Wyden (Formerly AlgoTrader)

AlgoTrader (now Wyden) software facilitates the development, automation, and execution of numerous strategies at the same time. The software download enables automation in forex, futures, options, stocks and commodities markets. It is also one of the first to allow automated trading of bitcoin and other cryptocurrencies. This page will break down their system, including features, benefits, price, and performance.

Best Wyden Brokers

Click a broker for details
  1. 1
    Interactive Brokers

    Ratings
    4.5 / 5
    3.5 / 5
    4.5 / 5
    4.3 / 5
    3.3 / 5
    3 / 5
    4.4 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5

    $0
    $100
    1:50
    FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA
    Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
    Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
    Cheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit Card
    USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF
  2. 2
    Kraken
    Lower fees when trading volume exceeds $50,000 in 30 days

    $10
    Variable
    FCA, FinCEN, FINTRAC, AUSTRAC, FSA
    Cryptos
    AlgoTrader
    Bitcoin Payments, Wire Transfer, PayID, Silvergate Bank Transfer, Etana, Ethereum Payments
    USD, EUR, GBP, CAD, AUD, JPY, CHF
  3. 3
    Gemini

    Ratings
    2 / 5
    3 / 5
    2 / 5
    2.5 / 5
    3 / 5
    2 / 5
    2.5 / 5
    3 / 5
    0 / 5
    0 / 5

    $0
    0.00001 BTC
    NYDFS, MAS, FCA
    Cryptos
    ActiveTrader, AlgoTrader, TradingView
    Bitcoin Payments, Credit Card, Wire Transfer, Visa, Mastercard, Silvergate Bank Transfer, Ethereum Payments, ACH Transfer, PayPal, Etana
    USD, EUR, GBP, CAD, AUD, HKD, SGD

Breaking Down ‘AlgoTrader’Day trading with AlgoTrader

Swiss-based AlgoTrader GmbH has contributed to the rise in automated trading systems. In fact, 80% of all stock market orders now placed by such systems.

Since 2009, AlgoTrader has introduced a number of comprehensive versions, from 2.2 and 2.3 to the popular 4.0 version of today. Below you will find details on the developments.

AlgoTrader is built on open-source technology, frameworks, and methodologies. These include Java SE 6 Model Driven Architecture and Code-Generation based on AndroMDA CEP-Engine based on Esper Persistence Framework.

Features

General Capabilities

Before getting technical with source code downloads, Python and Github, the platform offers a number of basic but beneficial features. It supports multiple currencies and enables automatic conversion of currencies.

In the web-based platform, you will find a selectable view option and menu for the rarely used functions. A financial overview will appear at the top of the screen. This all helps de-clutter your platform, allowing you to focus on what’s important and relevant to you.

Day trading with AlgoTrader software

Charts & Indicators

FX, stocks and futures day trading is tough. However, AlgoTrader and Wyden reviews have been quick to highlight the TradingView chart library allows access to many popular indicators. ATR, Bollinger Bands, Donchian, Keltner, and Parabolic SAR could all aide market analysis.

In addition, there is a generous choice in terms of chart types. You will find lines, bars, candles, area, selected linear, percentage, plus log axes for sharp price movements. Customisable charting and drawing tools are also available, including Fibonacci and Gann tools, as well as Elliot Waves.

AlgoTrader trading system and chart

4.0 Enhancements

In response to client feedback and market analysis, the firm has introduced a number of new features. Reviews show users are content with many of the changes. The new offering allows multicolumn grouping, plus you can display all tables at once. The gives day traders the ability to make fast decisions. You will also now find a number of alarms and notifications.

AlgoTrader trading software

On top of that, you will not have to wait or refresh to see market data. Instead, live market data and updates are automatic and in real-time.

The cost of AlgoTrader 4.0 will vary depending on individual circumstances, including the size of assets traded and the strategies you want to employ. For an accurate price, head over to their website and submit a request. You can also check out their demo offering to get a feel for the platform before you sign up.

Automated Bitcoin Trading

With Bitcoin and cryptocurrency experiencing a phenomenal rise in popularity, Wyden has been quick to introduce the first professional algorithmic trading solution to support such trading.

Through integration with Coinigy, Wyden connects to over 45 of the world’s most commonly used cryptocurrency exchanges. This enables individuals to day trade hundreds of cryptocurrencies, including Ethereum, Litecoin, Ripple, and Dash.

Below are just some of the available exchanges:

The system has a lot to offer technical traders. You have the ability to process live market data, plus automated downloads of Coinigy accounts, exchanges, as well as currency pairs into AlgoTrader.

On top of that, you can trade your cryptocurrencies against fiat currencies via forex brokers. There is also arbitrage trading of digital currencies between exchanges, as well as the automated rebalancing of portfolios.

New Adapters

You will find Wyden can now support 15 interfaces and adapters, including:

Strategy-Specific User Interface Extensions

AlgoTrader 4.0 allows you to extend the HTML 5 user interface with a number of strategy-specific customised widgets. The benefit of this is day traders can visualise strategy-specific data or amend functionality, such as parameters.

These widgets are created with straightforward JavaScript and empty web sockets over STOMP to communicate with Wyden servers and your strategy.

InfluxDB

Wyden uses highly regarded time series database InfluxDB, to store both live and historical market data. As a result, you get to benefit from the following:

Unique Capabilities

In terms of AlgoTrader vs Marketcetera, Ninja, and other similar systems, you realise the platform offers a number of unique features that you simply cannot get elsewhere. These include:

Many of the FX indicators and features you can find tutorials and PDFs for in their support documentation.

It’s important to note that Wyden takes a different approach to their platform. They steer clear of chart-based software packages, such as NinjaTrader and TradeStation, that boast hundreds of indicators and straightforward menus. Admittedly Wyden has a fast integrated Esper engine. However, it is perhaps better equipped for dealing with complicated trading logic, instead of latency in the nanosecond range.

Additional Features

Once you have completed your open source download, you will also have access to a number of additional features:

Why Use Wyden?

With so much software now available on today’s market, why does the Wyden system warrant your attention?

Drawbacks

There are undoubtedly some distinct advantages to the system. However, trading blogs and customer reviews have also been quick to highlight certain drawbacks and risks:

Verdict

It is clear that Wyden improves each year. The current software 4.0 offers a range of sophisticated features. When compared to others it stands out as one of the most comprehensive algorithmic solutions on the market. In addition, you can benefit from a free download and demo, regardless of your location, be it London, India or Singapore.

For further guidance on how automated systems can enhance your trading performance, see our automated trading page.