Forex traders will now have the ability to add daily pivot levels to charts
Salt Lake City, December 10, 2007 - IBFX (IBFX.com) continues to build upon its business philosophy of putting its customers first by expanding its library of free trading tools, to include IBFX Daily Pivots.
With IBFX Daily Pivots, off-exchange foreign currency (forex) traders can chart support and resistance levels as a means to identify key entry and exit points. Key to understanding pivot point levels is the idea of support and resistance. In fact, pivot points are simply a series of support and resistance levels, with the inclusion of a median price level. Support and resistance levels give traders a visual gauge of pressure points within the market, specifically at certain price levels.
"By putting our customers first, we are constantly looking at new tools for our traders," said Todd Crosland, founder and CEO of IBFX. "We believe, IBFX Daily Pivots will quickly become an invaluable addition to our customer's technical repertoire and will only help them make better informed trading decisions."
In recent years, pivot points have become a very well-known and widely-used technical analysis tool. There are multiple scenarios in which a trader might utilize support and resistance levels as a means to identify key entry and exit points. Standard pivot points include five levels (levels that are represented as distinct lives on a trader's chart). The median level, or middle line of the five, is called the "pivot point". The other four levels are found above and below the pivot points in the form of two support lines (S1 and S2) and two resistance lines (R1 and R2).
IBFX Daily Pivots uses the previous trading session's open, high, low and close in order to calculate the pivot levels. The tool gives traders an added advantage beyond simply looking at one support level and one resistance level. Through the use of pivot points, traders are able to gauge support and resistance levels on a scale in relation to an average price range (the pivot point or line itself) for the trading session.
IBFX Daily Pivots is available now for free download at www.ibfx.com. IBFX Daily Pivots expands IBFX trading library that already includes key tools such as:
- Graphic Pattern Software (GPS) - a pattern recognition program
- Candlestick Pattern Recognition (CPR) - a candlestick pattern software
- IBFX U (www.ibfxu.com) - an online educational site featuring forex courses
Headquartered in Salt Lake City, UT, IBFX, LLC (IBFX.com) is a leading provider of online forex trading services, offering individual traders, fund managers and institutional customers proprietary technology and tools to trade spot foreign currency online.
Unlike other retail FX brokers, IBFX has distinguished itself as an industry leader with its proprietary tools and services and focus on customer care. This has led to numerous awards and industry accolades that IBFX has compiled. The recognition includes Best Online FX Provider, Best Foreign Exchange Broker, Best Chairman, Ernst and Young Entrepreneur of the Year, and Inc 500.
IBFX serves over 27,000 clients from more than 140 countries and supports trading volume in excess of US$70 billion per month. The company is regulated as a Forex Dealer Member by the National Futures Association and is also registered with the Commodity Futures Trading Commission as a Futures Commission Merchant. Trading in the off-exchange retail foreign currency market is one of the riskiest forms of investing and should only be attempted by experienced traders.