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Screenshot of a breaking news alert e-mail from Q2 2017
SaxoTrader, the in-house multi-asset trading platform of Denmark-based Saxo Bank, will be offering a raft of new chart functionality to its users, with the boost to take place in September and October this year.
From the start of October, users of SaxoTrader will notice a change in the “Chart” module, which will be replaced by a “New Chart” module which will provide extra functionality.
Amid the new features is a full time zone selection, which enables traders to use different time zones with different charts, a functionality useful to set trades across various sessions in order.
Next in line is the Rolling Z-Score which is likely to appeal to traders who favor comparative studies, as it allows traders to compare the prices of two instruments during a certain period of time to see whether one of them is overbought or oversold in relation to the other. A reading of more than 2 means that the first instrument selected is oversold and hence the signal is to short, and vice versa, a reading of less than -2 would send a signal to buy.
A major addition is a new chart type: Heikin-Ashi candles, or more precisely “average bars”. Due to the nature of the formulas for drawing such bars, they are good for noticing trends. Moreover, they are cleaner from noise compared to the traditional candlestick charts, as the Heikin-Ashi candles are less plagued by false signals.
Starting this month, traders using the desktop platform will be able to participate in the beta test of module linking functionality. As the name suggests, a trader can link various components in a group so that the monitoring and trading with one or numerous instruments becomes easier. For instance, a trader can link a chart, a trade ticket and a watch list.
In conclusion, we cannot skip the fact that Saxo Bank likes to spoil its traders from time to time with different perks. In the case of the SaxoTrader update, the perk is the ability to change the color of the cursor in Crosshair or Trackball-mode.
Many of the new functionalities for working with the charts on SaxoTrader are already available on SaxoWebTrader. The broker is obviously aiming to offer an equal range of trading opportunities to users of all of its platforms.
An example of the Rolling Z-Score functionality is displayed here:
For the full announcement by Saxo Bank, click here.