If you are new to Algo Trading, then please check out this article on ‘Algo Trading’
How one can Buy or Sell a stock and what are the options available?
1.Through CallnTrade facility provided by Broker
2.Through Broker’s Terminal (Ex: Pi, Nest Trader, Now etc)
3.Through Broker’s Web Portal (Ex: kite.zerodha.com, pro.upstox.com etc)
Yes, there exists only 3 options to place a trade.
WHAT IF I want to place a trade from other applications (Ex: Excel, AmiBroker, MetaTrader, NinjaTrader, Python, C#, PHP, Java etc)?
The answer is Trade API. With API, you can place order from any applications/programs which supports HTTP protocol. Not only just order placement, you can even build your own trading terminal. With API, you have full access to your trading account details.
Example Scenario where we need API:
1. As you know investors are traditionally using MS excel to manage their portfolio. With API, they can track their portfolio in real-time and exit/add stocks to their portfolio.
2. Exit all open positions when day’s profit or loss reached.
3. Execute option strategies i.e. multiple orders in one go.
4. Build your own options chain with customization.
5. Store the real-time data for back-test and future analysis.
6. Run multiple strategies on Multiple symbols.
and the scope of API is unlimited…….
Cost of Trade API:
Cost will be anywhere between Zero to Rs2500/- depends on Broker. Below is a short list of brokers and their charges as on writing this article.
Zerodha : Rs 2000/month
Upstox : Rs 885/month
AliceBlue : Free*
Interactive Brokers : Free+
* Introductory offer. AliceBlue will be releasing their API soon, DotNet library will be made available once the API is released.
+ DotNet Library for IB API is in our planned product Road Map.