Using Amibroker for the First Time in India. What You need to know !
Small print’s you need to know about, before you pack your bags for the Amibroker journey.
The Common statement you hear about Amibroker is, ” The Standard Version is free, only thing is you cannot save data”. Looks fine for you , isn’t it ? But there are more strings attached to it than what is visible on the surface.
If you plan to use the Free Version of Amibroker for stock screening or back-testing, you better read this. Amibroker limits screening or back-testing to only 5 stocks at a time on its free version.
To start using Amibroker for charting or screening you need to buy a Data-feed. This, I thought could be the most complicated part in my amibroker journey, but it is not. You pay 500 rupees and you can get the data-feed to Amibroker for a month. The data-provider configures the setup for you in about 10 mins over team-viewer. Once connected you can forget about it.
The so called “cheap amibroker realtime data-feeds” are not faster than Fyers or Pi Charts. If you plan to use amibroker just for charts you are better off using the charts on Fyers One or Zerodha Pi Platform.
The data-feed industry is crowded with too many unauthorized data vendors. Most of them having websites under different names or menu cards but cooking from the same kitchen. They falsely advertise as Real-time as approved by DOTEX, NSE etc. Discuss with your Friends about the quality of service you plan to buy.
These unauthorized Amibroker Data Providers do not disclose the limitations at the time of sale. The limitations would mean you can scan or back-test only a limited number of stocks at one time. For example Provider A supports screening of 45 stocks while Provider B supports 100 stocks for the same price.
If you plan to do an extensive historical back-test using Amibroker. To avoid disappointment, double check your back-fill data requirements first. Confirm this with the tech team and not the security guard or the telephone operator.
About using the AFL codes on Amibroker, it is not complicated as you think it is. For basic daytrading screeners, all you need is to concentrate a few hours and you can cook the formula on your own.
For a daytrader, the Amibroker tour package is an exotic experience on its own. 500 Rupees for a month’s data spent at the right place, to try the Free Version is a reasonable amount for you to experience something new today.