Best algo trading apps in India 2024

What is algo trading?

This is a common term in stock market trading now right. Algo-trading or algorithmic refers to the use of computer programs to automatically execute trades considering the factors like volume, timing, and price of the stocks.

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, no human intervention is needed. This ensures that you don’t miss any good trading opportunity.

When did algo trading get popular in India?

Algorithmic trading started in India around 2010 and was initially exclusively used by institutional investors and brokers trading in equities, futures and options .But recently, with the growth of digital discount brokers and better execution of this algo trading platform attracts more retail and individual market traders. Now in India, approximately 50 to 60 % of the trades are placed via algorithmic trading and is expected to grow more in the near future.

What are the benefits of algo trading?

Speed -One of the most important benefits of algo trading is its speed that cannot be beaten by a human. It can simultaneously understand multiple commands and execute trades instantly.

Time saving – The trader no longer needs to enter orders or check live prices and graphs manually. Instead, this is done automatically ,thus saving the time of those who are analysing a large amounts of data manually.

Accuracy – As we all know it is done automatically, it is more accurate than a human .

Discipline -Due to the uncertainty in the market situation makes traders difficult to apply their trading strategies and plans.But there is no human emotion like greed and fear come to play in algo trading. It has a disciplinary approach towards the volatility of the market.

Liquidity -Algo trading helps in increasing the liquidity of the market ie, to trade a large volume of shares within a few seconds.

What are the drawbacks of algo trading?

Technology dependent

Regulatory restriction

All strategies cannot be automated

Resources required for successful algo trading

Vulnerable to market manipulation

Over optimization risk

It is very important for traders to carefully consider the risks and benefits of algo-trading before making a decision. Here are some of the best algo trading apps in India.

Zerodha Streak

Zerodha Streak, one of the best algo trading software in India that is only available to Zerodha subscribers. Zerodha is one of the leading Indian online trading platform with over 1 million users. Zerodha allows you to plan and manage your trade in a systematic way without coding.

Zerodha has provided access to a wide range of marketplaces that have otherwise been inaccessible to most traders.

It also allows you to code your trading strategies (Zerodha streak strategy), back-test the strategies, and semi-automate the trades. Zerodha Streak offers two plans, Regular and Ultimate that cost ₹690 and ₹1400 per month respectively. The Ultimate plan offers extra back tests per day, we can deploy maximum of 100 strategies, unlimited scans, etc.

Zerodha streak trading platform has helped traders make better decisions with features like notifications, advanced strategy creation, multi-time frames, dynamic contracts, and more and make profits.

Pros of Zerodha Streak:

1. It’s a simple automated trading platform with friendly user interface
2. Access to various technical trading indicators
   creating your strategies quickly.
3. Powerful back testing
4. Suitable for both beginners and professional traders
5. No programming language knowledge is required to perform

Cons of Zerodha Streak:

1. This app is not free of cost .
2. Good internet connectivity is required.
3. Not fully automated, manual intervention needed.

Algo Traders

AlgoTraders : It is a highly customizable platform with a functional speed of 54 lakh events per second. It can process high speed data using Esper engine. AlgoTrader enables automation in forex, futures, options, stocks and commodities markets.

This app supports multiple currencies and enables automatic conversion of currencies. Customisable charting and drawing tools are also available, including Fibonacci and Gann tools, as well as Elliot Waves.

The new AlgoTrader offering allows multicolumn grouping, plus you can display all tables at once. The gives day traders the ability to make fast decisions. You will also now find a number of alarms and notifications.

This enables individuals to day trade hundreds of cryptocurrencies, including Ethereum, Litecoin, Ripple, and Dash.

Pros

1 Speed

2 Customization

3. Reliable

4.Strategy enhancement technology

5.Historic data cleaning and reconciliation

6.Tools for correcting errors manually

Cons

Manual supervision required

Charting facility is not available

Volatility in the market sometimes causes huge losses

Robotrader

Robotrader is India’s most advanced algo trading platform. This automated algo trading software speeds up your trading profit cycle by customizing your algo strategies based on the market behavior. It is very reliable and easy to use. Here traders can set a maximum risk percentage which will tell the algo trading software when to stop.

Pros

• Allows trader to set maximum daily risk and profit percentages
• Reverse trading is possible
• You can do drag-and-drop strategy combinations without coding
• Cost effective.

Cons

• No free option available, charge is Rs 15000
• Programming skills needed

Odin

ODIN (Open Dealer Integrated Network ) is one of the most popular software among cryptocurrency traders. It is developed by Financial Technologies . This third-party algo integration is very smooth, making trading easier for crypto traders.

It has many valuable features like stopping loss and taking profit orders and a built-in trading terminal. It has reached more than 80% of the stock market. ODIN offers order routing, order and risk management, online trading, branch management and franchise-related software for Brokerage Technology Solutions.

This platform has allowed investors to buy and sell stocks, shares, or other securities that are listed on NSE, BSE, and MCX exchanges.

These algo trading apps offers a wide range of benefits like speed, accuracy, consistency etc. By using the right strategy and right algo app, traders can execute trades more efficiently.

Conclusion

Each of these algo trading apps which I have discussed in this blog comes with its unique set of features, catering to the diverse needs of traders and investors. It’s essential for the traders to carefully assess their requirements, risk tolerance, and preferences before choosing the best algo trading app.