Summary: Algorithmic trading software can be used to test the trading algorithms against historical trading data and marketing conditions to check their accuracy. What are some of the popular algo trading software you can use for this purpose? Find out in the article below!
If you are a stock trader, you might have heard about algo trading, which is gaining great popularity in recent times.
So, what exactly is algo or automated, and how does it work?
Here, in this article, we’ll introduce you to algo trading software and some of the best algo trading software in India that help you make more profits in the Indian stock market. So, let’s get started.
What Is Algo Trading Software?
Algo means algorithm, and algo trading refers to a process in which stock trading is done using algorithm-based software. Algo trading software automates all your trading activities as per some pre-programmed trading instructions. These instructions are based on certain factors like price, time, volume, or any other mathematical model.
Traders can set their own algorithms that can buy and sell orders when the desired conditions are met. With automated trading software, traders don’t need to continuously monitor live prices or graphs to place their orders manually. Algorithm trading can automatically do it for you when it identifies the right trading opportunity. It helps traders to increase their trading speed and accuracy, and never miss an opportunity to make a good deal.
How Does NSE Encourage Algo Trading in India?
There are several ways in which NSE facilitates algo trading with the help of algo software from third parties. Let’s have a look at some of the ways:
- NSE provides all the required data to algo vendors and traders after assessing the market’s current status and historical data, if required.
- NSE conducts research using the best research tools and packages that help traders to make the best trading strategies and ideas.
- Further, NSE makes algorithms easy for traders. With automated software traders can easily create strategies even without having the knowledge of step-by-step coding.
- NSE provides important historical data and other datasets for the back testing of financial strategies.
12 Best Algo Trading Software in India for Automated Trading
- Zerodha Streak – Best for Back Testing
- Zerodha AlgoZ – Best for Technical Analysis
- AlgoTraders – Best Reliable Algo Trading Software
- RoboTrade – Best for Automated & Manual Trading
- Robotrader – Best Cost Effective Algo Trading Software
- TradeTron Tech – Best for Event & Quant Based Algo Trading
- Omnesys Nest – Best Automated Software for Indian Markets
- ODIN – Best for Risk Management in Algo Trading
- MetaTrader 5 – Best for Professional Traders
- AlgoNomics – Best for using Multiple Trading Strategies
- EToro – Best for Copy Trading
- AlgoBulls – Best for Deploying Strategies for Various Assets
Let’s check out a list of the best algo trading software in India with its pros and cons. It will help you find the best automated trading software that will perfectly suit your trading requirements and styles.
Zerodha Streak – Best for Back Testing
Zerodha Streak, one of the best algo trading software in India that is only available to Zerodha subscribers. Traders can manage and plan their trades even when they are on the go.
This powerful automated trading software in India ensures that you don’t miss any trading opportunity with features like notifications, advanced strategy creation, multi-time frames, dynamic contracts, and more.
Zerodha Streak Pros and Cons
- Suitable for both beginners and professional traders
- Access to various technical trading indicators
- Customization available for the scanning tool
- Effective back testing
- Manual intervention in trading is required
- It is not accessible for non-Zerodha subscribers
Zerodha Streak Pricing – Zerodha Streak offers two plans, Regular and Ultimate that cost ₹690 and ₹1400 per month. The Ultimate plan offers extra back tests per day, live strategies, unlimited scans, etc.
Zerodha AlgoZ – Best for Technical Analysis
Zerodha AlgoZ is another tool by Zerodha that facilitates fully automated trading in India. Launched in 2013, it is one of the oldest and best algo trading platforms in India, especially for automated back testing. It is ideal for traders who are looking for a sturdy technical analysis tool with great customer support.
Zerodha Algoz Pros and Cons
- Access technical indicators to conduct your technical analysis
- Test your strategies with back testing
- Option to run partly or fully automated trading strategy
- Backed by a great Zerodha customer support team
- Certain features are paid, so you’ll have to buy to use them
- You need good technical knowledge to take the maximum benefit from the platform
Zerodha Algoz Pricing – Zerodha Algoz does not charge any amount from Zerodha customers.
AlgoTraders – Best Reliable Algo Trading Software
AlgoTraders is one of the best open source algo trading platforms in India with immense popularity. Its latest version uses an Esper engine that helps it to operate at a very high speed. It can process 5 lakh events every second.
