Interbank FX's Graphical Pattern Scanner (GPS) Software Identifies Trading Patterns to Help Predict Potential Future Market Trends
Salt Lake City, December 10, 2007 – Most people think of GPS as a device to help navigate the Amazon or give directions from a vehicle's dashboard to the nearest Starbucks.
But in the world of off-exchange foreign trading (forex), GPS takes on a much different meaning. The software from forex broker Interbank FX (IBFX.com), which stands for Graphical Pattern Scanner, is being offered as a free resource. Its primary function is to help currency traders predict potential market trends so they can buy or sell accordingly.
"IBFX-GPS is an invaluable tool for IBFX traders because of the broad range of features it offers," said Todd Crosland, IBFX CEO. "Offering free trading and educational tools fits into our model of leveling the playing field for our customers."
The main feature of IBFX-GPS is its ability to identify and recognize the various chart patterns regularly seen in forex trading. Chart patterns indicate potential future market trends based on psychological phenomena that occur between buyers and sellers.
The most common patterns, and those available through IBFX-GPS, are the triangles, channels, wedges and head-and-shoulders patterns. IBFX-GPS identifies which pattern the market is trending towards, enabling traders to make a more educated decision.
IBFX-GPS is available now for free download at www.ibfx.com. In order to use the IBFX-GPS tool, traders must have either a live account (full IBFX-GPS functionality) or a demo account (limited IBFX-GPS functionality).
About Interbank FX
Headquartered in Salt Lake City, UT, Interbank FX, 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.
Interbank FX 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.