Source: Interbank FX
Most people think of GPS as a device to help navigate the Amazon or give directions from a vehicle's dashboard to the nearest Starbucks.
But in the world of off-exchange foreign trading (forex), GPS takes on a much different meaning. The software from forex broker Interbank FX (IBFX), which stands for Graphical Pattern Scanner, is being offered as a free resource. Its primary function is to help currency traders predict potential market trends so they can buy or sell accordingly.
"IBFX-GPS is an invaluable tool for Interbank FX traders because of the broad range of features it offers," said Todd Crosland, Interbank FX CEO. "Offering free trading and educational tools fits into our model of leveling the playing field for our customers."
The main feature of IBFX-GPS is its ability to identify and recognize the various chart patterns regularly seen in forex trading. Chart patterns indicate potential future market trends based on psychological phenomena that occur between buyers and sellers.
The most common patterns, and those available through IBFX-GPS, are the triangles, channels, wedges and head-and-shoulders patterns. IBFX-GPS identifies which pattern the market is trending towards, enabling traders to make a more educated decision.
IBFX-GPS is available now for free download. In order to use the IBFX-GPS tool, traders must have either a live account (full IBFX-GPS functionality) or a demo account (limited IBFX-GPS functionality).