Evaluate Trading Software for Your Workflow

Start with your workflow

Write down what you do in a normal week, then match the software to it.

Many traders use two tools: one for analysis and one for execution. That works, as long as you know which one holds your risk controls.

Ten things to check

1. Broker support

Check that the software works with your broker through the broker's official API, and which segments it supports: equity, F&O and commodities. If you might change brokers, check the full list. A platform tied to one broker means changing platforms when you change brokers.

2. Compliance with SEBI's algo framework

Since 1 April 2026, SEBI's framework for retail algorithmic trading applies in full to all brokers. For any platform that automates orders, ask:

• Is it empanelled with the exchanges through a broker?
• Do its strategies carry an exchange-assigned Algo ID?
• If its strategies are black-box (logic hidden), is the provider registered with SEBI as a research analyst?
• How does it handle the static IP requirement for API orders?

Our guide to SEBI's algo trading rules explains each requirement.

3. Where the data comes from

Live prices may come from your broker's feed or from a data vendor. Broker data is usually included with your account, but some brokers charge for API access: Zerodha charges ₹500 a month for Kite Connect. For backtests, ask what history is available, at what granularity, and whether expired options contracts are included.

4. How realistic the backtests are

A backtest is only as good as its assumptions. Check that you can set brokerage, statutory charges and slippage, and that the results list every trade so you can check them. Results without costs are not worth reading. Our guide to backtesting mistakes lists what to look for.

5. Execution features

6. Risk controls

The most important feature is the one that stops losses adding up. Look for a per-strategy stop loss, an account-level MTM stop loss that watches all positions together, and a quick way to pause everything.

7. Reliability

Ask what happens if the platform goes down while you hold positions. Your positions stay with your broker, so you can always manage them in the broker's app, but you should know how the platform reports problems. A public status page is a good sign.

8. Security

You should log in to your broker on the broker's own page, and the platform should never ask for your broker password or two-factor codes. Ask what the platform stores. Our guide to broker connection security covers the questions to ask.

9. Price and pricing model

Platforms charge in different ways:

10. Support and learning

Check the support hours, the languages offered and whether there are tutorials for the features you need. A free trial or demo is the best test.

What it really costs

Add every cost, not just the platform's price.

Brokerage and slippage usually cost more than the software. A strategy with four orders a day pays about ₹80 a day in brokerage at ₹20 an order, or around ₹19,000 over 240 trading days, before taxes and slippage. The brokerage calculator shows the full charges per trade.

Warning signs

• Guaranteed or fixed returns. No legitimate platform can promise returns, and SEBI's rules restrict performance claims.
• Requests for your password or OTP. A platform should never need them.
• Hidden strategy logic without registration. Black-box strategies need a SEBI-registered research analyst behind them.
• Claims of zero latency. Every order takes time to reach the exchange.
• Paid tips dressed up as strategies. Advice for a fee needs SEBI registration as an investment adviser or research analyst.
• No way to test. If you cannot paper trade or backtest before going live, you cannot check what the software does.

A simple scoring sheet

Score each platform from 1 to 5 on what matters to you, and weight the scores.

Multiply each score by its weight and add them up. The total matters less than the reasons: if a platform scores low on risk controls, that alone can rule it out.

Questions to ask before you pay

1. Which brokers and segments do you support?
2. How are your strategies registered under SEBI's framework?
3. What do you store from my broker connection?
4. Can I set costs and slippage in backtests?
5. Is there an account-level loss limit?
6. What happens to my positions if your platform is down?
7. What will I pay in total each month, including broker charges?
8. Can I try it before paying?

How QuantPower fits

QuantPower is an options analytics and algo trading platform from Wisdom Tree Ventures, Noida, and the publisher of this guide. It connects 100+ Indian brokers, including Wisdom Capital, Zerodha, Upstox, Fyers and IIFL Capital, with an option chain, strategy builder, backtesting, paper trading, algo bots, signal trading from TradingView alerts and an MTM stop loss. Plans cost ₹299, ₹499 or ₹999 a month plus GST. QuantPower runs your own strategies through your broker's API, with your own API key, from the static IP you register with your broker. Its ready-made templates, such as straddles and iron flies, load into the strategy builder for you to edit and run as your own.

Our comparison pages set QuantPower against other tools on features and price: Sensibull, Streak, Tradetron, AlgoTest, QuantMan and Opstra. The ranking of algo trading software covers more platforms.

Frequently asked questions