Less than two months after Canadian provider of online trading and investment services Questrade announced its partnership with WooTrader, the broker unveils a new addition to its partner centre.
The latest addition is web-based, options trading tool Magenta Trader which seeks to simplify the process of finding potential options trades. By using historical seasonal data from the last 10 years, traders can see the recent price action of their stock, and how it has acted compared to the average trading range each month over the last 5 and 10 years.
Once traders log in to Magenta Trader, they can instantly pull up a chart of their favorite stock, with the charts looking a little different from the typical candlesticks. Magenta Trader places the earnings schedule for a stock right on the chart. This helps traders see how the price has reacted to prior earnings announcements. It also gives them a heads-up about the next earnings release date.
Magenta Trader’s API integration with Questrade makes it easy to view option chain information. Now traders can combine the Magenta seasonality tools with Questrade market data to pinpoint the exact option chain they want to act on.
In addition, Magenta Trader is planning to add a trade integration so traders can instantly send their stock and option orders from Magenta Trader to Questrade.