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com/algo-trading-faq/
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Introduction
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First Step
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Algoji Events
05/05/2018 Mumbai
03/02/2018 Bangalore
29/10/2017 Chennai
07/10/2017 Chandigarh CII hall
22/07/2017 Ludhiana Stock Exchange
10/05/2017 Mumbai
22/04/2017 Kolkata
18/03/2017 Ahmedabad
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Todays Speakers
Mr. D.K. Agarwal – Chief Guest & Keynote Speaker
Chairman & Managing Director - SMC Investments & Advisors Ltd.
Sr. Vice President - PHD Chamber of Commerce & Industry
Narinder Wadhwa, Alternate President, CPAI- Guest of Honor
Vishal Mehta CMT - Thomson Reuters
Vaibhav Sethi - CEO, QuantX
Govind Jhawar - Derivatives Trader –Finideas
Puneet Bareja - Founder Bulls n Bears
Anubhav Sethi - CEO, AlphaSix Capital
Abhishek Agnihotri - Independent Derivatives Trader
Mayank Singh - CNB Finwiz Ltd
Saurabh Lohiya - Co-founder, AlgoJi
Prateek Singh - Founder, LearnApp
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Ritesh Kumar - India International Exchange (IFSC)
Overview of Algorithmic Execution and Robo Advisory
Presented By : Vishal Mehta, CMT
Thomson Reuters
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Most Important Questions
Q : Who wants to only make profits in
the markets ?
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Most Important Lessons
“Markets are nothing but a systematic Transfer of
Money from Undisciplined Trader to Disciplined
Trader” - Trading Proverb
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Most Important Questions
Why Algorithmic Trading ? SEBI – Securities Exchange Board of
India
2016 SEBI Discussion Paper on Algorithmic Trading
The regulatory body mentioned that more than 80%
orders placed on exchanges are generated by
algorithms.
The contribution of algorithms in the total numbers of
trades was approximately 40%.
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Volume Generated by Algorithms : Survey
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India Growth Story
Source : Quantinsti.com/blog
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Trading Infrastructure spending
Where else?
• Colo/Datacenters
• Trading Lines
• Inter Destination lines
• Technology Development
• Hardware
• Salaries
Source : Quantinsti.com/blog
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Why Algorithms : Reasons
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How ?
Survey Results which include full-time traders and small trading floors in India. Institutional Desks are omitted
Trading Strategies : Algorithmic
What is different kind of Algorithmic Trading
Automated Trading
Algorithmic Trading
Quantitative Trading
BlackBox Trading
HFT Trading
System Trading
Statistical Arbitrage
Robo Advisory
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How to Chose Execution Algo
1. Urgency of Trade (Entry vs Exit, Momentum vs Mean
Reversion)
2. Order Qty compared to Quantity available from Buyers &
Sellers
3. Elasticity (contracts which are based on very liquid
underlying are very elastic, even though illiquid)
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4. Single-leg or Multi-leg
Saving of 2 Lac per month
Breakout Strategy : Say you want to buy when a stock prices crosses above Rs. 101 ( above resistance or
whatever reason)
The stock LTP prints 101.00, then 101.05, then 101.20, 101.25 etc (buying triggers momentum in stock)
You typically end up buying 101.20 when manual order sent on LTP of 101.00. This is because when LTP
is 101.00, the bid is at 101.00, while ask is at 101.05 or higher (as the stock is moving up)
Why not automatically trigger order when ask is at 101.00, instead waiting for LTP to be 101.00
Save 0.1% slippage per trade, or 2 lac per 20 crore
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Types of Execution Algorithms : Basic Algorithmic Trading Strategies:
1)LTP Vs Bid/Ask Trigger
2)Conditional Orders
3)Aggressive Execution Strategies
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Types of Execution Algorithms : Price Based Algo
1)Target Close (Day)
2)Jobbing/scalping Algo
3)Pivot Trading Algo
4)Open Range High Low Breakout Algo
5)Range Trading Algo
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Types of Execution Algorithms Big order or Institutional Algo
1)Implementation Shortfall
2)Opertunitistic Target Completion Algo (OTC)
3)Time Weighted Average Price (TWAP)
4)Percentage of Volume : (POV)
5)Volume Wieghted Average Price(VWAP)
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Types of Algo : Options Trading
1)Calendar Spread
2)Delta Hedging
3)2/3/L Option Strategies such as strangle, Straddle, Bull Call Spread, Put
Spread
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Pair Trading
Presented By : Mayank Singh
A pair trade is the taking of a long
position in one security together with an
equal short position in another that is
strongly correlated with it. It is sometimes
used to refer to multiple long and short
positions that are similarly matched .
