Best AI Stock Trading Software and Bots for 2023 Reviewed
Thanks to AI stock software, nowadays, AI based trading is brought to a whole new level – more professional and advanced concepts are applied quickly and comfortably, even by beginners.
Best for AI Stock Trading
- Best AI Stock Trading Software: Trade Ideas (15% Off code DAYTRADINGZ)
- Best Stock Trading Bot with AI Pattern Recognition: TrendSpider (72% Off)
- Best AI for Options Trading Analytics: BlackBoxStocks (50% Off)
Here are 9 of the most popular AI trading solutions, from free AI trading software, to AI trading bots and AI for options trading.
1. Trade Ideas
If you are looking for the #1 innovator in the trading business who got into AI stock trading software development before anybody else in the retail trading segment, Trade Ideas is ahead of its competition.
Ten years ago, the company focused as an innovator on developing the best stock scanner for day traders with tremendous success. Even today, competitor products try hard to provide solutions close to Trade Ideas scanning features.
About five years ago, Trade Ideas introduced their AI algorithm and named it Holly, long before Google Bard, Microsoft Azure AI and ChatGPT got that popular.
So, they have a head start, and it is no surprise that their AI bots and AI scanner technologies perform well. Users can let AI algos scan the market for the best-working strategies, backtest thousands of scenarios, and connect Trade Ideas directly with Interactive Brokers and E*Trade for automated trading by using one of the best automated trading platforms.
If you want to learn more about all features, please consider reading my Trade Ideas review, which explains all features in detail, including the best pre-defined scanner layouts, trade alert filters and charting tools.
Access to Trade Ideas Premium with all AI features costs $167 with the annual plan or $228 monthly, while the Standard plan costs $84 with the yearly and $118 with the monthly plan.
TrendSpider implemented impressive AI trading capabilities, enabling you to scan for trading based on AI analysis and transmit trading signals to a trading robot. TrendSpider simplifies the trading process and automates the analysis by providing exceptional charting technology, scanning and automation.
- Specialized tools for technical traders
- Multi timeframe analysis
- Trading bots
- Game-changing automation tools
- Smart watch lists
- Options flow and dark pool data
The AI tool for trading navigates you toward the most profitable trading opportunities by highlighting trade entries and exits on the charts for the instruments on your watchlist.
Today, Trend Spider is renowned as one of the most comprehensive and widely popular AI trading software. TrendSpider provides technical analysis assistants with a fully customizable engine for more professional trading.
Recently, the TrendSpider team published a great tutorial on how to use ChatGPT to identify the best trading strategies and included guidance on how to validate the profitability by using the backtesting feature. You can try the AI software for free, test your favorite strategies, or discover new ones.
BlackBoxStocks started in 2014, and ever since, they have offered one of the best algo trading software solutions that use algorithms and artificial intelligence to filter noise out of the market. As a result, their proprietary algos come up with real-time-based trading alerts.
AI trading management technologies are currently at a level where, within BlackBoxStocks, generated trade alerts can be automatically transmitted for trade execution. In addition, BBS announced the launch of their proprietary StockNanny beta program, an AI-driven portfolio alert innovation with real-time market data from Nasdaq.
BlackBoxStocks is by far more than at the beginning. They added extensive scans for the options market. Users can even scan for dark-pool activities.
Besides the access to the stock screener, subscribers also gain access to a chat room, where real-time trade alerts are posted. One thing I like a lot about it is that only large-cap stocks are traded. This way, members can duplicate trades easily.
Full access to BlackBoxStocks costs $99.97 per month.
SignalStack helps traders easily convert trade alerts to a buy or sell order routed via the brokerage account to the stock exchange.
SignalStack greatly automates the whole order flow, and it’s highly reliable. Supported trading-signal generating tools include TrendSpider, TradingView, and IFTT, and many brokerages can be connected, ranging from TD Ameritrade and Interactive Brokers to E*Trade, TradeStation and ByBit, to Alpaca, Lime and Tradier.
Some of the core features include:
- Flexible order types from market to limit orders
- Detailed trade logging
- Fast order transmission.
SignalStack is great for AI trading works without coding.
Tickeron is a marketplace that provides various AI-driven trading tools to traders and investors. Everything began with the official product Divscore, where AI helped investors analyze their portfolios by a diversification score.
After further progress and with the help of state-of-the-art AI technologies, the company made further progress. It began building real-time AI-trading robots for delivering entry and exit signals based on proprietary algorithms.
As of today, the first-generation AI robots on a “trading signals only” base are available with statistics of closed trades and real-time alerts for new trades. Users can connect the AI robot with a virtual portfolio and use advanced money management capabilities.
The third and fourth generations of AI robots are under development, where you can trade with real money and connect the Tickeron with a brokerage account.
Access to all AI Robots with the currently developed features costs $180 per month.
Once available with real brokerage account connections, I’ll review the product in more detail. Until then, Trade Ideas remains the leading artificial intelligence stock trading software with fully implemented live-trading features.
Metastock is a well-known stock market analysis and charting service that offers many products such as MetaStock D/C, MetaStock R/T, and now an AI stock trading engine developed explicitly for trading.
MetaStock’s product line was expanded by Fulgent AI, which comes with hundreds of trading indicators, cross-market measurements, and four types of trading signals.
The software identifies when a stock is oversold to spot major market reversals but also identifies reversion swing trade, along with trained algorithms for 3-day moves and volatility breakouts.
The price tag of MetaStock Fulgent AI is on the higher end at a $1,995 one-time fee or $1,609.20 annually.
7. Imperative Execution
Imperative Execution sees itself as the first venue to use artificial intelligence to optimize trading performance by optimizing trade executions and minimizing market impact caused by order flow. To achieve it, they use powerful hardware and high-memory servers to transmit multiple transactions parallelly.
