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New chart tool for online traders

Aug 01 2012 10:34 Fin24

Company Data

Sanlam Limited [JSE:SLM]

Last traded 79
Change 1
% Change 2
Cumulative volume 2730718
Market cap 0

Last Updated: 30-03-2015 at 03:12. Prices are delayed by 15 minutes. Source: McGregor BFA

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Cape Town - Online traders will soon be able to access a handy new software tool that's both advanced and easy to use, according to Sanlam [JSE:SLM].

In a first for South Africa, Sanlam's online trading platform iTrade will launch the advanced technical analysis tool autochartist.com in August.

The strength of this offering lies in its ability to offer traders looking for returns in today's sideways markets access to charting patterns.

In this environment, technical analysis is vital for traders to find opportunities in what may look like a lacklustre market.

Head of Sanlam iTrade Gerhard Lampen sums up the advantages of autochartist.com:"This technical analysis software identifies market patterns, such as head and shoulders, double tops, and so forth, on share charts.

"It also provides clear breakout signals for traders, indicating to them to either buy or sell stocks. It is very advanced, but also easy to use and understand."

Available for all JSE-listed stocks, this software is suitable for both short- and long-term investors. A particular advantage for short-term investors - who typically trade over a three-month horizon - is that it can analyse stock movements on an intra-day basis.

Long-term investors should also make use of fundamental analysis when selecting the shares they wish to trade, says Lampen, as autochartist.com can allow them to improve their market timing. This would enable them to enter the market when the share is cheaper, and also sell it at an appropriate time.

"It really opens up a world for people to start trading more accurately," says Lampen.

Leading international online trading websites such as FXStreet.com and FXDD already offer autochartist.com to their clients.

Lampen says traders can also use the software to determine the most effective recent trading patterns and signals. According to autochartist.com, the head and shoulders pattern - which indicates that a share price is likely to fall - has proven accurate more than 80% of the time on JSE stocks in the past six months.

"As a result of this tool, you can have a reasonable amount of confidence that certain signals will work," says Lampen.

During August all iTrade clients will be able to test autochartist.com free of charge. Potential clients can register for free as iView clients on www.sanlamitrade.co.za, and they can also use autochartist for free in August.

The tool will cost R80 per month for all other Sanlam iTrade clients after August. Frequent traders who trade more than four times a month will receive the software free of charge.

Non-clients will also be able to make use of autochartist.com via iView, which will cost R600 for six months.

Lampen says interested traders can access training from "webinars" on Sanlam's iTrade website.

 - Fin24.com

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