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ELEMENT OF PAIR TRADING
Pairs Trading is the synthesis of 3 basic elements
1- The Market Neutral Element: Market neutrality is central to pairs trading because it drives how trades are built and
analyzed, it defines relative risk metrics & it serves as the basis for the overall trading strategy .
2- The Arbitrage Element : Arbitrage is central to pairs trading because it provides the framework for the success or
failure of a trade, and, therefore is the basis of absolute risk management .
3-The Technical Analysis Element : Technical analysis is central to pairs trading because it provides many of the tools
by which a trader may make decisions about both the quality and the timing of any potential trade
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MARKET NEUTRAL ELEMENT
Many types of neutrality must be considered:
Sector or Industry Neutrality: A pairs trade that crosses sector or industry lines may be statistically attractive, but each leg of the
trade is acted on by different market forces that may affect the ultimate success of the trade .
Market Capitalization Neutrality: Pairing stocks with significantly different market caps may leave a trade vulnerable to regular
market rotations.
Beta Neutrality : Pairing stocks with significantly different betas builds a market direction bet into a trade where it may not be
wanted. While total beta neutrality is very difficult, a pairs trader must always be aware of the betas of the two stocks he or she is
pairing
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The Trading Process Model
Screening Tool
Technical Analysis
Market Element
Neutral Element
Arbitrage
Fundamental / Technical Overlays Element
Additional Statistical Filters PAIRS PORTFOLIO
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Product rationale
Aim to generate returns from a portfolio in an all-seasons environment Reduce the “market risk (beta)” by investing in
“stocks/derivatives with pair trades,Pair trades will illustrate our positive and negative convictions in stock ideas,The fund
would endeavor to attain market neutrality by means of executing pair trades, Pair trades can be done on stocks and
indices, Basic premise: Aims to “Generate returns” in all market conditions, An extension of our “active fund management”
skills Stock selection would generate the returns (alpha) of the fund
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Trading & Investment strategies
– A-Long stock (equity) – Short stock futures Strategy B: – Long stock futures – Short stock futures Strategy C: – Long stock (equity) /
stock futures – Short index futures Strategy D: – Long index futures – Short stock / futures Strategy.
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Investment philosophy:
Portfolio returns
Situation A:Stock A – long stock futures; stock B – short stock futures – Post trade, price of stock A goes up and post trade, price of stock
B goes down – This is a best case scenario, where such trades will result in profits in both the legs of the trader.resulting in profit Situation
B: Stock A – long stock futures; stock B – short stock futures– Post trade, price of stock A goes up more than stock B – Relative out
performance of stock A compared with stock B Situation
C: Stock A – long stock futures; stock B – short stock futures – Post trade, price of stock A goes down less than stock B – Relative out
performance of stock B compared with stock A Situation D: Stock A – long stock futures; stock B – short stock futures – Post trade, price
of stock A goes down while stock B goes up (worst case scenario) – Trade going the other way.
