Have you ever felt overwhelmed by the complexity of options trading? You’re not alone. Just like building a house requires the right tools and foundation, venturing into the world of options trading demands a platform that perfectly suits your needs. Choosing the right platform is critical for beginners, as it empowers you to develop, test, and confidently deploy your trading strategies.
Two leading platforms have emerged as strong contenders: AlgoTest and Opstra. Both are armed with powerful features, but they each have unique strengths that cater to specific types of traders. This comprehensive comparison aims to be your guide, meticulously dissecting the functionalities of AlgoTest and Opstra to help you make an informed decision and select the platform that perfectly aligns with your options trading aspirations.
AlgoTest vs Opstra: A 22-Point Tabular Comparison
Check out below a detailed comparison of AlgoTest and Opstra across 22 key points:
| Feature | AlgoTest | Opstra |
| Free Trial | Offers 25 free backtests every week on Monday. Strategy builder as well as simulator are free to use. | Free trial availability might be limited |
| Backtesting Engine | Powerful Backtesting Engine | Basic backtesting capabilities |
| Data Availability | Extensive historical and real-time data for indices like Nifty, Bank Nifty, Finnifty, Sensex, Bankex and Nifty Midcap. | Limited data options like Nifty, Bank Nifty, Finnifty and Nifty Midcap only. |
| Strategy Builder | User-friendly drag-and-drop interface for building complex strategies | Not very user-friendly. |
| Simulator | Yes. Free Options Simulator | Yes. Paid. |
| Strategy BackTesting | Yes. Advanced BackTester with 25 Free BackTest Every Week | Yes. Basic BackTest and Paid |
| Paper Trading | Yes | Yes |
| Live Trading | Yes | Yes, but a limited option. |
| Algo Trading | Yes | No. |
| Broker Support | Yes, Integrated with 30 + Brokers | Only 1 broker supported. |
| TradingView/Chartink/Python/Custom Code | Yes | No |
| Charts | Straddle/Strangle/Multi Leg Advanced Charts | Basic Charts |
| Option Greeks Analysis | Yes | Yes. |
| Community & Support | Active community forum and dedicated support team | Limited community and support resources |
| Learning Resources | Extensive blog posts, documents and options trading tutorials for free | Fewer learning resources are available |
| Pricing | Cost-effective, starts with Rs. 299/- | Costly, starts at Rs. 1300/month |
| Ease of Use | Designed for both beginners and experienced traders | Might have a steeper learning curve for beginners |
| Platform | Web-based platform accessible from any device | Web-based platform |
| Customer Reviews | Generally positive reviews highlighting backtesting capabilities and ease of use | Reviews may vary depending on user experience |
| MTM Graph | Yes | No |
| Customization | High degree of customization for strategies and analysis | Limited customization options |
| Scalability | Scales to accommodate complex strategies with high-volume | Scalability features might be less developed |
Key Considerations for Options Traders
Before diving into specifics, let’s consider the key factors algorithmic options traders prioritise:
- Backtesting Engine: A robust backtesting engine is vital for evaluating strategy performance under historical market conditions.
- Data Availability: Access to high-quality historical and real-time market data is essential for backtesting and live trading.
- Strategy Builder: A user-friendly strategy builder lets you easily construct and refine your strategies.
- Paper Trading: Paper trading allows you to test your strategies in a simulated environment without risking real capital.
- Live Trading: Seamless integration with brokers for live execution of your strategies.
- Option Greeks Analysis: Understanding Greeks (Delta, Gamma, Vega, Theta, Rho) is vital for options traders. A platform that facilitates this analysis is highly desirable.
- Margin Calculator: A margin calculator helps you estimate the margin required for options positions.
- Pricing: Pricing models should be transparent and cater to different user needs.
AlgoTest vs Opstra
For a clear comparison, let’s analyse these platforms across key aspects:
- Target Audience:
- AlgoTest: Caters to both beginners and experienced options traders with its user-friendly interface and advanced features.
- Opstra: Primarily targets experienced options traders with a steeper learning curve.
- Backtesting Capabilities:
- AlgoTest: Offers robust backtesting with historical data for options trading across various indices (Nifty, Bank Nifty, Finnifty, MidCPNifty Sensex, Bankex etc.).
- Opstra: Backtesting capabilities might be limited compared to AlgoTest.
- Algo Trading:
- AlgoTest: Yes you can do Algo Trading on AlgoTest.
- Opstra: No, it doesn’t provide an Algo Trading feature.
- Paper Trading:
- AlgoTest: Provides a paper trading simulator for risk-free strategy testing.
- Opstra: Paper trading functionality is not available for algorithmic trading.
