Competition in the signal-trading-for-currencies sector is heating up.
Currency news and information provider FXStreet has announced the launch of Algo Rythms, a signal-based news feed for over 30 currency pairs, developed in collaboration with fintech software solutions provider Qubitia Solutions. Both companies are based in Spain.
Algo Rythms is part of FXStreet’s news feed. FXStreet readers can already find them on the website, under the “News” section.
FXStreet has composed around 100 intricate market scenario signals and applied them over 30 currency pairs – representing a total of 3000 strategies running at the same time. When a specific technical set-up is found, a signal is created and thoroughly backtested to ensure that each alert hits the right note at the right time.
Once a signal is triggered on Qubitia’s Qcaid platform, an automated text specific to the market scenario is generated in 17 languages and posted into FXStreet’s news feeds, alerting readers of the underlying trend change in the market. They are immediate and actionable alerts for Forex Traders.
Gus Farrow from FXStreet, one of the developers of the feed, explained how this project emerged:
At times they 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 and co-developer of the new service.
Carolina May, CEO of FXStreet said: “With FXStreet’s news team Twitter account ranked number 1 for FX by Bloomberg we only ever consider the very best upgrades to our news service as acceptable. We are confident Algo Rythms will improve our news feed by giving traders unique insights.”
To see FXStreet’s press release on the launch of Algo Rythms click here.