Using Amibroker for the First Time in India. What You need to know !
Amibroker is an awesome technical analysis platform for traders who need the flexibility of using custom indicators or performing complicated backtests.
To make the best use of this amazing platform, be ready to buy the Amibroker standard, professional or ultimate pack.
They also provide a free version for trial, for you to test if you are exploring the possibility of using amibroker in your everyday stock trading.
The free version of amibroker limits screening or back-testing to only 5 stocks at a time.
Limitations of using cheap datafeed providers for your amibroker.
To start using Amibroker for charting or for technical analysis you need to buy a data-feed from a data service provider.
The cheap datafeed providers you find on the internet charge you around 500 INR a month.
The data-provider helps you configure the feed setup over team-viewer for the first time.
The “cheap amibroker realtime data-feeds” you find on the internet are not faster than your brokers own charting platform. If you plan to use amibroker just for charts you are better off using the brokers free 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 who are already using amibroker about the quality of service you plan to buy.
Please note that these Amibroker Data Providers do not disclose the limitations of their feed 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 with the data provider you plan to choose.
About using the AFL codes on Amibroker, it is not complicated as you think it is. For coding basic daytrading screeners, all you need is to concentrate for a few hours and you can code these formula on your own.