8 Best Algo Trading Softwares in India 2024

If you have been trading in the Indian stock market for some time, you might have heard about Algo trading. But what’s also trading actually, and why do traders love this technology. Algo trading refers to algorithm-based stock trading; it can also be called automated trading. Because when you pick the best algo trading and wish to trade. In that case, this software uses high-level algorithms to process and execute complete trading processes.

In this article, we will discuss the top algo trading software in India that you can use. But before we discuss, let’s also cover some basic concepts to get more insights.

What is Algo Trading?

Algo refers to algorithms, and algo trading means the process where you use algorithm-based software to automate all the trading activities. Here you run the trading process using automatic software.

Algo trading software can be built using a variety of programming languages such as Java, Perl, Python, C++, Matlab, MQL, and more. But based on industry standards, Python is my favorite programming language to build algo trading software.

Is Using Algo Trading Software-Wise Decision?

If you consider using high-frequency trading or want to automate your trading process. You can choose the ideal software for you and start using it. However, to get the most output from your tool, you should check out our list and try to select the most suitable one.

List of Best Algo Trading Softwares in India

1. Zerodha Streak

Zerodha Streak has achieved the first rank in our list of best algo trading software in India. It’s the software available to only Zerodha subscribers and can connect with the Zerodha trading platform. It has many features and advantages for the users, such as it also has Pi Streak, and you can access these features using your Zerodha login credentials. There are some advantages and disadvantages of using this algorithm-based tool for traders.

Pros:

• It’s a simple automated trading platform and suitable for beginners to expert traders.
• If you know how to program, you can easily navigate its features and get a competitive advantage.
• You can customize the scanning tool and also set many conditions.

Cons:

• You can not entirely rely on this automated tool, and you have to make some manual efforts.
• It’s only available for the Zerodha subscribers; you can not access it if you are not.

2. Zerodha Algoz

It’s another algo tool from Zerodha and also provides excellent features for traders. It was launched in 2013 and is considered one of the oldest algo software for trading in the Indian stock market. If you want to automate backtesting, it’s the automated tool you can prefer. Many attractive features are available to make your trade effective, but some of them are paid too. This tool can be highly beneficial in technical analysis and has sturdy customer support. Let’s discuss some pros and cons of using Zerodha Algoz for the stock trader.

Pros:

• It has excellent capability to run technical analysis to get excellent outcomes.
• You get many technical indicators to make your trade hustle accessible.
• You can test all the strategies using the backtested feature.
• It can run a fully or partly automated trading strategy on its platform.

Cons:

• It has some paid features, and you have to buy to use these.
• You need some prior knowledge and expertise in technical analysis.
• The user of it must have some basic programming knowledge to understand its interface.

3. Tradetron Tech

Are you willing to try new algo trading software in India? Tradition Tech can be the choice; it has launched recently and is gaining popularity because of its features. You can try various trading strategies to trade in the stock market. Whether you want to run technical analysis, fundamental analysis, even based on algo features or any customized terms, it’s the tool that fulfills your needs. 

Pros:

• It’s a new algo trading tool with competitive features and easy-to-use features.
• You can customize and get a unique strategy from third-party tools.
• Here, you can use even-based algo to get more refined outcomes.

Cons:

• You need to buy it, and it also has many paid features for traders.
• In the free version, you can run only one strategy from your side with limitations.

4. AlgoTest

Algotest is high-end algorithm trading software in India specially designed and developed for experienced traders. It has support for a variety of machine learning algos and predictive analytics, making it a powerful tool for forecasting trading movements with high accuracy. Algotest also comes with backtesting, forward testing, and live trade options. The algo trading software is properly compatible with IIFL, Fyers, Duck, TradingView, Zerodha, and several other online trading platforms.

Pros:

• Machine learning algos and predictive analysis help traders maintain accuracy in their trades.
• The predictive analysis feature of Algotest is considered the best in the market.
• It’s specially created for Indian traders willing to perform algorithmic trades.
• Algotest has offered a backtesting feature to test designed algos before making them live.

