The issue with chart patterns
Every seasoned trader understands the value of technical analysis. Chart pattern recognition is one of the key areas of knowledge that allow traders to navigate the ever-changing financial markets with confidence.
Mastering chart analysis requires learning to spot various patterns and predict where the market is headed. It is essential to determine if the pattern signals bullish or bearish momentum and whether it may lead to a reversal or continuation of the current trend.
Of course, learning every single pattern by heart takes a lot of time. What’s more, quickly and efficiently recognizing patterns directly from the chart can place a significant cognitive burden on traders, regardless of experience. This is especially true about those engaging in fast-paced trading styles since it leads to facing multiple important decisions throughout every minute of trading sessions.
However tiresome and energy-consuming it may be to spot every single pattern every single time, this aspect of trading should not be ignored but rather approached with greater efficiency.
OctaTrader:
bringing
AI
analytics
to
the
table
To
improve
pattern-based
chart
analytics
and
drive
consistency
in
trading,
OctaTrader,
Octa
broker’s
proprietary
trading
platform,
released
a
new
tool
called
‘AI
pattern
recognition’.
It
allows
traders
to
expand
the
trading
experience
by
tapping
into
the
power
of
AI.
As its name suggests, the new tool scans a vast database of historical data to find the most relevant technical analysis patterns for a chosen instrument and time frame. To do that, it first automatically analyses current price dynamics and then uses machine learning algorithms to spot actionable trends.
As a result, OctaTrader users effortlessly gain access to an actionable analytical pattern for the asset of choice. In a couple of clicks, the pattern can be copied to the trading chart to apply the analytical insights to trades. AI Pattern Recognition currently covers all the tradable assets available on the OctaTrader platform and is easily customisable to fit the client’s trading style.
Power
in
unity
The
new
AI
Pattern
Recognition
feature
is
embedded
in
the
Octa
app
so
that
users
can
save
time
switching
between
different
web
resources
and
platforms
when
searching
for
relevant
patterns.
The
tool
can
be
used
in
synergy
with
another
OctaTrader’s
signature
feature,
the
analytics
hub
Space.
The
Space
feed
embedded
in
the
Octa
app
provides
expert-curated
insights
and
educational
articles
that
help
traders
assess
market
fluctuations
and
gain
relevant
financial
knowledge.
As
such,
Space
offers
human
expertise,
while
AI
Pattern
Recognition
brings
deep
machine
knowledge
to
the
table.
The
synergy
of
these
two
tools
allows
traders
to
spot
relevant
patterns—and
then
validate
decisions
by
deep
diving
into
the
financial
theory,
if
necessary.
According
to
the
Octa
broker,
the
AI
Pattern
Search
tool
will
be
further
improved
with
new
machine
learning
models
for
handling
support
and
resistance
levels
and
candlestick
patterns.
These
incoming
updates
will
extend
the
tool’s
scope
and
add
more
flexibility
to
OctaTrader
clients’
routines.
Following
the
latest
trend
of
deeper
penetration
of
AI
in
FinTech,
OctaTrader
now
combines
advanced
machine
learning
and
artificial
intelligence
capabilities
with
extensive
expert
intelligence.
Using
the
new
AI
Pattern
Recognition
tool,
OctaTrader
clients
can
significantly
ease
the
cognitive
load
of
analysing
the
charts,
making
sessions
more
efficient
and
decision-making
more
informed.
___
Disclaimer: Trading involves risks and may not be suitable for all investors. Use your expertise wisely and evaluate all associated risks before making an investment decision.
Hashtag: #Octa
The issuer is solely responsible for the content of this announcement.
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