Introduction
Every industry has witnessed a revolution due to technological advancements. And the world of stock trading is no different. With artificial intelligence (AI), you can make precise market predictions. Accordingly, you can make trading decisions to maximise your profits and lower the possibility of suffering losses.
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Recently, algo trading has gained immense popularity, and traders love the technology. If you’ve heard about the concept but don’t know what it is, read on to understand its use and learn about the best algo trading software for 2024.
What is algo trading?
Algo trading, or algorithm trading, uses computer programs to execute trades in the financial market. It allows traders to implement strategies based on predefined criteria.
An algo trading software can use various programming languages like C++, MQL, Perl, Matlab, Java, Python, etc. It automates your trading activities based on your requirements and eliminates the need to track the market constantly. You can customise the software to set buy and sell signals for a trade to execute on its own when the desired conditions are met.
Best algo trading software in India
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Zerodha Streak
Zerodha is an algo trading software available exclusively to Zerodha subscribers. It can connect to the Zerodha trading platform. You can access the features using your Zerodha login credentials. Its simple and fast user interface allows effortless algorithmic trading for novice and seasoned traders. With its strong features, you can benefit from every trade opportunity. These features include Pi Streak, dynamic contracts, unlimited scans, and paper trading.
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Tradetron
Tradetron is a relatively new algo trading software launched in 2019. It offers several high-end features and lets traders test many trading strategies in the stock market. You can use it to run fundamental, technical, or event-based analyses to formulate your options or future trading strategies. One of the most prominent advantages of the platform is that you don’t need to learn any programming language or write a single code to start using it.
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Robotrader
Robotrader is one of the most cost-effective algo trading software. It is the ideal automated trading system for quant traders. Its multi-user plug-in feature lets many traders use the same tool. The platform also allows you to run reverse trading without technical challenges. You can customise your maximum risk and loss percentage to let the platform know when it should stop trading. Additionally, Robotrader lets you drag and drop the strategy combination without any coding requirements.
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Upstox Algo Lab
Upstox Algo Lab features a user-friendly and intuitive interface for creating and testing algorithmic trading strategies. It fulfils the needs of beginner and experienced traders. The platform is versatile for various trading preferences. It supports algorithmic strategies across different asset classes. Its paper trading feature lets you practice and learn before putting real money at risk. Its advanced technical indicators and charting tools analyse asset price movements comprehensively.
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Quantiply
Quantiply is a fully automated and easy-to-use algorithmic trading software with a backtesting engine. It provides access to years of historical data you can use to test your trading strategies. The powerful features, such as instant order updates, live strategy-level monitoring of individual strategies, and trading multiple strategies at once, set it apart from other trading software. Its Scenario Modeling feature lets you develop and analyse financial scenarios.
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AlgoTraders
AlgoTraders has gained immense recognition as one of the best open-source algo trading software in India. It can execute 5 lakh events per second. Users can visualise market data and strategy performance using its technical analysis tools and advanced charting features. AlgoTraders is integrated with brokerage platforms to execute orders automatically based on predefined conditions. It allows you to backtest strategies based on historical market data to analyse performance and customise strategies before live deployment.
Conclusion
Algo trading, or algorithmic trading, helps you make informed investment decisions using powerful algorithms and mathematical models. The strategy eliminates human emotions to replace impulsive decision-making with data-driven trades. Many algo trading platforms are available in India for beginners and seasoned traders. Some popular options include Zerodha Streak, Tradetron, Robo Trader, Upstox Algo Lab, Quantiply, and AlgoTraders. You can use any one of them to start with algo trading.
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