10 Best Algo Trading Software in India 2024

 Best Algo Trading Software in India: In today’s fast-paced world, the advent of advanced technologies has created an impact in almost every sector of the economy. The stock market is no exception to this statement.

The concept of algorithm trading has gained immense popularity among investors and traders due to its features that help in swift and hassle-free trading. 

But do you know what Algo trading is and how it works? If not, don’t worry we have got you covered.

In this article on the 10 best Algo trading Software in India, we shall explore the Algo trading platforms available in India. So without further ado, let’s get started.

10 Best Algo Trading Software in India

Before looking into the 10 best algo trading software in India, let us first understand what algo trading is and how it is more helpful than conventional trading. Further, let us take a look at the pros and cons of Algo trading followed by the 10 best Algo trading software in India. Concluding views on the algo trading in India will wind up the article at the end.

What is Algo Trading?

Algo trading, also known as Algorithmic trading, is a method of providing a set of predefined rules to a computer program to execute trades in the financial market. Under the Algo trading system, a set of customized instructions, which is nothing but an algorithm is fed into a computer program which executes the trade automatically when the given instructions are met.

In general, the users include various inputs like target price, entry, and exit prices, timing, quantity, or other metrics in the algorithm. It is also called black box trading, automated trading, and algorithmic trading.

How does Algo trading work?

In algorithmic trading, a trading strategy is written in a way the computer can understand what is to be performed, using programming languages like C++, Python, etc. 

Later, the pre-programmed trading algorithm gets executed when the mentioned instructions are met.

Example Of Algo Trading

Let us understand Algo Trading more clearly with an example.

Suppose a trader instructs the algo trading software to “buy 200 shares of ABC company if it reaches a price point of Rs 300 before 3 PM with defined stop loss and targets. Now, if the share price rises above Rs 300, the command under the algo trading will automatically place a buy order for 200 shares of ABC company. 

However, the order gets executed only when the price reaches the defined price before 3 PM. After 3 PM the instructions become void.

Algo trading platform is so dynamic that it monitors the live prices of financial securities. This feature actually saves time and can eliminate human emotions and take advantage of the fast execution of trades.

Algo Trading in India

As Algo trading becomes more prevalent in India, it accounts for over 43% of India’s stock market turnover. Adding on to this, SEBI has also issued a circular regarding the guidelines to be followed by stock brokers with the aim of protecting the interests of investors.

As we got a fair understanding of algo trading, now let us look into the 10 best Algo Trading Software in India.

1. Zerodha Streak

Zerodha Streak is an algorithm trading platform developed by Zerodha. It is one of India’s best algo trading software available for users. 

It helps in effortless algo trading for both beginners as well as professionals. The exclusive features like a user-friendly interface that provides access to all the platforms to trade on the go, and numerous in-built strategies to help with backtesting make it different from its competitors. 

Regarding the pricing Zerodha Streak offers 2 plans that is a regular plan of INR 690 per month (+GST) and an ultimate plan of INR 1400 per month (+GST). 

The streak screener is free for all Zerodha users.

Features:-

Advanced tools for backtesting the strategies

The software provides access to an ample amount of historical data to facilitate backtesting.

Pros

Supports the fastest backtesting, with billions of computations every second

Along with backtested in-built trading strategies, it provides an option to create our own customized strategies

Streak also provides quick access to real-time technical charts 

Built-in screeners, instant notifications, etc are some features that support hassle-free trading

Cons

Streak does not offer any free plan for algo trading

2. Tradetron 

Tradetron is an algo trading platform that supports trading across multiple financial instruments in the market. Despite being a new entrant in the market it has gained immense popularity because of its features. 

More specifically, tradetron tech allows the user to trade in multiple asset classes like equities, forex, F&O, etc across multiple exchanges like NSE, NASDAQ, Bitcoin Exchanges, etc. The Tradetron offers various paid plans based on users’ needs.

Features

Paper trading executions

Customized strategy builder 

Provides the copy trading platform also

API to connect with other platforms

Pros

Tradetron provides you with a unique customized strategy reactivating feature which can be according to the user’s preference. For example daily, weekly, hourly, etc.

Order management facility to keep track of different orders across multiple asset classes

Access to live technical charts to facilitate algo trading.

Beginner-friendly features for novice traders

Cons

Exclusive TradeTron features are available only in the paid version

The free version permits you to run on basic features.

3. Algo Traders

AlgoTraders is a research group focused on the development and execution of systematic quantitative trading strategies. It is a Swiss company that has developed beginner-friendly algorithmic trading software.

The latest version uses the Esper engine which operates at a high speed by processing 5 lakh events per second. In addition to this, it offers other services such as portfolio management, consultancy, etc.

Features

Permits to create customized Algo trading strategies

Strategy-specific UI add-ons

High-speed trade executions

Research lab facility for backtesting and analysis of strategies

Pros

The platform offers quick customer support 

The software is available at an affordable price

The structure of Algotraders is fast and robust in nature

Cons

Users may sometimes face technical glitches as the platform uses much-advanced software

Manual supervision may be required sometimes

4. AlgoTest

AlgoTest is a high-end algorithmic trading software that is developed to ease the use of algo trading for beginners. With the existing happy clients, the company aims to give customer-centric service to its clients. The platform offers backtesting, forward testing and live trade options. The Algo trading software is compatible with several online trading platforms. The platform offers various pricing levels for beginner to advanced-level traders.