The company currently executes over 256 million orders per day, with an average response time of 15.6 milliseconds, supporting over 50 major brokerages with a total displaced daily order value of $567 billion.
Their IntelligentCross AI Cycle matches orders at suitable times within microseconds to ensure price stability. The calibration AI cycle enables venues to adapt to new market conditions and improve continuously.
Seamlessly, from any algorithm like percentage of value, liquidity seeking or volume weighted average prices, all major order types are useable, from limit orders and market orders to peg, tif and display orders, but also with order qualifiers like Iceberg or ALO.
While this AI tool is not for retail investors, surely many investors benefit from this AI technology.
8. Quantum Street AI
Quantum Street AI develops wealth management and investment solutions by using IBM Watson. The artificial intelligence-based tool is only available to professional investors but not retail traders.
The data set includes over 50,000 analyzed companies and asset classes in 13 global languages.
You might know the service in conjunction with the brand EquBot. Since EquBot is now an SEC-registered investment advisor, the non-advisory institutional offerings are now available with a separate brand – Quantum Street AI.
Official pricing information is not available on their website.
The team behind Kavout has over two decades of machine learning and big data processing experience, which helped the company become a leading research-driven big data processor for financial data.
Kavout aims to identify nonlinear, dynamic and hidden financial market behavior by utilizing the latest machine learning and AI methods and provides three products to their clients.
The three Kavout products are the Portfolio Toolbox for private investors and investment advisors (with a multi-factor screener, portfolio diagnosis and a portfolio builder), a Signal DB database for financial analysis and quants, and machine learning solutions for asset firms and institutions.
The costs for the retail Portfolio Toolbox are $7 for the first month and then $49 monthly (with US stock market data only).
Best AI Stock Trading Software – Summary
There are pros and cons of artificial intelligence, but there are plenty of ways to employ AI stock trading software and become a better trader. However, designing a truly efficient algorithm is a daunting and resourcefully extensive process.
That is why the best way to proceed is to try one of the ready-made solutions on the market and kick-start your artificial intelligence powered trading methodology. Trade Ideas is the #1 AI based stock screener out there, perfect for spotting trading opportunities, with integrated algorithmic trading capabilities.
AI Bot Trading Guide
Artificial intelligence stock trading software aims to help traders like you and me enhance the buying and selling process by making trade executions faster and AI more efficient.
Machine learning has enormous potential to ease trading by analyzing large amounts of data points and spotting relevant signals to indicate where to enter and exit the market.
Algo-based trading mechanisms follow a straightforward and unified methodology, while in practice, it is a bit more complex but can be simplified in the following three steps – gathering and organizing, to finally construct the trading algorithm.
Suppose you consider using ChatGPT to ask for the best trading strategy. In that case, it might be a good start since the algo will research through existing freely available content to identify viable strategies. However, it takes much more work to validate, backtest and forward-test a strategy before going live, even if you use the best backtesting software.
That is why it is often better to take advantage of an existing solution that has been tested and proved successful. Apart from not wasting money on developing your propriety trading algorithm, you will benefit from more advanced, high-end technology.
How Do Stock Trading Bots Work?
AI stock trading bots are programs developed to execute trades based on specific trade entries and exit rules.
Once finally coded, the AI bot runs automatically on a server, via webhooks or on a trading computer.
The idea of stock trading bots is not new. After the turn of the millennium, high-frequency trading gained popularity, and more and more investors began to code trading bots.
Money management rules help to define the entry and exit conditions of a trade precisely, and once the algo is active, the trader can focus on monitoring the trades. The main benefit of strategy automation is that it takes out the emotion investors typically have, and behavior like the fear of missing out can be avoided since the stock trading bot automatically takes care of the fully coded trading process.
The entry and exit rules of the trade can be based on highly complex variables and conditions, but even simple algo rules can work profitably in the preferred market of an investor.
The same is true for stop-loss orders and money management rules. A simple approach is an initial stop that never changes. More complex is the trail stop.
Institutional investors typically have their own proprietary trading software, while retail traders focus on software linked to their broker via API. Various vendors have developed their own language model for trading strategy development. TradeStation is based on EasyLanguage, NinjaTrader has its NinjaScript etc.
Defining Trading Rules of the AI Stock Trading Bot
AI Stock trading bots can be created via drag and drop trading strategy wizard, which allows users to select pre-defined rules.
Those components can be technical indicator values, trading-day specific price infos such as high of the day, low of the day, previous day close etc., and seasonality factors.
A trader could program, for example, an AI algo that enters a long position once the 20-day simple moving average crosses the 200-day simple moving average to the upside, automatically executed by the stock trading bot.
Alternative examples are going long if the price of a stock closes above the previous day’s high or going long once the price of the asset closes above the 50 exponential moving average for the first time in 30 days.
While strategy wizards involve some type of comfort, they also have limitations. That’s why many traders chose to code their own scrips for trading indicators (pained on the chart) or AI systems (with entry and exit conditions).
The wider degree of flexibility in coding can lead to improved results when backtesting a strategy and finetuning it can be more efficient. Still, no matter how good the backtest results are, they are no guarantee for future results.
Once the trading bot rules are coded, the computer can execute the AI strategy automatically. The algorithm scans the market and automatically detects the trade entry and trade exit conditions.
Once the conditions are met, the computer automatically places the buy or sell order. Once the AI enters a position, it can handle trailing stop logic or profit target variables. The trader can sit down and monitor the buying and selling of stocks with less emotion attached to the trade.
Is AI Good for Trading?
Yes, AI is good for trading because it helps traders evaluate the efficiency of trading concepts faster and identify new ways to trade profitably. Many banks and financial institutions already use AI for portfolio management and various in-house processes, and in finance, AI is on the rise.