Traders,
As you would have read in the previous blog: Technical Analysis – Intro, we give you technical analysis tools on Zerodha Trader – our trading platform. But there is a huge difference between driving a fast car and driving a Ferrari Formula 1 car. Once you are proficient at Technical Analysis, you would benefit quite a bit by using a professional charting platform. Zerodha Trader is a trading platform which also allows you to do technical Analysis, but AmiBroker is a professional charting platform that lets you do advanced technical analysis. Similar to AmiBroker there are a bunch of other professional charting platforms that are available in the country like MetaStock, NinjaTrader, Advanced Get from eSignal, etc. AmiBroker is one of the most popular TA (technical analysis) tools in the world. We’ll explain below in brief what AmiBroker is and why you as an advanced technician need it.
What is AmiBroker?
AmiBroker is a comprehensive technical analysis program, with advanced charting, back-testing and scanning capabilities.
What are the features of AmiBroker, why should I get it?
- Powerful Charting: Object oriented drawing tools, drag and drop indicator creating capabilities, modern customizable user interface, multiple time frame on charts, popular built-in indicators, etc.
- Symbol and Quotes Database: Build up and store historical data, unlimited number of symbols and quotes, powerful filters, etc.
- AmiBroker Formula Language: It is an advanced formula language that allows you to create your own indicators, trading systems and commentaries. It is specifically designed for traders so writing technical analysis formulas is easier and quicker than in general purpose languages. It features more than 200 built in AFL functions to use as building blocks for your formulas.
- Backtesting and Screening: Automatic analysis window enables you to scan your database for symbols matching your defined buy/sell rules. AmiBroker automatically produces the report telling you if buy/sell signals occured on a given symbol in the specified period of time. You can also perform full featured back-testing of your trading strategy, giving you an idea about the performance of your system.
The list of things that AmiBroker can do is almost unlimited and it would be best to check here and here. It is very important to understand that if you decide to go ahead with AmiBroker, it will most likely be self-learning, learning from online blogs/forums or from the AmiBroker tutorial section itself.
Some of the must reads if you are planning to become an expert on AmiBroker are:
- http://introductiontoamibroker.com/book.html – there is a pdf available on this link. It is a book by Dr. Howard Bandy.
- http://www.blueowlpress.com/wordpress/links/
- http://www.amibroker.org
- http://finance.groups.yahoo.
com/group/amibroker/
Now AmiBroker is like a Formula 1 car, but you need to still fill gas to run this car. What I mean to say is that to run a charting platform you need live data (data from the exchange as only then will the chart form). Unlike a trading platform like ZT where data is already coming from an exchange, you will need live data on a technical analysis platform to see live charts. Data again comes in 2 forms, live data and end of day (EOD) data. If you are an investor who takes trading decisions/analysis only after the market has closed, you would need to subscribe only to EOD data. But if you want live charts then you will need to subscribe for live data. As of now globaldatafeeds.in is the only authorized vendor for AmiBroker software license/datafeeds in India and we have a special partnership to benefit all our clients.
To use AmiBroker, you have to incur two costs:
1. AmiBroker software license: This is a one-time cost and presently AmiBroker has 3 different editions: a. Standard Edition: Rs 12500 b. Professional edition: Rs 17600 c. Ultimate Pack Pro edition: Rs 25800 The above charges include taxes and you can visit the following link to know the difference between these editions. The above price for purchasing the license is same for all clients of Global Datafeeds and there is no special discount. 2. Data Subscription: Global datafeeds offers 3 data packages and subscription to any data package. This includes real time data as well as EOD(end of day) data. The data subscription costs are recurring and you have an option to subscribe for 30, 60, 90, 180 or 365 days. Subscribing for 365 days would give you the best price advantage. There are 3 data products you can subscribe to, check this link for more information. For a detailed comparison between data products see the comparison matrix.
What is the advantage for Zerodha Clients?
Because of its partnership with Zerodha, Globaldatafeeds will offer you live data at the lowest cost in the country. As a special offer they will give upto 50% discount on their data products only to Zerodha clients. People who have already subscribed to live feeds from other authorized data vendors in the country would be pleasantly surprised to see savings they make compared to their present vendor. Have a look at the special rates offered to Zerodha’s clients. If you want to go ahead and buy an AmiBroker license or subscribe to data (if you already have AmiBroker or similar platforms like MetaStock, Advanced GET or NinjaTrader), you can contact them on live chat by visiting thislink and don’t forget to provide them your Zerodha client ID. Remember that AmiBroker is not a tip providing machine. You have to put an effort to learn and educate yourself, but once you have put some time on it, you will have a tool which is extremely powerful and will help you improve the probability of winning in the markets.
Credit : http://zerodha.com/z-connect
Happy Trading,
