Last Updated on July 27, 2020 by Gopal Gidwani
Challenges faced by traders
Devesh is a full-time share trader and has a trading account with one of the popular brokers. Currently, Devesh is paying high brokerage charges, yet he is not satisfied with the level of service from his broker. Some of the challenges faced by him include:
a) Lack of access to real-time market data: Devesh has to search for data at different places, which is a time-consuming process. By the time he analyses the data and takes a trading decision, he has missed out on a good trading opportunity as stock prices have already moved. In the market, timely access to data is important and can be the difference between huge profits and losses. This is a specific industry challenge that most traders face.
b) Poor interface: The poor interface provided by the broker leads to poor trading experience for Devesh. The systems are slow, and at times, there are technical glitches. These downtimes lead to difficulty in logging in or executing orders. This makes the systems unreliable.
c) Complex navigation: Devesh has to navigate between different screens for different tasks like the trading screen for placing orders, the position book, the quote panel, the charts, etc. This is a tedious process and irritates Devesh. He wishes that he had the option to choose multiple widgets on a single screen.
Just like Devesh, many other traders face similar challenges and are looking for a solution. Upstox has tried to understand traders’ challenges and create a platform to address them. Upstox Pro Web 3.0 is a solution that has addressed all the above issues faced by traders.
How Upstox Pro Web 3.0 addresses trader community challenges
a) Access to real-time market data for faster decision-making: The Pro Web 3.0 platform provides traders like Devesh access to real-time market data all in one place. They don’t need to spend time looking for data at various places by navigating through the platform which enables faster decision-making, resulting in traders capitalizing on good trading opportunities before others and profiting from them. Easy and quick access to real-time market data is crucial during expiry, where the window of opportunity exists for a very limited time.
b) Better trading experience: The Upstox Pro Web 3.0 platform is faster, better, reliable, easy, and customer-centric. It has a user-friendly interface and focuses on providing the best trading experience to traders.
c) Industry-first features: Upstox Pro Web 3.0 is at the forefront of innovation and provides several industry-first features such as two chart libraries, option to create a strategy and place the order, and a feature to modify bracket orders all in one place.
With Pro Web 3.0 addressing the challenges, now traders like Devesh can focus on their core task, which is trading and profiting from market opportunities. Let us understand some interesting features of the platform in a little more detail.
Toggle view option in the watchlist: Traders can now do in-depth analysis with the toggle view in their watchlist. The Pro Web 3.0 platform provides the traders with an option to view volume or price in their watchlist. The trader has the option to switch between volume and price, by clicking on the toggle button.
The toggle view option gives the much-needed boost for data analysis, enabling traders to make better trading decisions.
Two chart libraries
Many traders base their trading decisions on technical charts from TradingView.com. The Upstox team has taken that feedback. They have enabled traders to access charts powered by TradingView within the Pro Web 3.0 platform. This is an additional option and not the only option for using charts. Traders who are comfortable using the existing charts from the ChartIQ library can continue doing so. Pro Web 3.0 gives traders the flexibility to choose charts from TradingView and ChartIQ library so that they have the best of both worlds.
Modifications of bracket orders (OCO)
Once a trader has placed a bracket order, it’s always a hassle to modify stop loss (2nd leg) and target (3rd leg) orders. The Pro Web 3.0 platform removes the hassle of modifying bracket orders. Traders can modify their bracket orders all-in-one place and at one time through the Positions tab.
Option chain with strategy mode
This feature is useful specifically for options traders who usually trade in options strategies that involve two or more contracts at the same time. So whether a trader wants to trade a straddle or strangle or use any other option strategy, he/she can do it through the Option Chain feature. With Pro Web 3.0, the trader has to enter the Strategy mode. Then simply select the contracts to be traded at the same time. The trader can send up to 4 orders simultaneously, using the Option Chain strategy mode.
As seen in the above image, the trader needs to select the “Option Chain”, and then select “Strategy Mode” on the right-hand top corner.
Once the trader selects the “Strategy Mode”, he/she can enter up to 4 option contracts under the “Strategy Builder”.
Pin stocks to watchlist
With Pro Web 3.0, a trader can pin up to two stocks/indices (symbols) on to the watchlist header. This feature makes keeping track of all favourite stocks and indices easier for the trader.
Conclusion: Pro Web 3.0 is a trader’s delight
What makes Upstox Pro Web 3.0 so good is that it keeps the users’ needs at the center of its design and functionality. As a result, traders can make seamless transactions, unhindered by constraints like a slow interface or a dearth of data. With its industry-first features and superior user interface, there’s no doubt that Upstox’s Pro Web 3.0 is the cream of the crop among brokerage platforms.