- Live Trading: (Note: Both platforms require integration with a broker for live trading)
- AlgoTest: Supports live trading with features like M2M (mark-to-market) and Indicator-based automation.
- Opstra: Live trading functionality is available but only limited to one broker.
- Strategy Builder:
- AlgoTest: Offers a user-friendly strategy builder for creating and customizing options strategies.
- Opstra: Strategy-building capabilities might be less intuitive and need advanced features.
- Option Greeks Analysis:
- AlgoTest: Provides a comprehensive analysis of option Greeks (Delta, Gamma, Theta, etc.) to understand strategy behaviour.
- Opstra: Analysis of option Greeks are available, but not so comprehensive.
- Margin Calculator:
- AlgoTest: Features a built-in NSE F&O margin calculator for options trading.
- Opstra: Margin calculator functionality might be absent or require integration with external tools.
- Pricing:
- AlgoTest: AlgoTest plans are cost-friendly and plans start with 299/- INR.
- Opstra: Opstra plans are costly and the plan starts at 1300 INR.
Here’s an in-depth Price Comparison Between AlgoTest and Opstra:
| Price Comparison | |||
| Basic (Feature) | AlgoTest ** | AlgoTest Plan (Monthly) | Opstra* |
| Credits Pricing | – Starter: Rs 299 for 300 credits – Explorer: Rs 899 for 1000 credits (10% discount) – Pro: Rs 1999 for 2500 credits (20% discount) – Premier: Rs 4999 for 7500 credits (33% discount) | Monthly Premium Plan | INR 1,300 |
| Credits Usage | – Live Trading: 100 credits per strategy per 28 days – Forward Testing: 50 credits per strategy per 28 days – Backtesting: 1 credit per backtest – Signals: 999 credits for 28 days or 4999 credits for 168 days | 6 Months Premium Plan | INR 6000 |
| Live Trading | – 100 credits per strategy per 28 days – Pro-rata pricing: Cost decreases as the billing cycle progresses | Annual Premium Plan | INR 11000 |
| Forward Testing | – 50 credits per strategy per 28 days – Pro-rata pricing: Cost decreases as the billing cycle progresses | * Other Details like Features are shown in the table below. | |
| Backtesting | – Limited plans: No expiry – Unlimited Weekly: 799 credits for 7 days – Unlimited Monthly: 2499 credits for 28 days – Free Backtests: 25 per week – Paid Backtests: Rs 1 per backtest | ||
| Signals | – 999 credits for 28 days (unlimited live trades and forward tests) – 4999 credits for 168 days (unlimited live trades and forward tests) | ||
| Other Details | – Credits have no expiry – Unused free backtests do not accumulate | ||
**AlgoTest Features:
| Feature | Description |
| Backtesting Options | Enables free backtesting of options trading strategies for Banknifty, Nifty, Finnifty, Nifty Midcap, Sensex and Bankex in the Indian market. |
| Paper Trading | Allows users to simulate trades without risking real money to test their strategies in real-market conditions. |
| Live Trading | Facilitates execution of trading strategies in live market environments. |
| Simulator | Provides a simulation environment to practice trading strategies in real-time market conditions. |
| Strategy Builder | Offers tools to construct and customize trading strategies easily. |
| TradingView/ChartInk Support | Integrates with TradingView and Chartink for automation of strategies. |
| Instrument Settings | Allows customisation of different trading instruments to suit individual needs. |
| Entry and Exit Timing | Provides precise control over the timing of trade entries and exits. |
| Leg Builder | Facilitates the construction of complex trading strategies with multiple legs. |
| Legwise Settings | Offers individual settings for each leg within a trading strategy. |
| Re-Entry on Stop-Loss (SL) | Configures the system to re-enter trades based on predefined stop-loss criteria. |
| User-Friendly Interface | Designed to be accessible for users with no coding skills, making it easy to use. |
| Strategy Deployment | Enables users to deploy backtested trading strategies seamlessly. |
| Documentation and Guides | Provides comprehensive documentation and tutorials to assist users in utilizing the platform effectively. |
- Community:
- AlgoTest: AlgoTest fosters a thriving community of over 11,000 plus traders. This active forum provides a platform for knowledge sharing, where users can ask questions, share experiences, and learn from each other’s successes and challenges. The community is a valuable resource for both beginners seeking guidance and experienced traders looking to refine their strategies.
- Opstra: Information regarding Opstra’s community is less prominent. While they don’t offer a community forum or other resources for user interaction, details about its activity level or specific functionalities are not readily available. This lack of transparency could pose a challenge for users seeking knowledge-sharing or peer-to-peer learning opportunities.
