A day trader needs accurate
and reliable intraday data with
as low latency
as possible. This enables him to execute his trading strategies which can trigger buy-sell signals at precise price levels as per his technical analysis studies. A professional trader chooses his data vendor very carefully
because he knows the importance of accurate, timely, consistent and reliable data for his successful trading. If you are planning to venture into stock market trading or already into day trading, I am confident that you will find information below very useful while selecting your real time data provider for NSE for viewing Live Charts of NSE Nifty
(as well as for other exchanges / instruments).
So - what are the essential features that a professional trader expect from his realtime data vendor ?
Well, read on...Accurate real time data matters
How many times it has happened with you that opening price of the symbol shown in the chart does not match with the price as shown on NSE website (or your exchange's website) ? How many times it has happened with you that the candles formed during realtime market do not match with candles after market hours / next day ? Well, such inconsistencies in realtime data generate incorrect and inconsistent buy sell signals. As you probably already know, signal generating strategies trigger signals based on certain conditions of incoming OHLCV data (Open, High, Low, Close, Volume). If the values for these fields during real time differ from values after backfill, obviously your signals will also change their positions or may disappear or even new signals will appear - which are different during live market than after market hours. I am sure as an intraday trader, you cannot afford such inconsistencies in financial data.Fast and zero delay real time data matters
What is the frequency at which your charts update ? 5 seconds, 10 seconds, 1 minute, 5 minutes ? If you are a day trader, I am sure you want to stay ahead of other traders preferably by having data that updates every second.
If you are using utilities which extract data from trading platforms like Odin, TTAdvance, TradeTiger, etc., your data typically updates every 5 seconds. Also since this data does not reach your charting platform directly from data servers, there is an unavoidable delay of a few seconds. Same is the case with applications which send queries to websites and fetch realtime data from Yahoo Finance
and sites like Google Finance.
Quite frankly, every application has a purpose and when you are using some application which is actually meant for doing something else, you need to know the trade-offs that you are making. The data that is coming to trading platforms does not have a state and it is generally not stored in the trading platforms. This is like a radio broadcast - if your radio is switched on, you can listen to the programs which are going on 'at that moment' - but if you start a program in between, you miss the earlier action. Same is true with data extracted from trading platforms.
Like radio broadcast, OHLCV data coming to market watch of trading platform is a uni-directional data transfer
i.e. from broker's servers to your trading platform. There is no feedback i.e. if you start your computer late OR if there is internet disconnection at your end OR due to many other reasons, the data extracting softwares cannot reliably extract all data from your trading platforms and feed to your charting platform. However once the market is over, today's data extracting utilities backfill data from their servers which is then different from the realtime data. This is where problems start because the data during real time market - based on which you have taken your trading decisions - changes later. To know if your data suffers from this drawback, you will need to extract and compare data during / after market hours OR take screenshot of the data during realtime market and after market hours for visual comparison.So how does data from official data provider differs ?Official data vendors source their data directly from exchange data servers
. For example, NSE has 100% subsidiary called DotEx International Ltd. which looks after information products of NSE. This ensures that all data flows directly from exchange servers to the user - via data vendors network. Unlike uni-directional broadcast explained above, there is one-to-one connection
between each user and the data servers - and both talk to each other.
This bi-directional communication - like telephonic conversation - ensures that none of the data misses out. So irrespective of when user connects his computer or internet irregularities at his end, the data is always continuous and without gaps.Complete information mattersLTP aka 'last traded price' is not everything.
Many things like accurate volume, correct Open, High and Low, change and % change with respect to previous day's close, bid, ask and bid-ask sizes, trade size, Open Interest - play an important role in making trading decisions. Although it is very common to see trading strategies based on OHLCV data, many advanced trading strategies are based on Time and Sales data
(bid, ask, their sizes, their spreads), increase / decrease in Open Interest, gap up / down opening, etc.. As an intraday trader, you must have access to these fields for all the symbols so that you can be an informed trader and take accurate trading decisions. Maximizing trading opportunities matters
Suppose you have deviced a trading strategy which has good payoff ratio. To maximise your returns, you must have access to realtime data of many symbols simultaneously.
Being able to see only one chart at a time is mass under-utilization of today's advanced charting technologies. Data after market hours matters
A wise and professional stock market trader always does his homework during off market hours. And to do so, he should have access to all the symbols which his exchange offers
- and not to only 100-200 symbols which his data vendor offers.Data portability matters
Not every trader is same. Although we have strong reasons to believe that AmiBroker is by far the most advanced, feature rich and affordable charting and technical analysis platform - we do understand that some traders are more comfortable using different platforms. Some traders use more than 1 charting platform
to track the stock market movements. Hence portability of the realtime data is another point that today's trader considers while selecting his real time data vendor for NSE. Not only the data should be portable to multiple charting platforms but users should also be able to run all charting platforms simultaneously
and track movements in all technical analysis platforms at the same time.Interchangeability matters
Today's day trader is not stationery. Sometimes he is in office while other times he may be at home or on the move. Yet today's networking technologies let him remain connected with his business more than ever. To be able to use the realtime data in more than 1 computer
is one of the most important requirements of a day trader.Instant support matters
Today's markets are more volatile. During market hours, trader wants quick resolutions to his queries. Thanks to advances in information technologies, staying in touch with your data provider is as simple as clicking a button. Quick, to-the-point, precise support
through remote desktop
and live chat
during market hours is what a trader seeks the most in today's demanding trading environment.Now - there is a good news for traders trading in Indian Stock Market.
Our data products offer all the above features and much more to today's demanding traders - and at affordable price.
Afterall, this is the least that you can expect from official NSE Currency, F&O and MCX Segment's real time data Provider
and AmiBroker Distributor for India.
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