Exchange OKEx Launches New Analysis Tool For Derivatives Traders

OKEx, Malta-based cryptocurrency exchange, has unveiled new elaborative data insights software that includes trading trends for derivatives.

The software will supposedly permit OKEx clients to view real-time info on the exchange’s futures and continuous swap markets for nine important tokens, including major cryptos such as BTC, ETH and XRP.

The software offers six indicators of market direction, namely top trader sentiment index, buy/sell taker volume, long/short positions ratio, basis, open interest and trading volume, and top trader average margin used.

The main intention of the platform, dubbed Futures & Perpetual Swap market Data, is to provide unaltered trading info for clients to keep themselves abreast and develop trading strategies in the derivatives market.

Andy Cheung, operations head at OKEx, opined that derivatives trading can be a little tough to succeed:

“Derivatives trading require a steeper learning curve, as it involves the use of margin and leverage. Once we realized that there isn’t really much data available in the market to help users analyze market trends, we decided to build a tool that can benefit our users. That’s why we launched this big data platform, and we are proud to say that we are the first in the industry to provide this kind of data.”

Coinbase, the top cryptocurrency platform and also wallet facility provider, started offering trading signals to its clients on July 17. The platform is using grouped data to offer information on actions of crypto holders such as hold time, popularity, and price correlation in the form of trading signals. These analytics claim to provide users the facility to build tailor-made trading tactics, which depend on info beyond basic price and market info.