OANDA has issued a company statement, announcing a collaboration with Autochartist on delivering clients of the established FX trading brokerage two new technical analysis features. The first one is called Correlating Signals and is a joint development between the two companies, while the second is a product featured in the Autochartist software, named Our Favourites.
Autochartist’s software has been around for several years. It is a technical analysis tool which analyses multiple timeframes looking for forming technical trading setups and flagging breakouts from existing chart patterns.
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The Correlating Signals feature uses Autochartists’ technology to identify trading opportunities for clients and delivers e-mail notifications informing them about support or resistance levels coinciding with projected chart patterns. If a trader deems the event worthy enough of opening a position he is free to do so at his own discretion.
The other feature already available to clients of Autochartist is called Our Favourites. It provides traders with potential trading opportunities, filtering the signals on a historical basis and calculating the highest probability of hitting the target price of the signal trade. As all established traders know, “past performance is not indicative of future results,” arguably this statement applies to this feature as well. However, since it is based on automated historical data analysis it could prove to be useful for some traders aiming at more secure trades depending on the risk-reward ratio.
The new features are freely available to all live clients at OANDA, those holding a demo account will have the opportunity to gain access for a limited time period in a delayed environment.