Oanda adds technical analysis to FX trading tool

Source: OANDA

Oanda has introduced a powerful new solution for currency traders who use technical analysis in their trading strategies. The pioneering retail forex dealer has partnered with Autochartist to develop Oanda Technical Analysis, an automated technical research application that is integrated with Oanda's popular trading platform, fxTrade.

It also has an optional MT4 plug-in for traders who use automated trading strategies.

Oanda Technical Analysis is available free to all Oanda trading clients (practice account users will have access for a limited time; analysis in the demo environment is delayed by five candlesticks). The software scans more than 10,000 market data points per minute to identify price trends and chart patterns. It then automatically alerts clients to potential trading opportunities as they emerge and enables them to trade directly from the analysis screen using Oanda's unique fxTradeNOW feature.

"Trading forex is risky and traders often use technical analysis to look for price trends that help inform their decisions in this highly volatile market. Oanda Technical Analysis automates that process," said Trevor Young, Senior Director of Product Management, Oanda. "It's a powerful tool that helps traders include advanced technical analysis as part of their overall trading strategy, without the need to spend time developing complex algorithms. The solution's large-scale automated market scanning and customizable auto-alerts help to call out potential trading opportunities that traders may otherwise overlook."

Young added that the Autochartist-powered solution is the first to come from Oanda's new industry partnership program.

"We are working with a select group of trusted partners, such as Autochartist, that complement our technology and enable us to enrich the trading experience we offer to clients," he said. "The goal is to broaden Oanda's offering through a software development ecosystem based on strategic partnerships with companies that share our values of fairness, transparency, and innovation."

Ilan Azbel, President and CEO of Autochartist, said his firm is excited to be part of Oanda's partner ecosystem and contributing to the development of innovative solutions.

"With Oanda Technical Analysis, Oanda has launched a revolutionary product that enables clients to execute trades from directly inside the application through integrated 'fxTradeNOW' functionality – this saves traders the time and hassle of launching a separate browser window to execute trades once they've done their technical analysis," Mr. Azbel said. "It's exciting for us that Oanda has plans to go way beyond our 'vanilla' offering to fully integrate the Autochartist API with their Java web and mobile platforms, bringing the power of our two platforms together for the benefit of traders." 

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