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SOME EXAMPLE OF INDIAN STOCK
MARKET
1- Indusind Bank Vs. Bharat Financial
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ACC VS AMBUJA
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HDFC BANK Vs.KOTAK BANK
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BPCL VS HPCL
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HDFC LIMITED VS HDFC BANK
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KOTAK BANK VS INDUSIND BANK
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Volatility Play in Options
Presented By : Abhishek Agnihotri
In automated environment…
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Why to consider options for trading
Specially designed products for every size of investment
Ultimate flexibility for managing risk
One can play all kinds of market situations
Any combination of risk/reward can be designed using your wisdom
Cost effectiveness
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Options players in the market
Options buyers
Option writers
Options as hedge tool
Options for structured products
Various options strategies for different scenarios
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Options pricing
Basic lingo
Moneyness and time factor in options
Market timing and options behavior
• First week of expiry
• Mid way
• Last week
Things to consider in options price
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Options Greeks
Delta: Price sensitivity
Vega: Volatility sensitivity
Gamma: Delta sensitivity
Theta: Time sensitivity
Rho: Interest rate sensitivity
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Vega demystified
Volatility : Function of standard deviation
Vega
Factors to watch out for
Types of volatility:
• Historical
• Implied
• Realized
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How to play volatility
Common practices:
• Single side options with delta neutral trade
• Volatility spreads with/without delta neutrality
• Calendar Spreads
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One sided buying/selling iv
IV bying/selling consist of creating long/short position in options with delta neutrality in underlying
Things to look for
• General range for past 5-7 days
• IVP
• Events/corporate outcomes
• Cash to future spread
• Liquidity
• Moneyness
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Vol spreads
We create spreads in options based on their ivs, we punch a delta neutral trade to capture noises in ivs of different strike price of same
stock/index.
Types
• Back spreads: Dr Spread
• Front spreads: Cr Spread
• Ratio spreads: Dr/Cr Spread
Important concepts
• Vol smile, Vol skew, Flat curve
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Reliance
Vol Smile visible:
Nifty
Vol Skew visible:
Calendar Spreads
Effective strategy for capturing theta decay
Combinations can be created in such an effective manner where one can enjoy both Vega and theta same side
Directional views can also be implemented in calendar trades with minimum risk
Diagonal spreads can also be implemented in calendar
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Adapting vol play in your trading setup
Need to have robust trading setup which can take several inputs and put them altogether to execute the trade
Algorithmic trading is best suited for trading options vol because of multi-legged trade executions and lesser opportunities
Trading setup must be able to handle slippages and primary level risk management
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Demystifying Algorithmic Trading
Presented By : Anubhav Sethi
In the world of trading, Algorithmic Trading is that new species
➢ Around for almost a decade
➢ Growing
➢ Evolving
➢ Top of the trading hierarchy
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What we are seeing is a transition from
Grey Box Trading
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What is Algorithmic trading?
An algorithm is defined as set of rules that must be followed, when solving a particular problem.
Algorithmic trading can be defined as set of rules that directs trading (Buy/Sell) decisions.
Decision Execution
Set of rules
Making Engine Engine
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Speed
Multi-Tasking
Eradicating Emotions
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How fast is fast enough.
Algos which has 1 minute as lowest time frame to trade.
• Quant based/ TA based
• Trend following or mean reverting systems.
Do not require Co-Location / Super Computers
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Multitasking
Multiple Operations
Faster Processing of
Information
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Eradicating Emotions
Known Risk
Unkown Risk
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Future Generation of Traders
Programming
Core Engine Strategy Level
Programmers Programmers
Financial R
C Instruments
Markets
C++ Python
AFL /
Multicharts
Technical Risk
Analysis Management
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Manual trader
Algo
Traders Investor
Trading Investment
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Education in Algorithmic Trading
Presented By : Prateek Singh
Started trading
I dropped out from class 8 and started trading.
I am profitable.
I am not formally educated.
What if successful people could teach? And that’s how learnapp was
born.
In my first 5 years of trading I lost money.
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If I flip a coin 100 times (50% prob)
It’s LIKELY you get AROUND ________ heads
You could get 7 heads
1. Probability is not a certainity
2. You need a large sample size to judge
probability.
