techniques |
| 8 kinds of pending orders and 21 timeframes | Complex analytical tools from a beginner’s point of view |
| Variety of asset classes |
AlgoNomics
Another wonderful algo trading software in India is AlgoNomics which comes at zero cost. It assists traders in limiting losses when trading. Users have the option of creating their own tactics or using those that the programme has already created. Additionally, traders have access to a variety of methods that they may apply during trading and pause, halt, or alter as needed.
Top Features
- Pre-defined strategies
- Option to stop, pause or alter the strategy
| Pros | Cons |
|---|---|
| Easy and fast bulk trading | Frequent occurrence of technical problems |
| Features in-built risk management | Enhancement opportunity in terms of user interface |
| Availability of pre-defined trading strategies |
AlgoBulls
One of the best algo trading app in India, AlgoBulls gives you access to automated trading algorithms for trading. Additionally, it may be used to create and implement a variety of trading strategies across different trading assets.
You may select from a variety of AI-driven tactics and modify them without having any coding knowledge. You also gain access to a fixed income market through which you may quickly invest in a variety of bonds and non-convertible debentures.
Top Features
- Enable trade through commodity, F&O, and forex
- HNI strategies
- Customized trading strategies
| Pros | Cons |
|---|---|
| Best to create and monetize trading approaches | Availability of limited features |
| 500+ algo strategies with 10 million+ customization options | Some users reported inaccuracy of data |
| 150+ trading indicators included | |
| Support for paper trading and back testing |
Omnesys NEST
Omnesys NEST is one of the most widely preferred algo trading platforms in India. The best algo trading platform in India was brought by a Bangalore based firm known as “Omnesys Technologies Pvt. Ltd.”. “NEST” refers to Next Generation Electronic Securities Trading platform.
Omnesys Nest is a steadfast and next-gen trading platform which gives “Tools of the Trade” for different types of users including contemporary desks, stock exchanges, and institutional and retail brokers.
Top Features
- Fast and easy access
- One platform all types of trading needs
- Gives a strategic advantage
- Excellent member support
| Pros | Cons |
|---|---|
| Enables flexible automated trading for Indian markets | Programming language dexterity is required |
| algo trading in commodities | A specific subscription amount is needed |
| A wide range of of programming approaches to provide one a tactical advantage | |
| Detailed reports using market analytics and financial data. |
Trade Tron
TradeTron is a multi-asset, multi-exchange, and multi-currency algo trading platform which enables users to develop algo strategies using its advanced, web based strategy builder. Trade tron permits people to put and click to develop scenarios and positions that carve out the basic elements of an algo strategy.
Top Features
- Paper trading executions
- Trade execution alerts
- API to connect with other platforms
| Pros | Cons |
|---|---|
| Features that are fit for beginners | Main features available in paid version |
| Access a distinct approach created by other traders and modify it. | Free version only has one strategy with limitations |
| Event- and quant-based strategies |
Trade Station
Having its base in Florida, Trade station allows its users to perform trades, study markets, and check positions and prepare custom strategies.
You may organize trading, scanning, analysis, and market data tools into many workspaces and numerous computers using Tradestation to suit your own trading needs.
Top Features
- Manual trade bars and high-tech matrix single-order windows
- Integrated trade management tool
- Advanced charting, illustration, and analytical features
| Pros | Cons |
|---|---|
| Real-time, historical market data | Absence of forex trading |
| Elaborated collection of educational video content | Average customer support |
| Market data tools | Uneasy deposit and withdrawal |
Tickeron
Tickeron was created in 2013 to give traders access to AI-driven algo trading tools. One may choose a trading style in tickeron, such as swing trading, expert trading, day trading, or investing.
Tickeron’s strong internal AI detects trends based on historical performance in order to increase the likelihood of future earnings.
Top Features
- AI-based real-time patterns
- Trade in stocks virtually
- Easy to exchange trade ideas & signals with others
- Design robots for different types of traders
| Pros | Cons |
|---|---|
| Stock scorecard | Customized charting is limited |
| Real-time trading patterns | No plotting of indicators |
| Active portfolio autopilot trading feature | |
| Algo trading software for mcx |
How Does NSE Encourage Algo Trading In India?
Here is some incidents in which NSE supports algorithmic trading through the utilization of third-party algorithmic software. NSE is investing a significant amount of money in cutting-edge technology like blockchain and artificial intelligence (AI).
- NSE provides the required data to algo traders and vendors about current market status and about historical data to encourage AI trading.
- The NSE’s managing director and CEO, Vikram Limaye, claims that computers now carry out many stock exchange transactions in nations like Japan.
- It includes high-frequency trading, or HFT, a big part of trading that uses complex algorithms. High-frequency trading accounts for about 36% of the turnover in derivatives and 25% in cash stocks (HFT).
- People can’t manage the massive volumes of available organized and unstructured data. Thus, NSE wants to advance by applying AI, particularly machine learning (from social networking sites, news websites, and much more.).
- According to Limaye, the NSE will emphasize employing machine learning to “detect market trends” to enhance communication, judgment, and cognitive automation.
Benefits Of Best Algo Trading Platform For Intraday Traders
Algorithmic trading shines during intraday volatility. Hence, have long been used as a standard practice in the financial markets. But as trading gets safer and more effective, they continue to develop.
For instance, just one out of every five day-trader makes money. But trading with algorithms raises these chances. The following are some ways the best algo trading software in India increases your profitability:
- Algorithmic trading helps by designing, testing, and applying optimal strategies without much human intervention
- Algorithmic trading regularly handles transactions so you can focus on strategy. You may also switch strategies every hour. Traders might opt for an aggressive, passive, or hybrid strategy each hour.
- It helps with impulse control, which decreases human error or behavioral investment blunders in volatile markets
- Automated screeners will help you find new opportunities
- It is possible to carry out several market scenarios tests before trading
- Fast trade execution prevents losses caused by price fluctuations
- It is possible to optimize trade frequency
For instance: If a condition trades regularly, it may be too broad; if it trades seldom, it may be too particular. If your commission costs are considerable, this may emphasize the first restriction.
- You may test your approach in various marketplaces, multiple brokerage accounts, exchanges, and market capitalization levels
- Implement risk management as necessary, and in light of the present liquidity situation, handle your assets sensibly
- As a result of its constant market awareness, a service using algorithms instantly fills orders
- Enhances risk management, diversification, and portfolio management
One trader cannot complete these essential responsibilities to increase profitability. Thus, the most incredible instruments for a demanding day of trading in the market is an algo trading software in India.
FAQs – Best Algo Trading Software
1. Which Algo Platform Is Best For Trading?
Ans- Zerodha Streak is the best algo trading software in India. It is user friendly and offers good technical insight, back testing tools for profitable trading.
2. Is Algo Trading Profitable in India?
Ans- Yes! You can make money with algorithmic trading if you do a few things right. These things include the right way to do back-testing and validation and the right way to handle risks.
3. How Does Algo Trading Software Work?
Ans- In algorithmic trading, a computer program with instructions executes trades. In theory, the transaction can make money faster and more often than a human trader.
4. Which software is best for algo trading in India?
Ans- Zerodha Algoz is a great app or best automated trading software in India. Zerodha Algoz launched in 2013, Now it has million of downloads and it offers great features with user friendly insight.
Disclaimer: This blog is written for educational purpose only. Data, Securities, Advisory and Quotes mentioned here are for guidance only. Doing research by investors itself is highly recommended.