Features

Hassle-free User Interface

It provides an option for automated as well as  manual trading

Provides access to multiple chart templates at once

Faster order execution

Pros

Provides access to the real-time data

The platform holds good accuracy

Cons

5. Robo Trader

Incorporated in 2016 by Tycoon Pacific, Robotrader is a multidisciplinary creative algo trading platform. It is an India-based company that offers Algo trading and copy trading solutions. Its multi-user plug-in feature allows multiple traders to have access to the same tool at a time. It has over 2300 users who use the platform for live algo trading and market analysis. Regarding pricing, Robo Trader offers a monthly subscription and a yearly subscription.

Features 

Provides guidance through real-time live trading sessions

Algo trading programs for every type of trading including technical analysis tools like support & resistance, momentum trading, options trading, etc.

Provides cloud storage utilization feature

Technical insights with built-in charting software

Quant trading strategies 

Pros

Allows its users to set maximum risk and profit percentages according to their risk appetite

Strategies for multiple asset classes including equity, F&O, forex, etc.

Users can run reverse trading without many technical issues.

Cons

It is not a free algo trading platform

6. Algo Bulls

Algo Bulls is an AI-supported algo trading platform based in India. Using this platform the users can access the in-built automated trading strategies as well as can create their own trading strategies. 

Additionally, we can even modify the strategies available without any coding knowledge. With an approx of 10 thousand plus cloud-based servers, it provides hassle-free trading experiences. Algo Bulls has customized plans for different kinds of users with various price ranges.

Features

500 plus AI-driven algo trading strategies for different asset classes

150 plus Technical indicators to analyze and backtest the strategies

The platform supports paper trading and backtesting

Pros

The platform has a separate section called Resources where users can find videos and blogs on Algo trading

It can be used to monetize and build trading strategies

Cons

The free plan provides access to limited features

Inaccuracy of data reported by a few users

7. MetaTrader 5

MetaTrader 5 is a leading developer of software applications for financial markets. It is a multi-asset algo trading platform that can be used for trading across multiple segments. This is the updated version of Meta Trader 4 which was a forex trading-centric platform. But this provides access to multiple asset classes. The platform has various plans for retail traders and institutional brokers

Features:-

Thousands of trading robots and indicators can also be downloaded for free from the MQL5 Codebase. Direct access to the Code Base access is provided on the platform, so choose and download applications while you trade.

The platform supports advanced analytical tools

It supports an advanced Graphic User Interface (GUI) which helps provide more updated technical tools for trading

Wide range of analytical tools

Users can ask to develop their own algo trading robot on the MetaTrader 5 platform to suit their trading styles at affordable prices

Pros 

Allows users to share the generated reports 

User-friendly interface

Supports trading in multiple asset classes

Cons

The platform is not beginner-friendly

8. ODIN

ODIN is a one-stop solution for financial market trading. ODIN has over 7 plus years of experience in financial market trading. It is also one of the best algo trading platforms that provide strategies to trade in all asset classes. With ODIN, users can monitor and control the execution of their orders and automatically modify and reverse their targets as per the market volatility. The platform has various plans for retail traders and institutional brokers

Features

Control the direction of order execution

Speed execution of orders

Pros

Built-in risk management feature

Multiple strategies for each asset class

Automatic calculation and execution of complex strategies without human support

Cons

Lacks proper customer support

9. Trade Station

Trade Station is a comprehensive trading platform that gives you the ability to execute trades, monitor your positions, analyze markets, and create custom analysis and strategy trading tools. The platform allows the user to analyze and scan real market data and customize strategies accordingly. The pricing is in dollars which has a different price range for different asset classes.

Features

Provides access to In-depth market data research and the latest news updates

Trade Station can be accessed from all kinds of devices 

Pros

Robust Automation

High-speed order Execution

Cons

The user interface is not hassle-free

Mediocre Customer Support

10. Tickeron

Established in 2013, Tickeron is an interactive marketplace that provides sophisticated AI-driven trading tools to investors and traders. It is an algo trading platform aiming to make AI-driven, high-quality analytics available to the maximum number of users. They have a free beginner plan for algo trading and paid plans for intermediate levels which are payable in US Dollars

Features

Users can create algo trading strategies and trade as per their style. For example, you can choose day trading, swing trading, etc.

Provides AI-generated real-time chart patterns and trade signals

Allows you to share the strategies.

Pros

Active portfolio Autopilot trading feature

Trend Analysis

Stock Scorecard

Cons

Customized charts cannot be created

We can access only AI-generated indicators

Closing Thoughts

In this article on the 10 Best Algo Trading Software in India, we discussed in detail what algorithmic trading is and how it is gaining importance in the current scenario. In the later section, we have discussed the 10 best algo Trading Software in India. Hope this blog adds value to your trading journey. Happy Reading!