As Indians become more financially savvy, they will keep on looking for the easiest to use and affordable platform to invest and trade. We have reviewed several investing apps in our previous posts. In this post, we are going to talk about the latest developments with Upstox, India’s fastest growing broking firm. Upstox provides trading on multiple segments such as equities, commodities, currency, futures, options which are available on its Upstox Pro Web and Upstox Pro Mobile trading platforms. It was founded by Ravi Kumar, Shrini Viswanath, and Raghu Kumar, RKSV in 2012.
Upstox is backed by a group of investors including Ratan Tata and Tiger Global. In a matter of a few years, the company has managed to win over 1 million customers because of the affordability and fast platform.
The reason why we want to talk about Upstox is because they have continuously been innovating and developing their platform to keep up with customer demands. Recently Upstox announced the launch of a new platform Pro Web 3.0 – a much-improved version of the popular product Pro Web.
If you do not know already, the Upstox Pro Web is a web browser-based trading platform that streamlines your trading experience. It generates powerful and easy to understand charts, to spot market trends, and make informed decisions. The charts can be easily customized with 100+ indicators. It also offers one-click trades so that you can make your trades faster.
is Pro Web 3.0
Pro Web 3.0 provides high-speed
data, all in one place, and in a few clicks so the trading experience is even
more effortless. It offers various features like a two-chart library from
TradingView and ChartIQ, easy modification of bracket orders, pinning stocks to
watchlists, and toggling your views among several other features.
Traditionally, a trader had to go
through a relatively time-consuming process of applying strategy to trades. Now
with the upgraded option chain feature, Pro Web 3.0 makes it effortless to
create strategy and place orders. A trader can also set multiple orders in one
go using the strategy mode. Let’s
discuss the most important upgrade of the two-chart library first.
Upstox integrated with TradingView Charts
Since years traders have been asking
Upstox to integrate TradingView in their trading platform and look like Upstox
finally gave in and listened to its customers (like good product companies do).
TradingView is a globally recognized
charting platform that can be used by beginners as well as advanced investors.
It offers multiple chart types, spread charts, Renko, Kagi, Line break, PNF
charts amongst others. It offers a layout where you can display multiple charts
at the same time. It has several other features that make options trading
simpler and faster. It also comes with hundreds of pre-defined studies for
in-depth market analysis.
One of the biggest improvements in the platform is the 2-chart system on Pro Web 3.0 with an option to select from TradingView & ChartIQ. Both are inbuilt chart offerings so that traders do not need to visit another site to create or study charts. The charts can be customized, and multiple detailed charts can be created for faster and detailed analysis. Options trading requires deep knowledge of charts and high-speed access to data that enables faster decision making.
Figure 1 Source:
If you are a trader, you very well
know how important Charts are in your decision-making process. No trader can
build a career in trading unless they know how to understand different types of
charts. Also, every trader has its own strategy and there is no one size fits
all model to do options trading. Hence the need for multiple charts and the
ability to customize charts is important.
Charts are used by traders to
determine possible price movements. Many algorithms are based on the same price
information shown in candlestick charts. Candlestick charts show four price
points (Open, Close, High, and Low) throughout the period the trader wants.
With a trading view, you can customize multiple charting options to see the
charts as you like them.
With both TradingView and ChartIQ
available, traders can pick and choose from whatever they feel is convenient
for them to use in the same application without opening multiple windows or
having different accounts.
To understand more about the importance of technical analysis, read this Investory by Prashant Shah of Define Edge
are some of the other improvements in Pro Web 3.0
While TradingView is one of the
biggest upgrades in the Pro Web 3.0 version, it has several other features that
make it easier for traders to strategize and trade faster.
- Modifications of bracket orders: All traders might have experienced the hassle of modifying stop loss and target. With Pro Web 3.0 traders can modify bracket orders all in one place and in one go.
- Option chain with strategy mode: The options chain with strategy mode enables faster execution of strategy and placing the order. A trader can also place four orders at once, a major feature upgrade compared to other platforms.
- Pin stocks to your watchlists: Another feature that no other platform provides is to pin up to 2 stocks on your watchlist. While this might not sound like a huge upgrade, it was one of the most sought-after feature requests!
- Toggle view in the watchlist: Have you wished to have an easy toggle feature between volume and price? Now you can do that by simply clicking on the toggle button on Pro Web 3.0
- View recent payments history: Another minor upgrade that makes it super easy for you to keep track of your fund transfers. You can now keep track of the last 10 fund transfers between your bank and trading account under the funds tab.
India is currently at a less than 3%
market penetration when it comes to online trading and an even smaller
percentage of people do options trading. As more and more people sign up for
online trading, brokerage firms will have to keep up with the demand as well as
product feature requirements. In a positive sign, Upstox seems to be doing the
same by listening to its users and improving the product to offer a faster and
effortless trading experience. With Upstox Pro Web 3.0 upgrade, they seem to be
following the market need and will continue to gain clients.
While Upstox is one of the
fastest-growing brokers in the market, there are several others that are trying
to capture the market share like Zerodha Kite, ICICIDirect TradeRacer, and
several others. India has a long way to go when it comes to trading but with
trading platforms innovating at rocket speed, the transition should be a smooth