- Support:
- AlgoTest: AlgoTest goes beyond a community by offering dedicated customer support. Their team provides real-time assistance, ensuring you have the help you need whenever you encounter technical issues or have questions about the platform.
- Opstra: Opstra likely offers some form of customer support. However, without readily available information on their support channels or response times, it’s difficult to assess the effectiveness of their support system. This lack of transparency could be a concern for users who require timely assistance with platform functionalities or troubleshooting issues.
- Customization:
- AlgoTest: Offers some level of customization for strategy development and user interface preferences.
- Opstra: Customization options might be limited.
- Technical Indicators:
- AlgoTest: Supports a wide range of technical indicators for paper trading and live deployment.
- Opstra: The availability of technical indicators might be limited compared to AlgoTest.
- Broker Integration:
- AlgoTest: Integrates with 30+ brokers for seamless live trading execution.
- Opstra: Integration is limited to only one broker.
- Security Features:
- AlgoTest: Prioritizes robust security measures to protect user data and trading strategies.
- Opstra: Security features might be less in Opstra.
AlgoTest’s Strengths: Deep Dive
As you can see from the comparison table, AlgoTest shines in several areas crucial for options traders:
- Backtesting Engine: AlgoTest boasts a powerful backtesting engine with multi-threaded processing, allowing you to thoroughly test your strategies under various market conditions.
- Data Availability: AlgoTest provides extensive historical and real-time data for options and indices like Nifty, BankNifty, Finnifty, Sensex, Bankex, Midcap Nifty etc. This comprehensive data feed empowers you to backtest and refine your strategies based on real-world market behaviour.
- Strategy Builder: AlgoTest’s user-friendly drag-and-drop interface streamlines strategy building. It allows you to effortlessly construct complex options strategies by visually adding and configuring different components. This intuitive approach makes AlgoTest accessible to both beginners and experienced traders.
- Paper Trading: AlgoTest’s free paper trading functionality allows you to test your strategies in a simulated market environment without risking real capital. This is invaluable for gaining confidence in your strategies before deploying them with real money.
- Live Trading: AlgoTest integrates seamlessly with multiple brokers, enabling live execution of your indicator-based and algorithmic strategies. Additionally, it provides a free M2M (Market-to-Market) order functionality.
- Option Greeks Analysis: AlgoTest provides comprehensive analysis tools for all Greeks (Delta, Gamma, Vega, Theta, Rho). Understanding these Greeks is crucial for options traders, and AlgoTest empowers you to effectively analyze them to make informed trading decisions.
- Margin Calculator: AlgoTest features a built-in NSE F&O margin calculator, a valuable tool for options traders in India. This calculator helps you estimate the margin required for your options positions, ensuring you have sufficient capital to execute your trades.
- Community & Support: AlgoTest fosters an active community forum where users can share knowledge, ask questions, and learn from each other. Additionally, their dedicated support team provides prompt and helpful assistance when needed.
- Learning Resources: AlgoTest offers a wealth of learning resources, including blog posts, tutorials, and webinars. These resources cover a wide range of topics related to options trading and algorithmic strategy development.
- Pricing: AlgoTest’s pricing structure is transparent and offers various plans to suit individual needs. This lets you choose the plan that best aligns with your trading volume.
Focus on AlgoTest: Why it Stands Out for Options Traders
While both AlgoTest and Opstra cater to help in trading efficiently, AlgoTest exhibits a clear focus on options trading. This focus translates into several advantages for options traders:
- Advanced Backtesting for Options Strategies: AlgoTest’s backtesting engine is specifically designed to handle options strategies effectively. It can account for factors like early exercise, assignment, and margin requirements, providing a more accurate picture of your strategy’s performance under various scenarios.
- NSE F&O Margin Calculator: This built-in calculator is a valuable tool for options traders in India, simplifying margin estimation for their positions.
- Community Forum on Options: AlgoTest’s active community forum is predominantly populated by options traders, fostering a knowledge base and discussions specifically tailored to options strategies and challenges.
Choosing the Right Platform
Ultimately, the best platform for you depends on your individual needs and experience level. If you’re an options trader seeking a platform specifically designed for backtesting, developing, and deploying options strategies, AlgoTest is a strong contender. Its user-friendly interface, powerful backtesting engine, and comprehensive features make it a valuable tool for both beginners and experienced options traders.
Conclusion
In conclusion, while both AlgoTest and Opstra cater to traders, AlgoTest stands out for its laser focus on options trading. With its user-friendly interface, robust backtesting engine, and feature-rich platform, AlgoTest empowers algorithmic options traders to achieve their goals.
Ready to take your options trading to the next level? Get started with AlgoTest today! Contact their customer care via email at [ support@algotest.in ] or call +91 9810156687 to learn more.
