Updated: May 30
Struggling intraday traders will spend TIME to save MONEY.
Successful intraday traders will spend MONEY to save TIME.
Do you know why?
Because one can always get MORE MONEY, but you can never get MORE TIME!
But this world has many beautiful souls, and they offer their products (at least most of the features) for free users.
So, here are 6 freely available tools that help day traders to manage their intraday trades.
1 - Gocharting
Gocharting is the first Indian web-based charting platform built by two traders for the trading community.
They are the first group in the world to build ‘web-based' Market Profile (TPO) charts. Besides, they also provide most of the charts (Japanese Candlestick, Kagi, Renko, and Point & Figure) and all the indicators for all the free users.
Market Profile is a technical concept with a unique charting technique developed by Peter Steidlmayer in 1985. It assists the day traders to read the current market trends as it unfolds.
It helps day traders to locate the footprints of the big players (called OTF – Other Time Frame participants in Market Profile) so that they opt for the trades in the direction of the big players.
Currently, any free users can access the market profile along with the volume profile for all the Indian indices and stocks.
Besides, many essential features are also available for free users. One such helpful for day traders is ‘Multiple Charts in One Window.’
Traders can access up to 4 charts in one window. It is highly beneficial when a trader has to monitor multiple charts for his trading setup.
For paid users, it offers Market Profile (tick) chart, Volume Profile (tick) chart, and also Order Flow charts which are advanced tools for day trading.
Tip 1 - Don't lose more than 10% of your capital on any trading day.
2 - NSE India Option Chain
Many day traders deal with options. There are two types of options trading:
Options buying is straightforward.
If a trader thinks that the security price will rise in a quick time, he can buy Call Options (CE) to make profits. However, time decay (Theta) works against buyers, i.e., the Call Options (CE) premium will fall along with the time even if the price stays at the same level.
Hence, many day traders try different Option Selling strategies. Short Straddle, Short Strangle, Short Butterfly, Iron Condor are some of the popular options strategies.
In this case, option chain data is crucial. It helps traders check the liquidity, price, Implied Volatility (IV), and Open Interest (OI) details of each specific strike price option.
NSE India provides the option chain details in a beautiful format, as shown above. Most day traders use this information to manage their trades.
Tip 2 - Profit in intraday trading is inversely proportional to your ego.
3 - Ninja Trader
It provides an efficient backtesting engine that allows day traders to evaluate their trading strategies. A wide range of educational materials is also available if a trader is unfamiliar with the Ninja platform.