Summary: Algorithmic trading software can be used to test the 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?
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 the same 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.
Algo means algorithm, and trading refers to a process in which stock trading is done using algorithm-based software. Algo trading software automates all your 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 opportunity to trade.
It helps traders to increase their speed and accuracy, and never miss an opportunity to make a good deal.
| Algorithmic Trading Software | Best Algorithmic Trading Platform for |
|---|---|
| Zerodha Streak | Back Testing |
| AlgoTest | Algorithmic Trading |
| AlgoTraders | Reliable App for Trading Algo |
| RoboTrade | Automated & Manual Trading |
| Robotrader | Cost Effective Algorithmic Trading App |
| TradeTron Tech | Event & Quant Based Algo Trading |
| Omnesys Nest | Automated Software for Indian Markets |
| ODIN | Risk Management |
| MetaTrader 5 | Professional Traders |
| AlgoNomics | Using Multiple Trading Strategies |
| EToro | Copy Trading |
| AlgoBulls | 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 requirements and styles.
Zerodha Streak, one of the best algorithm software for trading 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 opportunity with features like notifications, advanced strategy creation, multi-time frames, dynamic contracts, and more.
Pros
Cons
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.
AlgoTest is a highly premium algorithmic trading software designed for beginners to simplify the algo trading process. With a strong community of satisfied clients, the software prioritizes delivering customer-centric service.
The software offers backtesting, forward testing, and live trading options and works well with various online trading solutions. Whether fine-tuning existing strategies or exploring new ones, AlogTest offers valuable data-driven guidance, thereby helping users make informed decisions.
The best part about AlogTest is that it can be seamlessly integrated with leading Indian brokers like IIFL Securities, Upstox, Angel One, and more.
Pros
Cons
AlgoTest Pricing: AlgoTest provides four different plans to the users, and its pricing cycle is based on the total number of credits that will allow the users to use the software easily. Starter plan can be purchased for INR 299, and you will get 300 credits.
The Explorer Plan, on the other hand, will cost around INR 899 with 1000 credits. Its Pro Plan retails for INR 1999 and offers 2500 credits. Lastly, the 4th plan, which is the Premier plan, will cost you INR 4,999 with 7500 credits.
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 experience with its intuitive user interface and reporting capabilities.
Pros
Cons
AlgoTraders Pricing: AlgoTraders pricing available on request at the official website.
RoboTrade is a new algo trading app in 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.
Pros
Cons
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 tool when to stop trading.
In addition to this, this software also enables traders to customize their strategies by combining certain parameters, with zero coding.
Pros
Cons
RoboTrade Pricing: Users can request RoboTrade pricing on its official website.
Tradetron 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.
Tradetron
Starting Price
₹ 300.00 excl. GST
Pros
Cons
TradeTron Tech Pricing: TradeTron stock market algorithm software 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, the best automated algo trading platform in India offers premium tools to enable multiple facilities to trade. Traders can run 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.
Pros
Cons
Omnesys Nest Pricing: Omnesys Nest offers three paid plans, annual, monthly, and lifetime starting from ₹15,000. Although you can also avail its 30–day free trial.
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.
Pros
Cons
ODIN Pricing: To get the cost of ODIN algo trading, you can contact their support team on the official website.
MetaTrader 5 is a multi-functional algo software for trading 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.
Pros
Cons
MetaTrader 5 Pricing: Brokers can get MetaTrader 5 price details by filling out a form available on their official website.
AlgoNomics is a free algo trading software that helps traders to prevent losses while trading with its diverse 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.
Pros
Cons
AlgoNomics: You can fill in a contact form on AlgoNomics official website for pricing.
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 algorithmic trading app without paying any charges to the platform.
eToro
Starting Price
Price on Request
Pros
Cons
eToro Pricing: eToro is completely free, it doesn’t charge any commission or broker fees for algo trading.
AlgoBulls provides you with automated algorithms for trading. It can also be used for developing and deploying several trading strategies across various 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.
Pros
Cons
Algobulls Algo Software for Trading Price: AlgoBulls offers a free plan. Its paid plan starts from INR 1180/month.
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 software for trading. Some of the benefits of the software include-
Algo trading software works by considering a pre-defined set of rules and formulas encoded in it for trading. First, a 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.
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 tasks and earn higher profits.
While using algorithmic trading software, traders should focus on the below mentioned strategies and implement them in the Indian stock market.
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.
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.
Although some algorithmic trading app 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.
Here is a checklist of features that you can use to select the best automated trading software in India.
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.
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.
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.
Make sure that your algo trading system is multi-threaded, memory efficient, and built on a concurrent architecture.
There are several ways in which NSE facilitates it with the help of algo software from third parties. Let’s have a look at some of the ways:
| Algorithmic Trading Tool | Free Trial | Starting Price |
|---|---|---|
| Tradetron | Not available | INR 300/month |
| Algobulls | Not available | INR 1,180/month |
| Zerodha Streak | Not available | INR 690+ GST/month |
| AlgoTraders | Not available | Available on request |
| Omnesys Nest | Available | INR 15,000 |
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.
Zerodha Streak, AlgoTraders, ODIN, etc., are some of the best algo trading software in India for NSE.
Algo trading allows traders to set their own algorithms to buy and sell orders in their desired circumstances. It 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.
Yes, algo-trading is completely legal in India. It was officially introduced by SEBI in 2008 in India for institutional investors.
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.
It depends on the platform that you are using. For example, eToro is completely free, where as, Omnesys Nest can cost you ₹15000.
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.
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 using.
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.
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.
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.
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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