FXStreet has launched a new tool dedicated to inform traders about important technical events and levels across different currency pairs that could have an impact on future price movements. The solution was developed in partnership with financial software development company Qubitia.
The new tool is named Algo Rythms and covers over 30 currencies, creating alerts based on 100 intricate scenarios.
Qubitia has been developing a trading platform which allows clients to develop automated trading strategies on the fly. In what has been a trend in recent years, the company is striving to reach out to those traders who do not possess the technical skill set to code their own proprietary automated trading strategies.
Last year, the news portal acquired a 6.5% stake in the Spanish software company, which has been focused on financial markets oriented software solutions. With the toolset, which the software development company has already incorporated within its own platform, it managed to deliver a very straightforward solution according to the demands of FXStreet.
About 100 intricate market scenarios are parsed through the system of Qubitia
Experts from the news portal have devised a set of about 100 intricate market scenarios which were then parsed through the system of the software development company, resulting in a number of technical alerts tracking certain technical set-ups.
The trading platform developed by Qubitia generates the text associated with the signal automatically into 17 languages. Hence, traders receive news signals which identify a possible trend change in the market.
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We plan to continuously add hundreds of new signals, markets and asset classes
Commenting on the announcement, one of the developers of the product, Gus Farrow from FXStreet, said, “At times the signals might feel chaotic and hard to follow, but markets always follow a rhythm. The trick is to know what to watch for. Being a 24/5 news service, we know all too well how difficult it is to follow everything at once, so we started to explore ways to shine light on this blind spot.”
“Our ambition does not end here. Working closely with Qubitia, we plan to continuously add hundreds of new signals, markets and asset classes and will expand into inter market analysis and index construction too,” added Gonçalo Moreira, CMT and Research Expert at FXStreet, who is also co-developer of Algo Rythms.
Readers of the FXStreet website can already find Algo Rythms within the news feed of the website.
Below is an example of one of the signals generated by the new product:
“The daily USD/NOK RSI has moved above 70%, meaning that the pair is trading in overbought territory.
The daily RSI(14) has pushed above the 70% threshold while the weekly charts show the oscillator above the 50% mark already for several months. This either suggests an over extended market or a fully-fledged up trend.”