There are a lot of trading styles in Forex. Also, every trader makes his trades in his own, special way. Some say that the information that is useful for one trader can be absolute garbage for another. But all traders know one thing – they need information and analysis. None of the traders will ever make a trade without at least short analysis. Today we review OANDA Lab the tool that should help every trader to make his own analysis and get the profits he deserves.
Difficulty: Easy / Medium
OANDA Lab Review
There are a lot of good Forex education tools, but the OANDA Lab provides you something different. OANDA Lab is a tool which should help you make an analysis and get a full overview of what is going on in the Forex market at this moment.
Before you get into OANDA Lab, you have to know that it is always under development and most of the tools are in beta version. The basics of this lab is OANDA provides you with the most fresh tools, created by their engineers. After you use them, you should give a feedback whether you like them or not. The best tools remain in the OANDA Lab and the worst are eliminated. The amount of tools increases from time to time, but the basic set of tools is always there.
The analytical tools in the lab are divided into four main categories according to the purpose of the tools.
OANDA Lab APIs is the first experimental category that includes such tools as:
- fxLabs rest API
This part allows you to access the historical prices and rates for one year. Also, you will be able to access the calendar of returns and the orderbook for the same period of time.
- fxLabs MT4 API
Basically, this API has all the same features as OANDA Lab rest API with one difference. All of the tools are available directly in your MetaTrader 4. This is great, especially if you do not want to switch anywhere from your terminal.
- Autochartist API
This feature gives you OANDA’s favourite autochartist signals upon your request. All you have to do is type the instrument and timeframe and the signals will be crafted for you.
If you ask Forex Bonus Lab – such tools allow you pretty deep analysis, which is great.
OANDA Lab orderbook and trade stats section gives you an overview of relevant statistics and new trade options, especially:
This new feature gives you a chance to trade directly from your browser. Yeah, you will get a small pop-up window with the list of instruments and order options. Of course, the size of the chart is not superb, but the call is yours – use it if you want to browse internet while you trade.
- Historical Orderbook
The orderbook gives you an access to data about the previous orders of the OANDA customers. You will be able to go through all the orders of the OANDA customers for the last year and make your analysis based on this.
- Account Statements
Such feature will show you all currently open positions of the OANDA traders. Sounds like a little bit of social trading, doesn’t it?
- Best Trade of The Day
This option displays you 100 best trades that were made by the clients today. Take it as a target, until you get in the list.
The other OANDA Lab categories are mostly concentrated on the historical and current information of the market as well as market rates. The main features of the market rates are risk calculator, volatility rating, recent spreads and historical data. The OANDA Lab review does not recon this features to be crucially important since you are able to get them even without this broker.
As for market information, they also have no awesome value added. Of course, you can access forex market hours, market tweets and create your own news feed at this section of the OANDA Lab. But this info is easy to get and it is better to have your own RSS feed than use OANDA’s one.
Overall, the OANDA Lab can be a useful tool in your portfolio, but since most of the features are in beta you shouldn’t hope for too much. Check out Oanda Lab here.