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.
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.
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.
- Suitable for both beginner and advanced traders.
- Effective backtesting.
- No need for prior programming knowledge.
- Monitor your performance with the help of the mobile app.
- Human monitoring and intervention are necessary.
- Backtesting has a limit of 1000 backtest per day.
- Availability is only limited to zerodha subscribers.
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.
- Best technical analysis execution.
- Access to multiple technical indicators for easier trading.
- Test your strategies with effective backtesting.
- 24×7 customer support.
- Some exclusive features need to be purchased to be used.
- Needs to be more user and beginner friendly.
- Require advanced technical knowledge to utilize the platform.
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.
- Numerous strategies to choose from.
- Trades can be quickly executed.
- Great features like In-built risk management.
- Limited features.
- Quite expensive in comparison to the features offered.
- Customer support is really poor.
- User interface is extremely poor in comparison of competitors.
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.
- An easy and great option for bulk trading.
- It is Completely automated.
- Offers multiple pre-built trading strategies.
- Requires a stable and reliable Internet connection and infrastructure.
- Some technical issues persist in this software.
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.
- It can be highly customizable according to the user’s needs.
- Tech Support is the best among other algo trading competitors.
- It uses an Esper engine that operates at a very high speed while being cost-effective.
- Manual supervision and constant monitoring of data are necessary.
- Frequent bugs & technical glitches due to open-source technology.
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 lean any programming language to start using this algorithmic trading system.
- You can buy effective custom strategies from other traders.
- Simple and beginner-friendly user interface.
- Quant and event-based strategies.
- Need to have a paid subscription, as the free platform offers minimal practical features.
- It is more like a marketplace for Algo trading strategies rather than a good blog platform.
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.
- You can manually set your maximum risk and loss percentage.
- It can easily set trade execution times.
- Feature-rich and all-in-one cost-effective solution for traders.
- No complimentary or trial version is available.
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.
Which is the best algo trading software?
Here is the list of the Top 6 Algo trading software in India according to us in chronological order:
1. Zerodha Streak.
2. Algo Traders.
3. Robo Trader.
5. 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.