You might have heard about Algo trading, which has recently gained immense popularity.

In this post, we will walk you through what algo trading is and the best algo trading software in India so that you can start your journey in the right direction.

What is Algo Trading?

Algo trading is a process in which stock trading takes place using computer algorithms at a very high speed, which is impossible for humans to achieve. Algo trading software works only according to its program and codes and thus automates all your trading activities per your requirements.

Traders can customize their Algorithmic trading software and set buying and selling signals to execute a trade automatically when the desired conditions are met. This type of trading aims to take advantage of zero emotions, accuracy, and high speed of computers in this modern era, which is a far more efficient way of trading.

Is Using Algo Trading Software Beneficial?

Algo trading has many benefits, and if you are planning to automate your trading process, then algo trading would be highly beneficial for you. However, each algo trading platform has its advantages and disadvantages and to decide which platform meets your trading needs. You must check our list of all the best algo trading platforms in India.

Best Algo Trading Software in India

There are several algo trading software available in the financial market. Here we have created a list of some of the best algorithmic trading software in India with their pros and cons so that you can take your investment journey one step ahead.

Tradetron:

It is probably one of the best algo trading software. Tradetron is one of the most popular online algo trading platforms that provide several high-end features and allows its users to try and test multiple Algo trading strategies in the stock market. One of the most comforting thing is that you don’t need to write a single code or learn any programming language to start using this algorithmic trading system.

Pros:

1. You can buy effective custom strategies from other traders.
2. Real time data from multiple exchanges such as: NSE, BSE, and MCX.
3. No need to write any codes to develop strategies.
4. Simple and beginner-friendly user interface.
5. Quant and event-based strategies.

Cons:

1. Need to have a paid subscription, as the free platform offers minimal practical features.
2. It is more like a marketplace for Algo trading strategies rather than a good blog platform.

Zerodha Streak:

Zerodha streak is one of India’s best algo trading software. It allows effortless Algorithmic trading for both beginners and advanced traders and provides a seamless experience with its simple and fast user interface. This advanced Algo trading software ensures you will take advantage of every trade opportunity with its powerful features like paper trading, unlimited scans, dynamic contracts, and more.

Pros:

1. Suitable for both beginner and advanced traders.
2. Effective backtesting.
3. No need for prior programming knowledge.
4. Easily Customize scanning tool and set multiple conditions.
5. Monitor your performance with the help of the mobile app.

Cons:

1. Human monitoring and intervention are necessary.
2. Backtesting has a limit of 1000 backtest per day.
3. Availability is only limited to zerodha subscribers.

Quantiply:

Quantiply is a fully automated and easy-to-use algorithmic trading platform. The platform has incredible features like trading multiple strategies simultaneously, live strategy-level monitoring of individual strategies, and instant order updates. Quantiply is getting more famous with these fantastic features and is now gaining the heights of the most reliable, fast, and feature-rich algo trading platform.

Pros:

• Quantiply is a highly customizable and fully automated platform.
• Reliable instant execution of orders.
• Backed by an experienced team that revamped the old NSE website.

Cons:

• Multiple advanced options can make you confused if you’re a beginner.
• The free plan remains active only for seven days, which is insufficient to explore such vast features.

AlgoTest:

Algotest is a highly reputed backtesting platform that offers so much more than just backtesting. From backtesting algo trading strategies to using them in the live market, you can do everything with Algotest. It is a highly reliable and secure platform that will handle your hard work while you relax or strategize your next action plan.

Pros:

• It is faster than any other backtesting platform. You can perform a five-year backtest in less than a minute.
• Deploy strategies by integrating multiple brokers of your choice.
• 25 free backtests per week.

Cons:

• Relatively less advanced features than similar platforms.

Zerodha Algoz:

This is another fantastic Algorithmic trading software by Zerodha, widely used in the Indian financial market. It was introduced in 2013 and is one of the oldest and most trusted algo trading platforms.

Pros:

1. Best technical analysis execution.
2. Access to multiple technical indicators for easier trading.
3. It offers execution of full and partial automated trading strategies.
4. Test your strategies with effective backtesting.
5. 24×7 customer support.

Cons:

1. Some exclusive features need to be purchased to be used.
2. Needs to be more user and beginner friendly.
3. Require advanced technical knowledge to utilize the platform.

Odin:

Odin is a fast and secure algo trading platform that provides various useful features to traders, like strategy-based auto trade execution and target modification. Traders can choose from various available strategies like momentum, spread, or execution based.

Pros:

1. Numerous strategies to choose from.
2. Trades can be quickly executed.
3. Great features like In-built risk management.
4. Quick and easy access to all asset classes at BSE, NSE, and MCX.

Cons:

1. Limited features.
2. Quite expensive in comparison to the features offered.
3. Customer support is really poor.
4. User interface is extremely poor in comparison of competitors.

