Adding features to flawless software - why it's so hard

Brokers, traders, and other active market participants of the financial market have been using the most up-to-date mobile and web technologies in their practice. The features of a trading software redesigned to make trading easier and more understandable for the investor, while the software is the platform where trading takes place. Smart investors, rather than ignore such trends, make it a point to use these tools to increase efficiency. What makes it more challenging is adding more features to very good software. This is because the developer has to master a set of codes to add any feature and in most cases, the ones that create the codes for these features are not the ones adding it, this makes the process more complex.

Features of a Flawless Software

The trading platform you use as a trader is your weapon. It makes it possible for you to not only execute your trading but so effectively. When a trader has good software to trade with, it saves them time and effort, while allowing them to focus on their goals. It is very important for a trader to use a platform that has indicators and data available in one platform, rather than using many different tools, by doing so, your trading becomes more effective. Flawless software is gauged by the following features.

Types of Charts

Charts are the main tools used by traders for technical analysis. It is the visual rendition of the fundamental price action of the trading instrument. In simple terms, the charts show a detailed history of how the price moves in order to help traders make better future predictions. Just the same way as past events repeat themselves, so too do the price models. The most commonly used charts by traders are bar charts, candlestick, and line. What is essential is the ability to get visual pre-market and post-market information on the charts. This is a fundamental factor when trading stocks that are changing as a result of rumors or news. Hours only market information makes the chart useless when a firm makes reports that gaps up the stock by 15% pre-market. The truth about this is that an investor gets stuck with the trend lines of the previous day and moving averages without pre-market charting. If this is the case, it is necessary for time to be given, so that those trading with the pre-market charting can get an edge on the patterns. It is of great help for a trader to be able to add trend lines.

Also, one important thing to make sure of is that your trading platform offers the type of charts you prefer trading with. The more sophisticated trading platforms such as MetaTrader 5 offer its users pretty customizable charts. It has a wide range of charts from which traders can choose the one that best suits their needs. Some of the advanced features for charts may include built-in indicators and studies, wave studies, Fibonacci plotting, and a lot more. This is among one of the best indicators for MetaTrader 5 users and makes it the main reason why the platform is so widely used.

Level 2 and Time & Sales

This tool is very useful for traders and more especially so for traders who do not have trading experience because it gives access to a point and clicks executions on the screen of level 2 and on the other hand, robust time & sale information makes sure that executions are fast as it helps you duck the outdated type, click, and confirm system which is often connected with the old-fashioned browser-based modules for orders. On the Level 2 screen, the trader gets the visual details of the price level that traders bid/ask on. This makes it possible for you to identify an “ax” seller or buyer in combination with the information from time & sale.

For instance, if a stock shows one single 100 share proposal through ARCA at 27.98 inside ask price, but time & sales indicate tax more than 50,000 shares are being created in several trades at that same price for three minutes before the bid falls back to 27.60. This indicates to you that there is a heavy seller at 27.98, from which you can properly plan your strategy. For intra-day traders, it is very important to be able to access the Nasdaq TotalView, since it shows full details, not the abbreviated stocks. The tool shows the traders for all price levels and also provides 20 times for information for liquidity on Level 2.

Speed and Reliability

The last thing a day trader would want to worry about is if they can rely on their tools. Trading is already very complicated as it is, adding a slow and unreliable platform to the picture is just taking steps towards losing money. Thus it is a vital task for a trader to choose a platform that ensures fast and reliable executions. There is no use waiting for frozen software to load or for slow data to load especially when you want to get into a fast-paced day trade.

Also, a trader needs some technical indicators Like Bollinger Bands[1] , moving averages, RSI, MACD, stochastic, and volume bars, which helps them draw Fibonacci retracements and trend lines. Also, when a trader can add the technical tools to set default charts with required features and can duplicate them seamlessly onto multiple time frames, it indicates that the platform being used is sophisticated.

Challenges faced by Developers when Adding Features to a Software

The digital age is well and upon us, and technology-oriented startups are getting created around the world now more than ever and the technologies in the world of trading are not left out. However, developers face a lot of challenges adding new features to a platform that is already sophisticated. And oftentimes, the ones creating the codes for these indicators are not the ones implementing them so, it makes the process a little bit more difficult. While adding features on a platform, they need to fully comprehend the fact that in automated systematic trading, there is a distinction between the concepts of automation and systemization. The latter is about the trading strategy that the developer can codify into a set of rules that can be calculated and traded often in a manual way, and the former comprises a situation where the executions and the calculations are totally automated in code. They often have to ensure that the system of algorithms that were built by them is behaving appropriately and if the FX trading strategy used in the algorithm was good, also, backtesting tools are required.

For platforms such as MT4 or MT5, come with acceptable tools for this strategy and makes it a challenge for a developer to try to add an indicator in this regard or create a tool that is more sophisticated than the one offered by the platforms. They have to set up time frames and conduct several simulations to ensure greater functionality.


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