Zerodha Pi Review

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Zerodha Pi Review

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Zerodha Pi is a free-to-use trading terminal software for traders registered with Zerodha. It is the desktop application that can be installed on a desktop or a laptop to access trading functions. The platform comes with good features that make trading a hassle-free experience.

This Zerodha Pi review tells us about the multiple trading platforms on offer from Zerodha and how it supports trading across multiple segments such as currency, derivatives, and equities, etc.

However, Zerodha Pi is a comprehensive platform with multiple functions and features like advanced charting, backtesting, strategies, and algorithms. You can use this tool to trade across exchanges including BSE, NSE, and MCX, etc.


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Zerodha Pi Key Features

For beginners to advanced traders, Pi combines a range of features suitable for all. Here are some of those described briefly:

Powerful charting

The tool equips you with 10 different types of charts, 30 drawing tools, and 80 technical indicators for better trading. Traders can also trade directly from the charts.

Zerodha Pi Charting
Historical data 

Easy access to data for the last 5 years that can be used for analysis. The historical data is available for derivatives, currency, equities, and commodities. It also supports dockable views, allowing traders to stack their data side by side in charts for a better view and analysis.

Strategies, backtesting, and algorithms

With a simple scripting language, traders can code advanced strategies with Pi. The platform also supports semi-automatic and backtesting strategies.

Pattern recognition

With pattern recognition, Pi allows its users to draw personalized patterns. Simple to draw, these patterns can be used to find similarities within different charts.

Artificial intelligence

Zerodha Pi leverages advanced technologies such as neural networks and artificial intelligence to optimize strategies.

Artificially Intelligent Robot
Third-party integration

Pi allows easy integration with strategy-based platforms like Ninjatrader, Amibroker, and Metatrader, and others. Access to 3rd party integration with this tool is available for free for 7 days under the trial offer.

Post-trial period, users need to pay Rs. 500 per month for the feature that might be set for auto-deduction. However, while using this feature, you should launch the Pi platform first before the other application for a smooth experience always.

Automated experts

With real-time trade signals identified by the automated expert advisors, traders can gain benefits in terms of building robust strategies and optimizing trades.

Zerodha Pi Scanner

The Scanner feature works only when the market is live. With this, a trader can scan a specific set of stocks and conditions and set alerts to get notified when any of the custom conditions are met. Notifications can be accessed with ease by clicking the alert icon on the top of the menu bar.

However, before adding a script, you will need to mention the title of the newly added scanner. Once a script is added, you need to add other inputs like days, intervals, and symbols, etc.

Supported Order Types

Limit Order

Zerodha Pi allows users to place limit orders that are executed at a pre-determined price.

Market Order

Market orders are executed at the current price of the stock being traded.

Stoploss

Defining a Stoploss prevents traders from excessive loss. Hitting the stop-loss trigger value initiates the sell order at a predetermined price

Stoploss Market

Stoploss market order is executed at the current price when the trigger is hit

Cover Order

An order placed with a stop-loss cannot be canceled within a specified range

Bracket Order

You can place 3 orders at once through the app. Options include buy and sell orders, book profit orders, and stop-loss orders

Aftermarket Order

Orders can be placed during off-market hours that are executed on the next trading day as well. For equities, an order can be placed any time from 4.00 pm to 8:59 am next day, for commodities up to 9:59, and for F&O trading up to 9:09 am.

How to Install Zerodha Pi?

  • To download Zerodha Pi, you need to visit this link and download the zip file which contains the software for the trading terminal.
  • The downloaded file will be in zip format, kindly decompress it and double click on Pi setup file:
Zerodha Pi Setup file
  • Once you see the setup wizard popup just follow the below steps in the screenshots
Zerodha Pi Setup Wizard
Zerodha Pi Installation Wizard
Zerodha Pi Installation Wizard
  • Enter your login and password to complete the installation process.
Zerodha Pi Login

How to Place Orders with Zerodha Pi?

On the dashboard, click on the Place Order button and you will see various options to select desired values. A brief explanation for each is given below:

  • Exchange Segment: Select the exchange you want to trade-in. Options include NSE, BSE, MCX, CDS, NFO, and BFO
  • Order Type: Select your order type from options including Limit Order, Market Order, Stop Loss, and Stop Loss Market.
  • PRO/CLI: Select the desired option if you are trading as a Proprietary Trader or as a Client
  • QTY: Mention the number of stocks you want to purchase here.
  • Price: Mention the price for the limit order. In the case of market order, this field isn’t active.
  • Trigger Price: This is your trigger price for a stop-loss order
  • Disc Quantity: This option lets the entire quantity of a limit order from being disclosed.
  • Product Type: You can select the desired product from MIS, NRML, and CNC.
  • Validity: Options for validity include Day Orders & IOC for NSE/BSE
  • Values for INST Name, Type, Symbol, Expiry, & Strike are selected by default or you can change the contract/scrip value from here.
  • After selecting all the desired values, click on the Submit Order button.
  • User Customization Options: Zerodha Pi offers many customization options from choosing color themes to creating custom alerts and more.

Read: How to Use Zerodha KITE

Reports

With Zerodha Pi, traders get access to a range of reports like:

  • Order Book
  • P&L Statements
  • Trade Book
  • Holdings

Charges of Using Zerodha Pi

The terminal-based application is available to the clients of Zerodha only. There are no charges imposed on its usage. While some stockbrokers levy some fee for allowing their registered traders to use their platforms, offering Pi for free gives Zerodha an upper hand.

Zerodha Pi Error 503

Though the platform offers a seamless trading experience, traders might face problems like a hung screen or stuck controls at times. Though Zerodha is working to resolve this issue, traders can report the issue to the broker for a fix from the technical support team.

Zerodha Pi Advantages

  • It uses very low memory as well as CPU resources. Thus, traders get a good speed and performance with the platform when using a computer with a decent configuration.
  • Besides, the trading platform also needs low internet bandwidth. This is a positive fact for traders from small towns and areas lacking access to top-notch internet facilities.
  • If you are into intraday trading, it helps to save time by allowing you to place orders directly from the charts, post-analysis.
  • With quick tips, performance, and high usability, its quantitative tool is suitable for intraday traders.
  • The platform comes with a wide range of features catering to both beginners or expert traders.
  • Another plus point of using Zerodha point is its easy fund transfer service that makes the process simpler.

Zerodha Pi Disadvantages

After all things good, let’s see areas where Zerodha Pi lacks

  • The tool fails to offer any fundamental analysis or reports to its clients such as trading platforms for full-service stockbrokers.
  • There are a few concerns with the platform during the times of high trading traffic and backups.
  • Pi isn’t able to deliver a good experience with the trend lines and Zerodha should definitely work on this.
  • Some users have raised the concern with stability when using a terminal platform during high traffic situations and order submissions.

Final Words

On the overall, Zerodha Pi comes as a free desktop-based platform with seamless trading experience. Loaded with multiple features like strategies, backtesting, and charting on a single platform, Zerodha Pi still manages to use low memory and CPU resources as well as internet bandwidth. However, it fails in providing fundamental reports, analysis, and good experience in trend lines.

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