Product type: Cloud-based trade automation platform designed for retail traders to help them get started with algorithmic trading.
Product used: HTML5 Charting Library
- Saved around 25% on the cost of implementation
- Increased the popularity of the backtest feature by a factor 3x over a 6 month time
- Improved time-to-market and bug-fixing was greatly decreased
Tradeworks offers cloud-based trade automation software designed for individual traders of FX and CFDs. By providing a number of pre-set trading strategy templates, Tradeworks makes it easy for users to build individual trading algorithms (or strategies) and simultaneously design, test, run, and analyze their algorithms in the cloud.
Tradeworks wanted to educate their growing audience on how to build individual trading strategies on their backtester for automated Forex trading. They sought a high-performing charting visualization solution to accomplish their product roll out.
Their goals included:
- Agile approach – Fast time to market and accelerated development
- Minimized risk with no disruption to user base
- Cost efficient
- High performing product
- Ease of integration Using ChartIQ’s HTML5 toolkit, Tradeworks simplified the algorithmic complexity of trade strategies by integrating advanced charting visualizations.
When you have a backtesting platform with thousands of users globally, executing and implementing product updates and upgrades needs to be swift and easy. The main challenge for Tradeworks was finding the most effective way to educate their user base on trade strategy, outcome, and design. They concluded their success rested on implementing a great user experience for their backtester with high performance, visual charts. Along with high performing charts, they needed a straightforward integration process with no disruptions or hiccups to their user base during the product development period and rollout.
“We looked at several different open source libraries, but ChartIQ had proven technology with significantly lower project risks. With great documentation and a very helpful support team, the development time was much, much quicker.”
As charting is not a core strength of Tradeworks, they decided to minimize their own risk and save time on development by working with HTML5 experts who had a pre-built toolkit of the most competitive and cutting-edge tools.
- Tradeworks saved around 25% on the cost of implementation and expects those savings to grow as they continue to implement ChartIQ technology.
- Implementing advanced charting was part of a series of upgrades to our backtester which overall has increased the popularity of the backtest feature by a factor 3x over a 6 month time. Designing, testing and running algorithms became a heightened visual experience for customers. Many immediately noticed the ChartIQ difference and are requesting more functionality be added.
- Successful implementation and functionality allows users to see where the algorithm is trading on a chart. This provides an alternative learning experience for Tradeworks users, and brings much needed transparency to algo-trading.
- Time-to-market was greatly improved and subsequent bug-fixing in the implementation was kept to an absolute minimum, so much less risk involved with the launch.