Cons:

• Advanced features like predictive analysis require traders to use advanced tools to stay ahead of market trends.
• Traders require high-end computer systems and enough experience to make their fullest use.
• When using the various optimization options available in Algotest, traders may get distracted from their primary goals.

5. Quantiply

Quantiply is fully automated and customizable algo trading software to perform trades in nifty, bank nifty, and futures & options. Originally, the stock trading tool was designed for proprietary use, but now accessible to everyone who trades in the stock market. It has incredibly fast speed, several customizable options, high scalability, and efficiency, with top-notch security, making it ideal for low-tendency trading activities. Quantiply is only supported by a limited number of brokers, including Zerodha, Upstox, IIFL, 5Paisa, AC Agarwal, and AngleOne. 

Pros:

• It’s one of the most affordable algo trading software in India for low-tendency trade practices.
• It has features like waiting & trade, MTM target, MTM stop loss, premium matching, and re-entry options. 
• Quantiply has provided online webinar recordings and tutorials to make the fullest use of this algo trading software.
• It’s a very efficient, quick, straightforward trading tool for algo-based trades.

Cons:

• Quantiply is only supported by nine brokers as of writing this post.
• Many advanced and more reliable algo trading software are present in the market.

6. Algobulls

Algobulls, another popular algorithmic trading tool, is designed to unleash the potential of making the most of stock trading opportunities. The tool packs end-to-end trading algos, empowering beginners and experienced traders to make accurate trading decisions. The tool can be used for NSE, BSE, MCX SX, Nasdaq, and NYSE. Algobulls offer a variety of AI-enabled trading algos to empower users’ trading strategies. This Algo trading software has real trading, paper trading, and backtesting features. It’s also useful for investing in a series of bonds and non-convertible debentures to maximize overall earning potential. 

Pros:

• Its quick and efficient algorithmic trading software to monetize trading strategies
• The tool is very effective for creating and monetizing trading strategies
• It features over 150 fully functional trade indicators
• Users can create over 500 algo trading strategies by employing 10 million customization options
• It allows users to test trading strategies before deploying them for actual trades. 

Cons:

• The free plan comes with several restrictions.
• Data accuracy problem is another major issue with this algo trading software.

7. Robotrader

Robotrader is also a famous automated trading software and provides attractive features. It provides a plug-in feature to use its platform to run trading activities. You can try multiple scripts to test this software and analyze the result. You can decide on your partial feature and try other features to get the most outcome. Let’s see some more advantages and disadvantages of this automated tool for traders.

Pros:

• You can run reverse trading on Robotrader without any technical issues.
• There is a multi-user plug-in option for many people who can handle the same tool.
• There are many costly algo software in the market, but if you wish to find a cost-effective one, Robotrader is the choice.

Cons:

• It’s a cost-effective tool, but still, you need to pay some money to access this algo software for trading.
• You can run many trading activities, but still, you will struggle if you do not know about programming and technical analysis. 

8. Omnesys Nest

Omnesys Nest is one of the most essential algo software in stock trading to discuss. Because it’s a premium tool that provides a variety of trading facilities. You can run trading activities like basket trading, 2l & 3l spreads, and order slicing. And when you use these fantastic features, you can get considerable help to find profitable opportunities and deals in the stock market. You can trade in exchanges using its platform, including NSE and MCX. It’s a versatile platform available for traders willing to automate the trading process.

Pros:

• You can run option hedge strategies on this algo platform.
• It’s a versatile algo software for trading in the Indian stock market.
• Many well-versed stock traders consider using this platform to run trading activities.

Cons:

• You must know some programming and technical skills to handle this software.
• It’s a premium tool and requires you to pay a subscription fee.

Conclusion

So, in this article, we discussed the best algo trading softwares in India right now. We hope you liked the post and find it very helpful. Algo trading is gaining popularity among traders and also offering excellent results. If you want to use one of those, you can check out the ideal tool discussed here. Because these are easy to use and also provide several advantages for traders.

Moreover, reading such excellent posts and gaining more knowledge about the stock market. You can check out our other post and stay tuned to keep finding fresh insights into the stock market.