The world of finance is undergoing a digital transformation, and algorithmic trading (algo-trading) is one of the driving forces behind this shift. Imagine a world where your trading decisions are executed precisely and quickly, free from emotional biases. Algo-trading platforms empower you to do just that, by allowing you to design, test, and deploy automated strategies.
But with many platforms vying for your attention, selecting the perfect one can feel overwhelming. Today, we’ll compare two prominent players: AlgoTest ( Algo-trading platform)and Sensibull (non-Algo trading platform). Let’s get started.
AlgoTest Vs Sensibull: A Detailed Comparison
| Feature | AlgoTest | Sensibull |
| Founded | 2021 | 2017 |
| User Interface | Easy-to-use algo and discretionary trading platform with advanced features. NO CODING REQUIRED. | User-friendly interface with drag-and-drop options for strategy creation. |
| Strategy Creation | Yes | Yes |
| Index Instrument | Nifty, BankNifty, Finnifty, Sensex, Bankex & Midcpnifty | Nifty, BankNifty & Finnifty. |
| Backtesting | Yes Provides extensive backtesting using historical data without coding. | No Lacks backtesting capabilities. |
| Backtesting data | Backtesting data available since 2017 | Not Available. |
| Strategy Customization | Deep customization without writing code. | Limited customization options. |
| Paper Trading | Yes | Yes |
| Automation and Execution | Fully automated execution. | No. |
| Strategy Builder | Yes | Yes |
| Simulator | Yes | No |
| Visualisation Tools | The comprehensive suite of charting and graphing tools | Limited visualisation options |
| TradingView/Chartink Integration | Yes | No |
| Webhook support | Yes | No |
| Brokers supported | 30+ Brokers Integrated | Limited Brokers |
| Pricing | More affordable plans start at ₹299 per month and the Free plan has 25 weekly backtests every Monday upon sign-up. | Offers free and paid plans. But it’s pricier plans starting at ₹800 per month. |
| Free Plan | Yes | Yes (limited features) |
| Educational Resources | Documentation, tutorial videos, and informative blogs. | Extensive resources are available. |
| Community & Support | Active community of 12k+ traders and dedicated support team | Limited community features. |
AlgoTest Overview
Founded in India, AlgoTest is a web-based platform designed to cater to the needs of traders of all experience levels. It boasts a user-friendly interface and robust set of features, making it an attractive option for beginners and seasoned algo-traders.
Features of AlgoTest
- Backtesting: AlgoTest allows you to rigorously test your trading strategies on historical data dating back to 2017. This enables you to identify strengths, weaknesses, and potential risks before deploying your strategy with real capital.
- Paper Trading: Practice makes perfect, and AlgoTest’s paper trading feature allows you to refine your strategies in a simulated market environment. This is a fantastic way to gain confidence before venturing into live trading.
- Algo Trading: AlgoTest enables you to automate your strategies, avoiding manual intervention, overtrading, and reducing slippage. Algo’s ultra-fast execution helps you achieve better entry and exits compared to other traders.
- Visualisation Tools: AlgoTest provides a comprehensive visualisation tool suite that brings your trading strategies to life. Charts help you understand how your strategy would have performed under various market conditions.
- Advance Option Trading Tools: Algotest provides advanced tools such as a simulator and strategy builder, which not only help you backtest your discretionary strategies but also execute them in one click using advanced tools.
- Community & Support: AlgoTest fosters a supportive community where traders can share ideas, learn from each other, and access educational resources. Additionally, their dedicated support team is readily available to assist you with any queries.
- Customization: For experienced coders, AlgoTest offers extensive customization options. You can easily automate your TradingView, Chartink, or custom code strategies straightforwardly.
- Pricing: AlgoTest offers an affordable pricing structure, making it accessible to a wide range of traders. Plans start at an affordable ₹299 per month, catering to both beginners and professionals.
Sensibull Overview
Sensibull is a prominent player in option trading tools, focusing mainly on option trading in India. It helps you create, visualise, and execute your option strategies with a drag-and-drop interface.
Features of Sensibull
- Options-Focused: Sensibull is tailor-made for options traders. Its interface and features are specifically designed to streamline the creation and execution of options strategies.
