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Zerodha Pi Review
Zerodha Pi is desktop trading platform with unique and advance features by Zerodha. Whenever it comes to count the best stock brokers of India, there is one name that will always be a part of that list – Zerodha. The discount broker is a renowned member of National Stock Exchange of India (NSE), Bombay Stock Exchange (BSE), and Multi Commodity Exchange (MCX).
With over 10 lakh clients and daily turnover of INR 12K crores in equities and INR 1K crore in commodities, Zerodha has carved a niche in the market by offering unparalleled value to its clients in many ways. The country’s leading discount broker also offersVarsity, a free online portal on basic and advanced education on trading. The discount broking firm dethroned long-time market leader ICICI Securities to become the best and largest brokerage firm in India. Some of the big competitors of Zerodha are RKSV, IIFL, Finvasia, and Angel Broking.
One big thins that puts Zerodha quite ahead of its counterparts is its willingness to embrace technology that ultimately smoother the trading experience of its clients. One testament to their expertise sector reflects in Zerodha Pi, a leading trading terminal software.
Since it is a terminal software, it needs to be downloaded and installed on a system to start working. Though the stock broker offers a range of trading platforms to its clients, Zerodha Pi has a unqiue edge that makes it smarter and sturdier.
Zerodha Pi is the most sought-after trading platform among intraday traders for one good simple reason that this is a high-performance software which also provides real-time tips from expert advisors. It works fabulously even on low internet bandwidth and at the same time, needs less CPU and memory usage.
Shortly after its launch in July 2015, Zerodha Pi has seen major upgrades on technical and aesthetical front which makes it all-time favorite choice among traders. However, there are some areas that need urgent attention by Zerodha. Doing so will ensure smoother trading experience for its users.
Let’s look at the major benefits of Zerodha Pi Trading Platform.
Benefits of Zerodha Pi Terminal Software
- Advanced charting feature with an optionto use up to 50,000 candles in a single chart and an option to change the timeline from minute, hour and daily options. In addition, you can change the duration to year-level as well.
- Option to choose from 10 types of charts (Candle Volume, Point & Figure Chart, HeikinAshi Charts, Three Line Break Chart, Bar Chart, CandleStick Chart and others), 30+ drawing tools along with 80+ indicators for detailed technical analysis of stocks.
- Feature to access intraday data of the last one year, historical data of past 5 years for detailed analysis. This historical data is also available for equity stocks, derivatives, indices, commodity and currency segments as well.
- Direct order placement provision straight from the given charts.
- Backtest Strategies are provided – this helps traders to optimize their strategies, figure out any technical mistakes in their technical and fundamental analysis.
- In-built stock screener feature enables clients to focus exactly on the trading offerings, stock options etc.
- Pattern recognition feature enables clients to make customized patterns on the user interface. This can be done just by creating a pattern on the screen and the platform will look for resemblance within the charts.
- Real-time tips right on the software.
- Zerodha Pi also offers personalized themes to clients where users can customize dashboard, filters, color coding as per preferences.
- Market watch feature within Zerodha Pi allows its clients to add up to 250 scrips.
- Third party integrations allowed with strategy based platforms such as Amibroker, Ninjatrader, Metatrader etc.
- Shortcut keys are enabled to allow users quickly perform their operations while trading, therefore, saving precious trading time. For example:
- Change Password – Ctrl+Shift+F9
- Buy Order – F1 or Alt+F1
- Sell Order – F2 or Alt+F2
- After Market Order Buy – Ctrl+F1
- Stock Holding – Alt+F9
- Advanced traders get the option to code advanced strategies through the scripting language. There is an option to backtest these strategies within the tool itself.
- Besides all the above-mentioned features, there’s an option to access Zerodha Pi Scanners. These scanners help the traders to set-up alerts and notifications based on some pre-conditions. With these alerts in place, you get a large number of opportunities to place trades in the stock market.
- The tool also provides real-time trading indications from an automated back-end engine (no human experts).
- If you are planning to place an After Market Order or AMO, this can be done between 4:00 PM to 8:59 am for trading in Equity, by 9.59 am for commodity trading and 9:09 am for futures and options segment.
- The application provides you with algo-trading and AI-based optimization tools and an option to combine it with external softwares. This set-up is directly beneficial to expert traders.
- If you are looking to download Zerodha Pi, that can only be done from the broker’s website through the Q tool.
Zerodha Pi Scanner
Zerodha Pi Scanner works only during the live market where you can scan a specific set of stocks define a set of conditions. When those defined conditions are met, you are notified with an alert.
To access Zerodha Pi Scanner, jump to the menu bar at the top and click on the item titled ‘Alerts’.
From here, there will be a sub-menu item titled ‘Scanners’ post which you are required to click on ‘New Scanner’ button.
You will be asked to give a title to the newly included scanner before adding a script to it. There is a Script guide for your reference too that defines with the help of examples on how to add scripts.
Besides adding the script, there is also an option to add other inputs such as time interval, Days, Symbol etc.
After the addition of scanner is done, it examines your added condition against all the running scrips in the live market and filters out the ones that meet your norms with information on LTP i.e. Last Traded Price.
Zerodha Pi Bridge
To access Zerodha Pi Bridge, just click on the ‘Start the Pi Bridge Trial’. This feature can be used to access third-party integrations with tools such as Ambibroker in association with Zerodha Pi.
However, this feature is available only for 7-day trial, after which you need to pay INR 500 every month.
One thing worth to note while using Zerodha Pi is that you should always run Pi first before other applications for a hassle-free experience.
Zerodha Pi Charges
For clients of Zerodha, there are no charges levied against the use of Zerodha Pi terminal software. This is really good for traders to save money while enjoying best-in-class trading experience.
Zerodha Pi Disadvantages
- If start using this trading platform from Zerodha, you may expect to get some of these concerns:
- As Zerodha is a discount stock broker, Zerodha Pi does not offer any basic analysis or reports to its clients just like what full-service stock broker’s trading platforms do.
- Fewer options in regard to backup are concerned, few concerns emerged during times of high trading traffic.
- Experience using trend lines is not that awesome and Zerodha can surely work on that aspect.
- Stability is another issue that has been raised by some of the users of this terminal platform, particularly when it comes to high-traffic situations and order submissions.
- No Mac version available.
Other advantages of Zerodha Pi
Worth mentioning that you can expect to get a lot of benefits if you use Zerodha Pi for your trading requirements:
- Zerodha Pi eats up low Memory & CPU resources of your desktop or laptop. This helps you to trade with a laptop or desktop that has a basic configuration. Though, betterconfiguration based laptops enable trading at much better speed and performance.
- It is one of those trading platforms that work pretty smooth at low internet bandwidth. This helps clients even from Tire-II cities or towns with low internet bandwidth connectivity to trade with ease and suitability.
- You can make orders directly from the charts after analysis, which helps you save time particularly if you are into intraday trading.
- Zerodha Pi due to its quantitative tools is worthy for intraday traders who look for performance, easy tips and high usability.
- A vast range of features are at disposal for the trader, be it a beginner-level one or an expert.
- Feasible Zerodha fund transfer process and now with the overview of the 3 in 1 account, this process tends to become a lot easier.