Automated analytical tool provider myfxbook has added a further innovation to its service, in the form of a pattern recognition tool for FX traders as the current trend for innovation among social trading providers gains ground.
The services is, according to myfxbook, intended to cater toward ensuring that the procedure associated with searching for a particular pattern in a chart is simplified, with the new section allowing traders to view in real time, 60 different trading patterns for over 60 different symbols in 9 different time-frames in a single glance. The tool’s systems will constantly scan the prices for patterns in real-time and will alert the trader of any such pattern forming.
Not only the pattern is identified, but it is immediately seen if it is a bullish pattern or a bearish one. myfxbook considers this to contribute toward convenience, with each pattern having a complete definition.