Additionally, it offers great trading experience with its intuitive user interface and reporting capabilities.
AlgoTraders Pros and Cons
- Customer support offers online documentation and training
- Highly customizable algo trading software to test different trading strategies
- Technologies like Java, Grail, Spring, etc., make it reliable
- Cost-effective algo trading software
- Manual supervision is required
- Users might face technical glitches
AlgoTraders Pricing – AlgoTraders pricing available on request at the official website.
RoboTrade – Best for Automated & Manual Trading
RoboTrade is a new algo trading software in the Indian market that automates the stop loss process. The platform allows traders to apply and test their own trading strategies through automated and manual trading. The software uses AI and robotic understanding to facilitate fully automated trading in NSE, MCX, BSE, and F&O markets.
RoboTrade Pros and Cons
- Provides real-time data
- Option available for both, automated and manual trading
- Possess a 95% success rate
- Quick order execution
- Poor customer support
Robotrader – Best Cost Effective Algo Trading Software
Robotrader by Tycoon Pacific is a popular automated trading software in India comes with a multi-user plug-in feature that allows multiple traders to use the same tool. Further, traders can set a maximum risk percentage which will tell the algo trading software when to stop trading.
In addition to this, this software also enables traders to customize their strategies by combining certain parameters, with zero coding.
Robotrader Pros and Cons
- Run reverse trading without facing any technical issues
- Allows users to set a daily maximum risk and profit percentage
- No need of coding, you can just drag and drop the strategy combination
- Cost-effective options for traders
- No free option available for algo trading
- Knowledge of technical analysis and programming required
RoboTrade Pricing – Users can request RoboTrade pricing on its official website.
TradeTron Tech – Best for Event & Quant Based Algo Trading
Tradetron is an algo trading software that helps create and automate algo trading strategies without any code. With it, strategy creators can create and test conditions for a trading strategy and sell those to traders and investors.
Once tested, you can easily deploy strategies in the marketplace where other traders can use them for trading.
TradeTron Tech Pros and Cons
- Easy-to-use features for beginner traders as well
- Access and customize a unique strategy developed by other traders
- Event and quant based algo strategies
- All major TradeTron features are available only in the paid version
- Free version allows you to run only one strategy that too with certain limitations
TradeTron Tech Pricing – TradeTron offers a free plan and four paid plans starting from ₹ 300. The paid plans allow users to create unlimited private strategies, conduct more back tests, make live auto executions, and more.
Omnesys Nest – Best Automated Software for Indian Markets
Omnesys Nest, the best algo trading platform in India offers premium tools to enable multiple trading facilities. Traders can run trading strategies such as order slicing, basket trading, 2I and 3I spreads, and more. With this automated trading software India, you can trade in exchanges like CDSL, NSE, and MCX.
Omnesys Nest Pros and Cons
- Versatile automated trading software for Indian markets
- Ideal for professional experts
- Offers multiple programming models to give a strategic edge
- Generates detailed reports on financial data and market analytics
- Knowledge of programming and technical skills is required
- Requires users to pay a certain subscription amount
Omnesys Nest Pricing – Omnesys Nest offers three paid plans, annual, monthly, and lifetime starting from ₹15000. Although you can also avail its 30–day free trial.
ODIN – Best for Risk Management in Algo Trading
ODIN allows traders to auto-execute trades based on their selected strategies. Traders can choose from a variety of strategies including spread, trading options, momentum, and execution based. With ODIN, users can completely control their direction of execution and automatically revise and modify their targets as per the execution plan.
ODIN Pros and Cons
- In-built risk management feature
- Automatically calculate and execute complex strategies without human intervention
- Members can also trade on behalf of their clients
- Trade in currencies and commodities also
- API available for brokers
- Poor customer support
ODIN Pricing – To get the cost of ODIN algo trading, you can contact their support team on the official website.
MetaTrader 5 – Best for Professional Traders
MetaTrader 5 is a multi-functional algo trading platform that was formerly known as MetaTrader 4. This automated trading software allows traders to deal in commodities and stock, whereas the earlier one was a forex market-centric platform.
Additionally, it also offers services such as copy trading, freelance data for strategy developers, virtual hosting, trading robots, and more.