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Risk Management
Venture Capitalists - only 10% of companies make 90% of all profits
Private Equity- only 10% of companies make 90% of all profits
Mutual Funds - only 10% of companies make 90% of all profits
Group of companies - only 10% of companies make 90% of all
profits
As a trader, 10% of your trades will make 90% of all the money.
Rakesh Jhunjhun - Titan
Warren Buffet - Pepsico
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The system
-100 +30
0
1:3 RR ratio 110% a year
65% win:loss 15% drawdown
Less trades Less trades
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Always use a stop loss
What is a stop loss?
Maximum risk a trader is willing to take in a
particular trade.
____ % should be the maximum stop loss in an
intraday trade.
____ % should be the maximum stop loss in a
positional trade.
Execution is 90% of the battle
Backtest:
2 trades a day
1% risk per trade
Backtest showed 60%
Real trades made 10%
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Execution is 90% of the battle
Backtest:
2 trades a day
1% risk per trade
Backtest showed 60%
Real trades 10%
Lost 0.1% because manually trading was too slow.
66 trades a month meant 4.4% loss every-month, 52%
loss a year
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Cognitive Biases that affect trading
1. Selection bias
2. Outcome bias: judging a situation by outcome rather than by the quality of
decision at the time it was made. Tweaking monster.
3. Recency Bias
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Execution is 90% of the battle
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So is the knowledge.
LearnApp is born
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Employment in Capital Markets
Past, Present and Future
Presented By : Puneet Bareja
Journey Since 1984
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NSE Opens for Trading 1994
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Algorithmic Trading Starts 2008
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Trading Desks Wiping Out 2008
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Trading Career Growth 2008
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Collaborating for Success
Presented By : Govind Jhawar
Year of Collaboration
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Early Age - Systems
Ahmedabad Stock Exchange
Kolkata Stock Exchange
Delhi Stock Exchange
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They made huge money
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Live Example of Market – Strategy
Rules :
● Only Options Trading
● Positional Trade
● Trades in Spread
● Bullish / Bearish / Volatile View
● Stop Loss System
● Weekly Square off
● Limited Risk Strategy
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When Tested at End of the Day Data
Profit 23.37%
Qty Traded 12100
Win Month 59%
Lose Month 41%
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When Tested at Intraday Data
Profit 23.37% 37.02%
Qty Traded 12100 25200
Win Month 59% 67%
Lose Month 41% 33%
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When started in Real Market Algorithmic Trading
Profit 23.37% 37.02% 17.23%
Qty Traded 12100 25200 15875
Win Month 59% 67% 77%
Lose Month 41% 33% 23%
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After Improving in Algorithms
Profit 23.37% 37.02% 17.23% 19.57%
Qty Traded 12100 25200 15875 26250
Win Month 59% 67% 77% 72%
Lose Month 41% 33% 23% 58%
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For Successful Earnings in Market
● Funds & Logical Risk taking
● Ideas - Research - Data Testing
● Algorithms & Technology
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Keeping All 3 at your end is
● Highly Expensive
● Unspecialised
● Low Experienced
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Best way to get all three is
Collaborate
Benefits :
● No additional Costs
● Earn and Share Formula
● Easy to Start and Easy to Stop
● Always Updated
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Action Plan - Find
● Members for Funds and Logical risk Taking
● Good Analyst Teams for research in different Segments
● Good Algorithms & Technology
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Scope for all of us
● Equity Exchanges
● Currency Exchanges
● Commodity Exchanges
● Foreign Market Trading
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Strategies, Big Data and Data Science
Presented By : Abhishek Agnihotri
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for FAQs visit https://algoji.com/algo-trading-faq/
for FAQs visit https://algoji.com/algo-trading-faq/
for FAQs visit https://algoji.com/algo-trading-faq/
for FAQs visit https://algoji.com/algo-trading-faq/
