If you are an average person new to algorithmic trading, all these platforms seem daunting.
In financial markets, algorithms are used to make automated trading decisions. These decisions are based on pre-set rules.
This type of Trading has become increasingly popular in recent years as more and more traders look for ways to automate their trading strategies.
There are many different best algo trading software in India on the market today. Some of the most popular include MetaTrader 5, Zerodha Streak, Zerodha AlgoZ, Robo Trade, ODIN, and AlgoTraders.
It’s essential to choose the one that’s right for you since not all software is for everyone.
So let’s move forward and look at the list of best algo trading platforms in india, look at their pros and cons, and then decide which one is the best fit.
In this article, get an overview of each platform, its offers, and some tips on choosing the right platform for your needs. You can purchase algo trading software from streak.
Best Algo Trading Software in India (Updated 2023)
Table of content
1. Zerodha Streak: Best Backtesting Software
Zerodha Streak is a relatively new entrant in Algo trading software. Zerodha, one of India’s best algo trading software for zerodha.
The Streak was launched to simplify the process of algorithmic Trading for retail investors and make it more accessible. In that respect, it has succeeded with a user-friendly interface and a low cost of entry.
However, there are some drawbacks to using Streak, which we will discuss later. The platform is built on top of Zerodha’s Kite Connect API, which gives it access to all the major exchanges in India.
Zerodha Streak is the best software for Backtesting. It is a web-based platform that allows you to test your trading strategies in real-time. But it is only available to Zerodha Subscribers.
Pros
- Appropriate for both novice and experienced traders
- Availability of several technical trading indicators.
- There are customization options for the scanning tool.
- Successful Backtesting
- No coding language requirement
- Strategy Builder
- Real-time market data
Cons
- Trading requires manual input.
- Anyone who is not a subscriber to Zerodha cannot access it.
Cost
The Regular or Ultimate packages of Zerodha Streak have priced at 690 and 1400 rupees per month each. The Ultimate plan includes unlimited scans, live tactics, and other daily backtests.
2. Zerodha AlgoZ: Best Technical Analysis Software
In 2010, Zerodha AlgoZ was launched as a simple algo trading platform with just two algorithms – Peg and VWAP.
The company offers include more than 15 different algos, spanning multiple asset classes, including stocks, futures, options, and currencies.
The company has won numerous awards, including the prestigious Best Algorithmic Trading Platform award from NSE in 2015.
Looking to the future, Zerodha AlgoZ plans to continue expanding its product offerings and grow its user base.
Zerodha Algoz is one of the best algo trading software available in the market. It offers a wide range of features that make it a top choice for algo traders.
Pros
- Tools for technical analysis could help create the ideal plan.
- The best strategy may be identified and backtested by examining several trading philosophies.
- Customer service offers complete assistance
- Automated trading tools may use a finished design.
- Offers both partial and full automation of trading techniques.
- Live Trading
- Order types
- Market data feed
Cons
- Not for Novice
- Coding language is required
- Lacks Newsfeed
- High price
Cost
The Regular or Ultimate packages of Zerodha Streak have priced at 690 and 1400 rupees per month each.
The Ultimate plan includes unlimited scans, live tactics, and other daily backtests.
3. ODIN: Best Risk Management Software
ODIN was founded in 1997 by a team of Wall Street veterans with more than 50 years of experience in the financial industry.
The company started with a focus on providing high-end software for institutional investors and hedge funds.
But it quickly shifted its focus to retail investors after realizing the potential of online trading.
ODIN’s flagship product is its eponymous trading platform, which millions of traders worldwide use.
The platform is known for its ease of use, powerful features, and competitive pricing.
ODIN has been consistently ranked as one of the best algo trading platforms by independent research firms.
Pros
- Open source, so it is constantly being improved by developers all over the world.
- It has a wide range of features like Backtesting, optimization, portfolio management, order types, etc., and supports multiple programming languages and execution of complex strategies without manual input.
- Best for risk management since it has an in-built feature.
Cons
- Beginners may find the user interface complicated and challenging to utilize.
- It can be buggy at times, especially when new features are added.
- Bad customer service
- Expensive
Cost
Clients of brokers can use ODIN, a 3rd trading platform. The cost of using ODIN differs based on the broker.
The brokers must pay a significant licensing fee to provide their clients access to this trading system.