MetaTrader 5 Pros and Cons
- Advanced analytical tools
- Suitable for professional traders
- Allows users to generate and share reports
- Provides access to a custom graphical user interface
- The dashboard can be better
MetaTrader 5 Pricing – Brokers can get MetaTrader 5 price details by filling out a form available on their official website.
AlgoNomics – Best for using Multiple Trading Strategies
AlgoNomics is a free algo trading software that helps traders to prevent losses while trading with its diverse trading strategies. Users can define their own strategies or use the pre-defined strategies offered by the software. In addition to this, traders can also use multiple strategies while trading which can be paused, stopped, or changed as per the user’s convenience.
AlgoNomics Pros and Cons
- Simple and easy bulk trading
- Offers in-built risk management
- Access to pre-defined trading strategies
- Traders frequently face technical issues
- Scope for improvement in the user interface
AlgoNomics – You can fill in a contact form on AlgoNomics official website for pricing.
EToro – Best for Copy Trading
eToro automated trading software allows users to put their complete portfolio on autopilot with the copy trading feature. You can open an account with a minimum investment of $10, but you can begin with copy trading with $200 per trader.
You can follow some expert traders and mimic their trading style, and the algo trading platform without paying any charges to the platform.
eToro Pros and Cons
- Charges zero fees to users for copy trading
- Easy account opening procedure
- Great customer support
- Social trading
- Users are charged high fees for inactivity and withdrawal
- Can hold cash only in USD currency
eToro Pricing – eToro is completely free, it doesn’t charge any commission or broker fees for algo trading.
AlgoBulls: Best for deploying strategies for various assets
AlgoBulls is a trading software that provides you with automated trading algorithms for trading. It can also be used for developing and deploying several trading strategies across various trading assets.
You can choose from different AI driven strategies and customize them with no coding experience required. With it, you also get a fixed income marketplace to easily invest in multiple bonds and non-convertible debentures.
AlgoBulls Pros and Cons
- It can be used to build and monetize trading strategies
- Along with fixed trading strategies, it also helps with paper trading and back testing
- Includes 150+ trading indicators
- More than 500 algo strategies with 10 million plus customization options
- Helps you test your strategies before deploying them live on the trading market.
- Limited features available in its free plan
- Users have reported that the trading data provided by it is sometimes not accurate
Algobulls Algo Trading Software Price: AlgoBulls offers a free plan. Its paid plan starts from INR 1180/month.
Benefits of Algorithmic Trading Software
Algorithm trading software has made it easier for traders to build and deploy trading strategies on the marketplace with pre-built templates. Further, you can also test your strategies before deployment with algo trading software. Some of the benefits of the software include-
- It accurately identifies profitable trading patterns based on mathematical algorithms.
- You can easily view daily profit and risks at one place.
- It automatically buys and sells trading orders when a profitable trading opportunity is identified.
- With it, you can also perform back testing for trading algorithms to measure its accuracy against the historical data.
- You can execute trading orders in bulk in a fraction of seconds as compared to manual trading.
How Does Algo Trading Software Work?
Algo trading software works by considering a pre-defined set of rules and formulas encoded in it for trading. First, a trading strategy is created by any trader strategy creator based on parameters or templates. And afterwards, it is converted into algorithms by the software. After that, all these algorithms are properly tested and deployed in the software for trading.
Once effective, the software would identify the patterns that are profitable in the current financial markets through these strategies. The software identifies and evaluates trading patterns faster than manual trading. These patterns are then used by traders to execute trading tasks and earn higher profits.
How to Use Algo Trading Software Effectively?
While using algo trading software, traders should focus on the below mentioned strategies and implement them in the Indian stock market.
- Trading Knowledge
A professional trader should possess a good knowledge and understanding of the stock market. To enhance it you can read books related to investing, try some trading strategies in the live market, follow some blogs, listen to podcasts, and get knowledge from other resources.
- Quantitative Analysis
In order to master algo trading, you need to work and improve your hold on time series and statistical packages. Quantitative analysis will help you design better trading strategies and explore historical market data.
- Programming Skills
Although some algo trading software allows you to trade with absolutely zero coding but the programming knowledge will give you a competitive edge. You can start learning programming languages such as Java, C++, etc., and practice them regularly.
