Developing a new software for MCX traders

[Siva7891]

Hello All,

This is Siva Kumar. I joined on the Traderji few years back when I traded on MCX. Currently working as a freelancer software developer. Right now I am working for US based clients and everything is going well.

I want to develop a product for MCX traders and I like to get the feedback from community

Summary:
Using the android app/web app, you can set market alerts you want to receive. Say you want to be alerted when Silver1000 goes below 38,000. Our backend will keep on monitoring the Silver1000 price on real time(minute by minute) and will send you a notification via SMS & Email once the price goes below 38,000

Features
1) It's 100% realtime (1 Minute Interval). Speaking with MCX approved data partner for the data feed.
2) Monitoring will happen on the backend and not on your mobile phone.
3) Alerts can also be sent via SMS & Email
4) All the MCX contracts will be available
5) The application will be hosted on the AWS Cloud. So we will have 100% uptime.

Pricing
1) 25 Alerts can be sent to email for free on every month
2) 500 Alerts can be sent to email for Rs. 50/Month
3) 100 Alerts can be sent to SMS for Rs. 100/Month

This is not a marketing post. I have not yet started to build the product but I am committed to building it even if less than 100 peoples are interested (no pre-sales). The reason I am posting it here is, as far as I know Traderji is the only active forum for MCX trading. I want to get the feedback from the community for the product. I am open to all of your suggestions regarding the product.

Also, I am not looking for any pre-sales or financial partnership. This particular product was on my mind from the days I traded. If you think there are any similar product like the one I am proposing please share it.

Regards,
Siva Kumar.

 

[Buzzstop]

Just a few thoughts. Looks promising

1) try to include nifty futures if possible
2) find out what the regulations are regarding this and get registered.

 

[deba72]

Alongwith the price alerts, it will be prudent to include strategy based alerts ,which can be customized by users. Otherwise only price alerts would find limited takers in the active traders community.

 

[Siva7891]

Just a few thoughts. Looks promising

1) try to include nifty futures if possible
2) find out what the regulations are regarding this and get registered.

Thanks for the feedback Buzzstop.

1) I am thinking about adding NSE F&O, NSE CDS in future.
2) Since I am not going to provide real-time data to users directly, I believe I don't need to register for real-time data feed other than paying to my data-feed vendor. Other than I am also looking for any other market related registrations to be done.

 

[Siva7891]

Alongwith the price alerts, it will be prudent to include strategy based alerts ,which can be customized by users. Otherwise only price alerts would find limited takers in the active traders community.

Thanks for the feedback deba.

I too thought about providing custom strategy based alerts but decided not to implement on the initial version. Reason being it would be expensive for implementing the backend. For every minute, I need to recalculate the indicators based on the new price. This will be a computationally expensive and to compensate that I may need to charge more for the end users.

Said that, I decided that if there is need for the v1 of the product, I will implement it on next major version of the app.

 

[DSM]

Thanks Siva for your post.

SMS based alerts are already available for free on most trading platforms. So I think you are trying to re-invent the wheel in my view..... or am I missing something?

Hello All,

This is Siva Kumar. I joined on the Traderji few years back when I traded on MCX. Currently working as a freelancer software developer. Right now I am working for US based clients and everything is going well.

I want to develop a product for MCX traders and I like to get the feedback from community

Summary:
Using the android app/web app, you can set market alerts you want to receive. Say you want to be alerted when Silver1000 goes below 38,000. Our backend will keep on monitoring the Silver1000 price on real time(minute by minute) and will send you a notification via SMS & Email once the price goes below 38,000

Features
1) It's 100% realtime (1 Minute Interval). Speaking with MCX approved data partner for the data feed.
2) Monitoring will happen on the backend and not on your mobile phone.
3) Alerts can also be sent via SMS & Email
4) All the MCX contracts will be available
5) The application will be hosted on the AWS Cloud. So we will have 100% uptime.

Pricing
1) 25 Alerts can be sent to email for free on every month
2) 500 Alerts can be sent to email for Rs. 50/Month
3) 100 Alerts can be sent to SMS for Rs. 100/Month

This is not a marketing post. I have not yet started to build the product but I am committed to building it even if less than 100 peoples are interested (no pre-sales). The reason I am posting it here is, as far as I know Traderji is the only active forum for MCX trading. I want to get the feedback from the community for the product. I am open to all of your suggestions regarding the product.

Also, I am not looking for any pre-sales or financial partnership. This particular product was on my mind from the days I traded. If you think there are any similar product like the one I am proposing please share it.

Regards,
Siva Kumar.

 

[Siva7891]

Thanks Siva for your post.

SMS based alerts are already available for free on most trading platforms. So I think you are trying to re-invent the wheel in my view..... or am I missing something?

DSM, Kindly share the name of few platform that gives custom SMS Alerts.

As far as I know few platforms will send an SMS when an order is completed. Is it possible to set custom alerts, say send an SMS when Silver1000 price goes below 38000?

 

[DSM]

Siva7891,


RKSV Nest offers options for free SMS, Email and Onscreen alert when a level is reached. I am already using this feather regularly. Also TradeTiger from Sharekhan (will confirm this) ICICIDIRECT also gives 50 free SMS alerts on reaching levels such as 52 week high/low. Maybe other platforms as well may but I have limited experience and can comment definitely on NEST.

DSM, Kindly share the name of few platform that gives custom SMS Alerts.

As far as I know few platforms will send an SMS when an order is completed. Is it possible to set custom alerts, say send an SMS when Silver1000 price goes below 38000?

 

[deba72]

Thanks for the feedback deba.

I too thought about providing custom strategy based alerts but decided not to implement on the initial version. Reason being it would be expensive for implementing the backend. For every minute, I need to recalculate the indicators based on the new price. This will be a computationally expensive and to compensate that I may need to charge more for the end users.

Said that, I decided that if there is need for the v1 of the product, I will implement it on next major version of the app.

IMHO, it's always better to develop a feature rich product where customers would be ready to pay premium rather than any low cost , low-on-feature platform which active traders may not value.

 

[Siva7891]

Siva7891,


RKSV Nest offers options for free SMS, Email and Onscreen alert when a level is reached. I am already using this feather regularly. Also TradeTiger from Sharekhan (will confirm this) ICICIDIRECT also gives 50 free SMS alerts on reaching levels such as 52 week high/low. Maybe other platforms as well may but I have limited experience and can comment definitely on NEST.

Thanks for the feedback DSM. I will also look into those platforms. I definitely don't want to reinvent the wheel.