Algonomics:

Algonomics is free algorithmic trading software developed by NSEIT. Traders can maximize their profits with their diverse trading strategies. Depending on your goals, you can use your strategy or the software’s offered strategies. Meanwhile, You can incorporate multiple strategies while trading, which can be paused or changed per the trader’s needs.

Pros:

1. An easy and great option for bulk trading.
2. It is Completely automated.
3. It has an effective In-built risk management system.
4. Offers multiple pre-built trading strategies.

Cons:

1. Requires a stable and reliable Internet connection and infrastructure.
2. Some technical issues persist in this software.

AlgoTraders:

Algotraders is another popular algorithmic trading software in India since its launch in 2009. It is based on open source, and because of its advanced technology, it processes data at a very high speed of operating five lakh events per second. With such high speed, algo traders can easily manage and handle high-frequency trades.

Pros:

1. It can be highly customizable according to the user’s needs.
2. Tech Support is the best among other algo trading competitors.
3. Its customer support offers free online documentation and training.
4. It uses an Esper engine that operates at a very high speed while being cost-effective.

Cons:

1. Manual supervision and constant monitoring of data are necessary.
2. Frequent bugs & technical glitches due to open-source technology.

Robotrader:

Robotrader is one of India’s most advanced algorithmic trading platforms and automated trading system for quant traders. It reliably speeds up your algo trading profits by customizing your algo strategies based on the market behavior and advanced trading algorithm.

Pros:

1. You can manually set your maximum risk and loss percentage.
2. It can easily set trade execution times.
3. Its multi user feature allows multiple traders to use the same software.
4. Feature-rich and all-in-one cost-effective solution for traders.

Cons:

1. No complimentary or trial version is available.
2. Subtle knowledge of programing and coding is necessary.

Tradestation:

Tradestation is an all-in-one online trading platform that offers excellent features and fast execution to traders. Also, it allows trade in forex, stocks and futures all in one platform, making it an ideal choice for most algo traders.

Pros:

1. Competitive Pricing
2. Robust automation
3. High-speed and reliable order execution.
4. Advanced Tools as compared to other competitors.

Cons:

1. Hard to navigate user interface.
2. Mediocre Tech Support.
3. Access to many features requires additional fees.

Trading View:

The trading view is a web-based charting platform that allows traders to keep track of their trades and investments using the speed and portability of a web-based platform while also providing them with the premium features of a desktop-based charting suite.

Pros:

1. Enormous educational resources for software utilization.
2. Powerful charting tools.
3. Basic tools are free to use.
4. Fully functional mobile app available.

Cons:

1. The free version has limited options.
2. Limited broker support.

Omnesys:

Omnesys is one of the most used algo trading software in India and offers its users multiple best in segment features. It is a highly versatile trading platform and allows the execution of some of the best strategies, like basket trading and order slicing.

Pros:

1. The best option for expert traders.
2. It generates detailed reports on market analytics for better trading.
3. One of the most reliable platforms.
4. Omnesys allows rebranding of its NEST platform.

Cons:

1. You’ll require extensive coding & programming knowledge.
2. Subscription plans are much more costly as compared to their competitors.

How To Effectively Utilize Algo Trading Software?

Well, algo trading software is still new for most people, especially in India, and if you’re beginning your algo trading journey and new to use of algo trading tools, you should keep these things in your mind first.

Algorithmic trading is no joke; you’ll need extensive knowledge of the financial and stock markets first. Only start Algo trading if you already possess enough knowledge and know all the profits and risks of the financial market.

To achieve expertise in algo trading. You’ll need to master quantitative analysis to help you create more dynamic and reliable Algo trading strategies on Algo trading software that best suits you.

Another critical factor before using an algo trading software is that you’ll require some programming and coding knowledge. Various Algo trading software is available throughout the market, which lets you trade without coding knowledge. Still, coding is the most crucial element of Algo trading, so learning it would be highly beneficial for you.

FAQ

Which is the best algo trading app/software in India?

Here is the list of the Top 6 Algo trading software in India according to us in chronological order:
1. Tradetron.
2. Algotest.
3. Quantiply.
4. Zerodha Streak.
5. Odin.
6. Zerodha Algoz.

How much does algo trading software cost in India?

There are many free good Algo and automated trading software available in the market, but if you want to buy paid Algo trading software, it can range between 500 to 15000 in the beginning.

Can I use algo trading software for free?

Yes, you can use algo trading software for free, as numerous free Algorithmic trading platform or software options are available, but the functionality will be limited in the free version.

Does zerodha allow algo trading?

Yes, Zerodha does allow algo trading. They have a platform called “Streak” which is a cloud-based algorithmic trading platform that allows traders to build, backtest, and deploy algorithmic trading strategies.

Is algo trading profitable in India?

Yes, Algorithmic trading is profitable in India, but it depends on a number of factors, including the specific strategy being used, the trader’s expertise with algo trading, and the overall market conditions.