Robinhood adds candlesticks following user demand
Based on a slew of requests from its users, the trading app Robinhood is adding candlestick charts to its platform. The move is designed to “better inform” the users and will be completed within the next two weeks. By then, all users will be able to use the new option to better track price activity for the 16 cryptocurrencies supported by the platform, as well as other types of stocks and options.
A spokesperson for Robinhood indicated that the company receives a couple of requests for candlesticks daily. She added, “Candlestick charts help investors better understand how prices move. They show the open, high, low, and close price during a given time frame, and how volatile the price has been, while a line chart only displays the close price. With this information, investors can also determine how volatile the price has been.”
Robinhood began offering cryptocurrency support this past January, promoting a no-fee exchange that immediately proved to be popular with traders. Within five days, according to the representative, the company saw an additional million users register with the platform. “Bringing this feature to Robinhood will significantly improve the customer experience and help investors make better-informed decisions. This is in line with our mission to provide investors with the best financial products at the lowest cost,” she explained.
The platform, which is regulated by both the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), allows users to invest or trade Bitcoin BCH, along with other cryptos including BTC, ETH, ETC, LTC and Dogecoin (DOGE). It also allows other digital tokens to be monitored, but not traded. Robinhood reportedly has over five million registered users and is “one of the biggest cryptocurrency trading platforms in the U.S.,” according to the spokesperson.
Candlestick charts are a type of financial chart that is used to describe price variations for currencies, derivatives and securities. They get their name from the shape seen in the chart and may or may not have a “wick,” which is used to pinpoint highs and lows. They have become popular in the financial community due to their format being easy to read and succinct in providing basic necessary data.
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