Key Features of Algo Trading Software in India
Here is a checklist of features that you can use to select the best algo trading software in India.
- Back Testing
Back testing is an important element for effective trading. It is a great way for traders to check the effectiveness of their trading strategy in terms of profits and losses. In back testing, you use historical market data and reconstruct trades based on the same to check how the stock would have performed based on your data in the past.
- Number of Trading Strategies Allowed
While picking your automated trading software, check how many trading strategies the software allows you to use. Certain strategies have a restriction on the number of strategies you can use in their free plan, but you can get more after paying their subscription fee. Also, you should consider the space available on your system, as multiple accounts takes consumer memory on your system.
- User Friendly
You don’t want to spend your time figuring out a complex trading system, and miss out on good opportunities in the market. There are algo trading systems available in the market that require users to have programming or coding knowledge, while others offer an easier one. You can take the trail versions of both the types and see which one suits best to your requirements.
- Reliability & Performance
Make sure that your algo trading system is multi-threaded, memory efficient, and built on a concurrent architecture.
Compare Top Algo Trading Software Price
| Product | Free Trial | Starting Price |
| Tradetron | Not available | INR 300/month |
| Algobulls | Not available | INR 1180/month |
| Zerodha Streak | Not available | INR 690+ GST/month |
| AlgoTraders | Not available | Available on request |
| Omnesys Nest | Available | INR 15000 |
FAQs on Algo Trading
What is algo trading?
Algo trading, also known as algorithmic trading is a process of automating your financial trading activities using automated software that works on pre-programmed trading instructions.
What is the best software for algo trading in NSE?
Zerodha Streak, AlgoTraders, ODIN, etc., are some of the best algo trading software in India for NSE.
How does algo trading software work?
Algo trading allows traders to set their own algorithms to buy and sell orders in their desired circumstances. Algo trading automatically places orders for you, so you don’t need to monitor live prices of stocks manually. This ensures that you don’t miss any good trading opportunity.
Is algo trading legal?
Yes, algo trading is completely legal in India. It was officially introduced by SEBI in 2008 in India for institutional investors.
Which is the best algorithmic trading platform?
Some of the popular algorithmic trading platforms are Zerodha Streak, RoboTrade, eToro, etc. This trading software offers effective back testing, copy trading, and advanced technical tools for beginner and professional traders.
Is algo trading free in India?
It depends on the platform that you are using. For example, eToro is completely free, where as, Omnesys Nest can cost you ₹15000.
How much does algorithmic trading software cost?
Algorithmic trading software cost starts from ₹300 and might go up to ₹15000. However, you can also check out free algo trading platforms, or go for a free trial.
Where can I algo trade?
You can algo trade on platforms such as MetaTrader 5, AlgoNomics, Omnesys Nest, TradeTron, etc. They allow you to easily create an account and start with algo trading.
Is algo trading profitable?
Yes, if you follow the right things such as proper back testing and risk management techniques.
Which Algo Trading Platform is best to use?
There are multiple algo trading software options available that offer diverse features and tools for trading. Some of the best options you can consider include Zerodha Streak, Zerodha AlgoZ, AlgoTraders, EToro, AlgoNomics, and so on.
Which is the Best Free Algo Trading Software?
The choice for the best algo trading software depends on the type of trading features it offers in its free plan. Some of the best free software that you can use for trading includes TradeStation, HaasOnline, Wunderbit, Trality, TradingView, Coinrule, etc.
What is Algo Trading Software Cost Basically?
The cost of Algo trading software would depend on the type of features it offers to its customers. However, the cost of the software starts from as low as INR 300 for users.
What are the risks associated with trading algorithmically?
Some of the risks with automated algo trading is that it may not consider market disruptions as it relies on mathematical calculations. Technical glitches might disrupt the trading procedure that results in huge losses for traders. Further, human judgement is not involved, which might impact the trading results.
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Published On: August 10, 2022
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Written by
Isha Lamba
Isha’s writing journey started way back in 2018 when she graduated in the field of Journalism & Mass Communication. Since then, she has been writing for all digital and print marketing assets including blogs, editorial reviews, landing pages, emailers, and more. She has contributed her writings to genres... Read more
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