ICICIdirect introduces cutting-edge Trading Eco-System with Scalping Algo
Mumbai, May 27, 2023: ICICI Securities (I-Sec), which operates ICICI direct, a digital wealth-tech platform offering various financial services, today announced the introduction of its new trading eco-system that features a state-of-the-art Scalping Algo for automated trading. This new feature will enable customers to set up an intact automated entry and profit booking criteria and assist traders to execute smarter and convenient trades without bothering about factors such as market timings or manually booking profits.
Scalping Algo is an intraday trading strategy that enables customers to buy and sell individual stocks or options contracts throughout the day. Through this feature, customers only need to enter the entry price and profit booking price differences, along with the quantity to execute per trade with max open quantity. The Scalping Algo will then automatically enter and exit trades according to the defined rules. The feature has been made available on ICICI direct app and will shortly the desktop version will be launched too.
This offering further allows customers to specify the duration for which they want to trade — whether for 30 minutes or the entire trading day. With ICICI direct Markets Scalping Algo, customers can sit back and relax, assured in the knowledge that their trades are being executed according to their pre-defined rules. This strategy is recommended for volatile and liquid stocks or contracts.
Commenting on the development, Mr. Vishal Gulechha, Head – Retail Equity, ICICI Securities said, “ICICI direct constantly aims to provide ease by innovative financial solutions that enhance the trading journey for our valued customers. The introduction of Scalping Algo in the trading ecosystem will help the customers enjoy a seamless trading experience – whether for a short duration or the whole day. We will continue to work towards delivering hassle- free and secure trading experience to help them execute smarter trades.”
Scalping is a strategy that focuses on swiftly buying and selling the same underlying on the basis of entry and exit rules. A scalper keeps entering and exiting positions of an individual stock or contract throughout the day to benefit from a run-up.