I know it’s a strange question. Think about this: you are using an indicator such as Supertrend, EMA, RSI indicator or any other renowned one.
As a trader, you will pick about 3 to 7 stocks of your choice and apply the indicator to it. Then you wait until the time you get a crossover. Now as you get a crossover you open an order entry and start filling out all the details. After what seems like a lot of effort you finally fill out the order.
Isn't that too much time spent on just one order? Especially if you’re a day trader. This is the problem that software like AmiBroker resolves.
Benefits of integrating Upstox AlgoLab with AmiBroker
Now let’s see what AmiBroker does with the integration of Upstox AlgoLab.
You open all the 7 charts in AmiBroker and paste the AFL(formula) in the formula editor. This is similar to adding an indicator in AmiBroker. An additional step here is giving the predefined QTY, Product type and Order type (CO and OCO orders are also supported).
Next, open up AlgoLab in Upstox Pro web or Android and let the AmiBroker window remain open as well. Whenever the crossover happens in AmiBroker a direct signal is sent to AlgoLab (from AmiBroker) where the Order entry is almost ready for you. You just have to hit the Confirm Order button. If you wish, you can even modify the order details such as its quantity or any other field, prior to sending it out.
This reduces a lot of time and effort spent in constantly monitoring multiple charts. The only thing you need to do is open AlgoLab and check for signals if any. You will get a unique sound when a signal is pushed. Think about you running your AFL or strategy on 50 scrips of Nifty, 200 or 500 scrips of NSE. Isn't that useful for the trader in you? You can save time and focus on other important things rather than monitoring an indicator on a single scrip for hours.
Now, you might very well ask: who will write the AFL for my strategy? We have now partnered with marketcalls.in. They will help you in writing your strategy. Your strategies could range from simple to complex ones and marketcalls.in will help you code one. If you use any specific indicator for which you need an AFL then you can contact marketcalls.in at paris.kamal@marketcalls.in
If you find this concept of seamless trading and building strategies, interesting, then start now. Better to start late than never. Take the first step.
Helpful videos on AmiBroker and Upstox AlgoLab integration