Robinhood Crypto Trading App Introduces New “Candlestick Charts” Feature
Robinhood App Introduces “Candlestick Charts”
A recent Robinhood news blogpost shared the addition of new features to its commission-free trading app. The main addition is that of “candlestick charts”, which was supposedly requested by multiple users of the app. Candlestick charts will not only be offered for traditional investments like stocks and options but will also be offered for cryptocurrency accounts as well.
Over the past few months, we’ve been working on new features to make Robinhood even better. Introducing candlestick charts, discovery tools, and more. Take a look! https://t.co/5JpGnGnIVb
— Robinhood (@RobinhoodApp) September 4, 2018
Candlestick charts, as the name implies, takes on the form of a candle, which reflects four aspects: high, low, open and close.
The high and low reflect the two ends of the chart and represent the minimum and maximum price for the day, while the open and close represents the price at the beginning of the day for trading and end of the day respectively. Said charts are beneficial for making crucial analysis, as they provide better visualization as how prices move.
According to representative who discussed the new feature with Coin Desk, candlesticks are not only appropriate to track price changes, but also depicts “how volatile the price has been”, adding that “a line chart only displays the close price.”
In addition to candlestick charts, the team involved has also included “Analyst Ratings, People Also Bought, and About” features, which provides investors with more than one perspective on a particular project as well as a larger picture including potential competition to consider.
Robinhood trusts that this move will help build stronger relationships with its clients, emphasizing on the fact that this endeavor “will significantly improve the customer experience and help investors make better-informed decisions”.
At the time of writing, Robinhood has gained the support of nearly five million users, with a fifth achieved in as little as five days since the announcement of its crypto services back in January 2018.