Although some brokers cover the expense, others shift it to the clients who use the trading program.
4. AlgoTrader: Most Reliable Software
The development of automated trading platforms has benefited India and other nations worldwide, owing to the Swiss company AlgoTrader.
It is, without a doubt, the finest algo trading platform in India. AlgoTrader has created a series of thorough editions, starting with 2.2 and 2.3 in 2009 and ending with the present, well-liked 4.0 edition.
Pros
- Inexpensive
- AlgoTraders’ framework is reliable and modern
- Support will offer guides and online training following installation
- Adaptable Software
- High-frequency Trading is possible
- Tables and Indicators
- Tick-to-bar aggregation in real time
- Cryptocurrencies 15 interfaces/adapters are traded.
- Alarm and notification count
- Strategy-specific UI improvements
Cons
- High market turbulence may result in losses.
- Sometimes personal intervention is necessary.
- Lack of charting in AlgoTraders
- The bid-ask spread may grow as the market situation changes.
- Because of how tightly markets are integrated, technical errors could result in significant losses.
5. Omnesys Nest: Best for Automated Software
It is yet another important name in the algo trading basket software. Among the best algo trading platforms is Omnesys Nest.
It permits using tactics including order slicing, basket trading, and option hedging strategies with 2l and 3l spreads.
Onesies allow Trading on numerous exchanges, including NSE, CDSL, and MCX. Omnesys Nest is a highly adaptable Algo trading platform.
Pros
- For Indian markets, flexible automated trading software
- best suited for seasoned professionals
- It offers several programming techniques to give a competitive advantage.
- Offers comprehensive reports on financial information and market analysis.
Cons
- Knowledge of Coding Software is required.
Cost
Omnesys Nest provides annual, monthly, and lifelong paid plans starting at 15,000 rupees each. But there is also a free trial period of 30 days.
What is Algo Trading Software
Algorithmic trading software is a computer program that utilizes pre-programmed trading rules to make decisions. Institutional investors and hedge fund managers use this software to trade large securities.
Algorithmic trading software can be used to make trades based on specific market conditions, such as the security price, the volume of trading activity, or the time of day.
Some features of algorithmic trading software include the ability to backtest trading strategies, create custom indicators, and automate trade execution.
Backtesting is testing a trading strategy against historical data to see how it would have performed in the past.
Custom indicators are mathematical formulas that can identify trends or patterns in the market.
Automated trade execution means that trades are executed automatically according to predetermined rules without human intervention.
Some other essential features to look for in algo trading software include real-time data feeds, advanced charting tools, technical indicators, and paper trading simulations.
Algorithmic trading software can be very complex, and choosing a user-friendly platform with all the features you need is essential.
Some venues offer free trials so you can test out their features before committing to a paid subscription.
There are many algo trading software on the market, each with its features and benefits. So, How will you pick the ideal one that meets your requirements?
To help you make the best decision, Here is a compiled list of the top algo trading software based on our research and analysis.
Conclusion
Each of these platforms offers different features and benefits, so it’s essential to choose the one that’s right for you since not all software is for everyone.
Backtesting allows you to test your trading strategy on historical data to see how it would have performed in the past.
This is an essential tool for developing and optimising your trading strategies.
Another critical feature to look for in algo trading software is the ability to automate your trades, which means setting your condition.
These are just a few features that can make your algo trading experience more efficient and profitable.
Algorithmic trading software can be very complex, and it is essential to choose a user-friendly platform with all the features you need.
Some venues offer free trials so you can test out their features before committing to a paid subscription.
The Best Algo Trading Software in India is Zerodha Streak, ODIN for risk management, Zerodha AlgoZ for technical analysis, AlgoTrader for most Reliable, etc.
This article will help you!
Frequently Asked Questions
Q1. What is the best algo trading software?
This is a difficult question, as several different Algo trading software packages are available. What may be best for one trader may be better for another. It depends on your specific trading needs and goals.
Q2. How much does algo trading software cost?
Again, this depends on the specific software package you choose. Some are free, while others can range in price from a few hundred dollars to a few thousand rupees.
Q3. What features/functionality does the software offer?
This will vary depending on the software package, but some things you may want to look for include: automated trading strategies, backtesting capabilities, real-time market data, news feeds, and order execution management.
Here are the best algo trading app in India:-