Are you searching for an options trading app but do not have an idea how to choose one? Continue reading to find out.
The digital revolution has allowed options trading in India to expand, providing individuals with various ways to learn and start trading options. Along with web trading platforms, options trading apps have also become popular among investors with the ease and convenience they provide.
With so many options trading apps available, it can be challenging to pick one. But say no more. To make your job easier, here we have curated a list of the top features to look for in the options trading app and pick one that suits your needs. So, let’s get started.
Must Possess An Option Screener
Manually tracking and analyzing the entire options market can be a huge burden. But, not when your options trading app consists of an option screener. This tool helps you locate daily trading chances depending on your objectives and market patterns.
Further, you can access regularly updated real-time data for all options contracts using this key technical indicator.
Smart Notifications and Alerts
You need trading alerts and notifications about changes in your trade positions. Hence, choosing an options trading app that provides you with the same becomes crucial.
They help you to keep track of your orders, alert you to price fluctuations, and keep you up to date on your option contracts.
In-Built Option Trading Strategies
All the best apps for options trading come with readymade option strategies which help you save time and effort. Some apps like Dhan even allow you to view the potential profits of all pre-built options trading methods in real time to make wise trading decisions.
Check out Dhan’s options trading strategy builder that helps you effectively try pre-built strategies. You can also get option trading ideas from the strategies.
Market Related News Update
Options trading requires extensive planning and execution. In order to determine whether a contract is worthwhile to buy/sell or not, you must consider the risks/rewards involved, the current situations of the underlying asset, and more.
For this, many option trading apps include a newsfeed feature that compiles all the pertinent news stories that can affect the performance of the underlying asset and in turn, your contract. This helps you obtain information without having to move to another app or website and make informed trades.
Excellent Customer Service
For your trading experience to be effortless and to solve your doubts on priority, a customer service feature is a must-have for any options trading app.
Choose an app that prioritizes answering your queries all time with access to their customer care executives on chat, voice, etc. While some traders feel more comfortable conversing on the phone with a representative, others may find it easy to communicate with a chatbot. Thus, consider this before making a decision.
Given the large number of option trading apps available online, choosing the best one can be a challenging task. However, now that you know the crucial features which you need to look for, we hope that your process of selecting the best app for options trading has become easier.
Dhan provides a similar option trading platform that promises you an intuitive user experience and a vibrant community. Check it out today.