- Strategy Builder: Sensibull’s drag-and-drop strategy builder simplifies the process of crafting options strategies. This intuitive interface allows you to visually construct your strategy, making it easier for beginners.
- Live Market Data: Sensibull provides access to live market data, keeping you informed about real-time price movements. This is crucial for making informed decisions and fine-tuning your strategies.
- Paper Trading: Similar to AlgoTest, Sensibull offers a paper trading environment where you can test your options strategies without risking real capital.
- Alerts & Notifications: Stay on top of market movements with Sensibull’s customizable alerts and notifications. This feature can help you identify potential trading opportunities and react swiftly to changing market conditions.
- Pricing: Sensibull also adopts a tiered pricing structure, with plans starting at ₹800 per month. While it offers a free plan, some essential features are locked behind the paywall.
Why Does AlgoTest Stand Out as a Powerful Tool for Algo-Trading?
While both platforms offer valuable features, AlgoTest emerges as a compelling choice for several reasons:
- Backtesting & Refinement: AlgoTest’s extensive backtesting capabilities with 7+ years of historical data provide a significant advantage. This enables you to rigorously test and refine your strategies before deploying them with real capital, potentially leading to improved performance.
- Trading Toolkit: AlgoTest provides a comprehensive solution for all your trading needs, including backtesting, automation, and executing your discretionary strategy.
- Affordability: AlgoTest’s pricing structure is significantly more budget-friendly, making it an attractive option for cost-conscious traders, especially beginners.
- Versatility: AlgoTest caters to a wider range of trading strategies. This flexibility is ideal for traders who don’t want to be limited to a single asset class or trading style. Additionally, AlgoTest’s user-friendly interface makes it easy for traders of all experience levels to navigate and utilize its features effectively.
- Customization: For those with coding expertise, AlgoTest’s Python integration unlocks a whole new level of customization. This allows you to tailor your trading algorithms to meet your specific needs and trading style.
- Supportive Community: The active AlgoTest community fosters a collaborative learning environment. You can connect with other traders, share ideas, and gain valuable insights from experienced practitioners. This supportive network can accelerate your learning curve and help you become a better algo-trader.
Conclusion
Choosing the right algo-trading platform depends on your specific needs and trading style. If you’re an options-focused trader, Sensibull’s user-friendly interface and options-centric features might be appealing. However, for traders seeking a more versatile and affordable platform with robust backtesting, customization options, and a supportive community, AlgoTest appears to be the stronger contender.
Ultimately, the best way to decide is to take advantage of the free plans offered by both platforms. Explore their features, test-drive their interfaces, and see which one resonates with you. Remember, the ideal platform empowers you to confidently design, test, and deploy your trading strategies, giving you a solid foundation for success in the ever-evolving world of algo-trading.
FAQ
1. Is AlgoTest suitable for beginners?
– Yes, AlgoTest is designed to be user-friendly and offers tutorials and resources for beginners.
2. What types of strategies can I test on AlgoTest?
– You can test a wide range of strategies, including technical, fundamental, and quantitative strategies. The platform supports various asset classes, including index futures, and options.
3. Can I do Algo Trading in AlgoTest?
-Yes, AlgoTest enables users to easily automate their strategy through a simple drag-and-drop environment.
4. What support options are available for AlgoTest users?
– AlgoTest provides various support options, including tutorials, documentation, and customer support through email or chat. We also have community forums for peer support.
5. How secure is my data on AlgoTest?
– AlgoTest takes data security seriously and implements various measures to protect user data, including encryption and secure data storage.
6. Can I integrate AlgoTest with other trading platforms?
-AlgoTest may offer API integrations or compatibility with specific brokers and trading platforms, enabling users to easily implement their optimised strategies.
7. Does Sensibull offer a mobile app?
– Yes, Sensibull provides a mobile app for both iOS and Android, allowing users to access their accounts and trade on the go.
8. What kind of support does Sensibull offer?
Sensibull provides customer support through chat and email only.
9. I’m a complete beginner. Is AlgoTest or Sensibull a better fit for me?
– Both platforms offer educational resources, but AlgoTest’s wider focus and potentially lower pricing might make it a more beginner-friendly option. Additionally, their active community can be a valuable resource for learning the ropes.
