Upstox Pro is a web-based solution that works like a trading executable file. Upstox Pro is available both as a web and mobile-based trading solution. Upstox is not as cheap as Zerodha in brokerage. While Zerodha charges rupees twenty or 0.01% brokerage (whichever is lower), Upstox does not have such luxury. Pay rupees twenty flat per trade and there is no provision for percentage-based brokerage.
But it makes up for the lack of lower brokerages by providing a trading interface via Upstox Pro that is a visual treat. Upstox Pro mobile is also easy to operate but is not so feature-rich like the web version.
Upstox Pro – Trading software for desktop in web version
Via Upstox Pro, it has tried to provide a trading screen than encompasses all the information needed for trading in a script in a single screen.
Upstox Pro Demo Review
While reviewing Upstox Pro, we found many handy features in the webpage, which the company has provided to reduce keystrokes and the distance on the screen that needs to be traversed for an action.
In the following paras, we will try to review those features of Upstox that are helpful for retail traders. There may be some exquisite features suitable for high frequency or algo traders, but this article will only deal with those features of Upstox Pro that make trading on it smooth and comfortable for thousands of common investors.
Upstox watch list
Watchlist is the most vital aspect of any share trading interface. Upstox Pro provides only two default watchlist, the primary being Nifty 50 and the other being Nifty Index such as Nifty 200, Bank nifty, or NiftyMid 50 (Midcap).
Although Nifty and Bank nifty are most vital and widely traded, however lack of other indexes like Dollex 50, Nifty Liq, Nifty small-cap, etc. is a downer.
How to add Nifty 50 stocks in Upstox watchlist
Shares, futures will have to be added to watchlist. For this select “Nifty 50” from watchlist dropdown menu. Then select the plus symbol to upper right of the watchlist. Just type in 3 words of the contract you want to search. Upstox displays all the contracts with words starting from those from all exchanges that the client is enrolled in Upstox.
We have said before that Upstox has provided many ergonomic features in its interface which makes trading fatigue free.
For Watchlist ordering management, it has provided a sorting A-Z symbol besides the “Addscript” Plus symbol in watchlist. Clicking this sorting symbol brings out a list of choices. The trader can sort the watchlist alphabetically or based on script price.
Alphabetical sorting is handy for searching a stock quickly among a larger list of stocks say fifty. Order by price comes handy when the client is looking for a high price or a low price stock for intraday trading.
Many traders trade with large quantities of low priced stock, buying and selling them at very low spreads. For them, this sorting by price is handy.
Placing Bracket order in Upstox
Buy and Sell via Upstox is done in a jiffy. Many trading displays have separate sub-menu for bracket and cover orders. However, Upstox has integrated all these types of orders into a single buy or sell pop up screen. Below the main order, there is a provision for expanding it into cover and bracket order by adding stop-loss and target price.
Upstox Technical indicators
The most important part of trading is the charts and associated indicators and oscillators.
Upstox has integrated the charts alongside the watchlist which makes screen movement less taxing than opening another pop up for charts.
Support and resistance horizontal lines are active by default on the charts.
For intraday traders, charts are available at an interval period of two minutes. However, Zerodha, the nearest competitor scores a tad better. Its chart period interval availability is finer at a gap of one minute.
Charts are available in Upstox in a widescreen format in the main screen with other widgets. This increases viewing comfort.
Choosing an interval of one month period displays chart for last six-seven years starting from 2012.Although this timeframe is enough for long term investors, however unlimited charts stretching from 2008 crash would have been better to gauge a stock performance from long term investor’s perspective.
Upstox Pro charts
Upstox facilitates 17 chart types, the most popular being the candle and the line charts on the top of the chart type list.
Upstox Pro Oscillators
Besides the chart type selection, there is provision for the most important tools of trading, the indicators and oscillators. Price graph display is Upstox’s strong point and adhering to that view, it provides a host of indicators/oscillator types.
The most popular chart oscillators used are RSI, OVB (On-Balance Volume), Bollinger band, Stochastic and indicators like MACD, MA, etc. Selecting any of such indicators opens a pop-up window within the screen for selecting the upper and lower values, time periods, and associated different colors. Once selected, the applied indicator gets effortlessly integrated in the area below the price chart.
The trader can zoom in the chart. A helpful vertical and horizontal line running through both indicator and price chart helps co-relate the oscillator values and the script price at the same price point.
The charts can be zoomed easily. We tested it on computers having low processing power. Even in such configurations, the panning in was effortless and without lag.
Upstox Pro Trend Lines
Horizontal and vertical lines are enabled by default, which helps trader asses the price position versus historical values within seconds. However, traders use another simple but important tool for predicting uptrend and downtrend points: the Trend line.
Creating trend lines is simple in Upstox by selecting the trend line tool at the left of the charts. All one needs is to select the appropriate left-hand trend line side tool, click on the starting point of the trend line, and draw the digital line joining the points in a trend. Then click on the endpoint.
Upstox Pro displays the corresponding trend line. Deleting this line is easier by placing the cursor on the line, it gets selected on its own and pressing the delete key withdraws that trend.
Moving the charts in different time frames is enabled by clicking on the solid square symbol on the left of the charts which is below the trend line option.
There is also provision for drawing Fibonacci series on the live charts, from tools on the left side of the chart.
The USP of Upstox lies in providing a technologically superior trading experience and the trading interface of Upstox pro is a testimonial to that.
Upstox Pro Workspace option
One interesting feature is the workspace option. In Microsoft Excel, we have workbooks which contain several worksheets, each having its own data in diverse styles.
Similarly, Upstox provides the main interface which in turn can contain multiple workspaces. Each workspace can have user-selected widgets from the “Add Widgets” tab in the main menu.
One can add charts, quote panel, order, trade, and live position books as widgets. Another thoughtful feature is the addition of option chain via widgets. This helps in option chain analysis.
These widgets can be moved and repositioned within the interface as per the trader’s choice.
Normally we have to select and click on trade/order/position book for viewing respective contents. The live position book is very important for day traders. Because they have to buy and sell quickly, this data has to be always available to them.
Buying or selling a large quantity by mistake would prove to be disastrous. Keeping this in mind, Upstox has minimized the keystrokes needed and designed so that the trade book, positions, holdings are constantly available along with the charts and watchlist, live in the main onscreen interface.
Live notifications from exchanges, brokerages, etc. are available at a click of “Notifications” on the main menu.
Viewing charts on Upstox Pro is a pleasure even when alongside watchlist and order books, owing to the chart’s widescreen design.
Another advantage of trading is getting live trade/holding positions in the same interface as the charts and watchlist, without going to the menu and opening another pop-up screen.
Adding individual workspace, each having its widgets, is another concept which is not seen other free trading website versions.
Upstox has made this entire feature available in a website version package. This is infinitely easier to access compared to installation and running of peer trading executable software like NEST.
Because of web version, it is also an operating system platform-independent.
You may try the Demo account of Upstox Pro and evaluate it other similar offerings from other discount brokers. There is every chance that you may get hooked to it, as I have been since writing this review.