Technical analysis software provider AutoChartist has announced a partnership with a leading platform provider for the FX markets, ActForex. The partnership means AutoChartist will provide users of ActTrader, the firm’s benchmark trading platform, with its advanced technical analysis and trade ideas solution. The move comes as traders in the FX markets explore alternative trading terminals after third-party developers were shunned from a popular platform in April, earlier this year.
ActForex, a US based technology provider to financial services firms has been enhancing its signature trading platform, ActTrader, as traders become more intelligent and use sophisticated techniques to find alpha in the worlds most liquid asset class. New initiatives include automated and algorithmic trading solutions for users.
AutoChartist is an ideal addition to the complete service offered on the ActTrader as users can spend more time on finding opportunities then learning about technical analysis and trading patterns. In addition, with over 40 brokers using AutoChartist the product is widely used among the trading community and thus makes brokers offering ActTrader more competitive.
Ilya Sorokin, CEO of ActForex believes the new service will benefit every trader. In a statement, he explained: “The use of this program replaces years of learning to recognize market patterns and what they mean. AutoCharitist does it automatically by scanning and analyzing massive quantities of market data. Traders receive around 3500 real-time trading opportunities per month that would have otherwise been missed.”
AutoChartist is widely used by leading brokers in the FX and CFD markets. The volatility witnessed post-2008 in major instruments such as EUR USD and Gold meant that traders were keen to use tools that complement their existing strategies, AutoChartist gives traders assistance in recognizing patterns on charts in order for them to generate signals and trade ideas. The product has evolved over the years and the integration into ActTrader “is the best and most complete integration of our technology into a trading platform” states Mr. Enis Mehmet, Head of Business Development at AutoChartist in a press briefing.
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Within the ActTrader platform there are numerous functionality for traders using the new technical analysis tools, a trader can filter and organize signals for selected instruments or patterns in the AutoChartist ‘Trading Opportunity Window’, all based on personal trading strategies. In addition, the feature delivers audio and visual alerts to the trader while highlighting the currently available opportunities.
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Platform providers have been keen to follow the ‘open-apps’ based development model as third-party developers play a significant role in the progress of the platform. For aspiring programmers, ActTrader offers the Visual Algorithmic Trading (VAT), a module for traders who lack programming skills.
ActFX is the scripting language used to write proprietary strategies, traders can use existing strategies on Metatrader 4 by using the MT4 to ActFX Converter, as well as adding Strategies and Indices to its FXApps store, an open market place.
ActForex was in a legal dispute with broker BMFN last August, the software provider put a claim forward against the broker to the Manhattan federal court, ActForex accused the Boston-based broker-dealer of misappropriation of trade secrets, breach of contract, unfair competition, fraud and unjust enrichment.