As you develop your spread betting skills and explore different techniques, your provider should support you on your journey. As well as the core platform functions we mention on the types of platform page, they may provide a number of additional advanced platform features to help you.
There are a number of ways a platform can support advanced analysis and dealing techniques
As well as providing alerts to let you know about potential opportunities, your platform may go one step further and supply ‘buy’ or ‘sell’ signals.
These might come from automated software that scans the markets and analyses data, or from professional analysts.
Either way, the signal provider will continuously monitor market movements, looking for any significant trend or pattern developing and notifying you when it finds one.
Advanced dealing options
Some providers will allow you to take more control over the way your position is set up, to increase your chances of successful execution.
However, there will be times when your full order can’t be filled at this price – usually when it’s a large order and there isn’t sufficient volume of the asset available at that price in the underlying market. It can also happen in volatile markets, if a price moves so rapidly that it changes before the deal can be executed.
When these situations arise, your provider will normally cancel the whole order or requote you a different price. However, some providers offer ways for you to tailor how your deals are executed. On the IG deal ticket for example, there’s an ‘advanced options’ area:
- If you choose accept partial fill, as much of your bet as possible will be filled at the price you request, with the remainder being cancelled
- Setting points through current means that if the price moves before the deal can be executed, your order will still be accepted at the new price – as long as the movement doesn’t exceed the number of points you specify
- By selecting market order, you’re giving permission for your deal to be filled at the best price available, no matter how far it is from the price you request
Choosing any of these options reduces the chance that your order will be rejected and you’ll have to resubmit it.
’Tear-off’ prices and charts
Some platforms may offer the ability to keep a separate dealing ticket or chart open, even when you’ve closed the main platform. This is useful if you want to keep an eye on a market while you’re doing other things. And because you can usually deal by clicking directly on the ‘torn off’ ticket, it helps you to act quickly if you see an opportunity.
Advanced charting tools
Many providers offer advanced charting packages that include a range of customisation options and analysis tools – for example the popular ProRealTime package, which combines technical analysis and dealing.
Technical analysis is a method that’s very popular with spread bettors. And powerful software can now analyse charts for you, removing the need to pore over them constantly when you’re looking for dealing opportunities.
Tools can automatically draw and update trend lines or highlight technical indicators of your choice. They can also recognise when chart patterns are forming.
These are classic shapes that appear on a market chart. They often tend to play out in a similar way when they occur, so they can be used as indicators to forecast the likely future direction of a market. Below is an example of a ‘head and shoulders’ chart pattern – one of the formations commonly seen, where a market hits two successively higher peaks followed by a lower peak. This signals that the market is likely to go into a downtrend.
Automated pattern-recognition software can highlight when a chart pattern has begun to form – something that can require skill and vigilance to detect with the human eye. It will then send you an alert, so you can take a look at the situation and decide how you want to respond.
Automated spread betting
Some providers also offer automated spread betting technology which can help take some of the legwork out of analysing the markets and managing your positions.
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