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06/05/2024 |

Enhance Your Comparative Analysis with Multi-Axis Support

In the fast-paced world of trading, having access to comprehensive and integrated data is crucial for making informed trading and investing decisions. Visualization is a key component of the integration process, and now, we offer a new way to visualize the data that matters most to you. Introducing; Multi-Axis support.

This is the header image for the multi axis support blog post.

With the all-new Multi-Axis support functionality, you can now bring your favorite metrics directly onto your price chart, thus allowing you to create compelling overlays of your favorite lower indicators, fundamental metrics, or custom time series data alongside the price action. This holistic view enables you to perform more detailed and comprehensive analysis, helping you to uncover new insights into market behavior.

Accessing Multi-Axis Support

To access this new functionality, first, add any lower indicator to your chart. Within the settings of every lower indicator is a new drop-down menu titled ‘Axis Type’ which allows you to select from two options; ‘Lower’ or ‘Overlay, Dedicated Axis’.

  • Lower: Displays the selection as a lower indicator
  • Overlay, Dedicated Axis: Displays the selection on the price chart

By default, all common lower indicators (RSI, MACD, etc.) are preset to ‘lower’, as are all fundamental metrics. The Price Compare indicator, which allows you to visualize the price action of an alternative symbol overlayed atop the current chart’s price action, is preset to the ‘Overlay, Dedicated Axis’ setting.

This is an image which shows where the axis type selection is within the indicator.

Visualizations To Get Your Gears Turning

This new functionality offers the ability to visualize the cause and effect of an array of metrics on price, giving you greater insights into the key data points that move markets. Let’s dig into a few examples.

When 14-Day Lows Spike, Look Out Above

In the below chart, we are visualizing the SPY ETF and its 14-day new lows breadth chart. Of note here are the peaks in the breadth chart, which signify a high percentage of names making new 14-day lows. When the percentage of names making new 14-day lows spikes above 50%, it’s time to start getting defensive if you’re trading the short side, as each spike has been the precursor to a strong bounce higher.

This is a multi axis chart view of SPY and it's 14 day low breadth chart.

BA Buybacks Mark The Top

Why has BA struggled so much since the COVID crash? All the mechanical issues certainly don’t help matters, but a clear trend is seen in stock buybacks. In Q4 of 2013, they went on a buying spree that resulted in over 300% in gains over a six year span. Unfortunately, just a few weeks from the top the buybacks stalled out, and within just four quarters, those gains had fallen out of the sky just like their jets. To date, shares are trading 50% below their highs while outstanding shares have ballooned by 47m and counting.

This is a multi axis chart view of Boeing's stock price and their historical buybacks.

Spotting Sector Rotation

The Technology sector has been the clear leader in 2024 so far, however after a pullback in recent weeks, we’ve seen consumer staples and healthcare start to perk up. This begs the question — Is there sector rotation happening behind the scenes?

This is a multi axis chart view showing sector rotation.

With the introduction of Multi-Axis support, you can now integrate various metrics directly onto your price charts for a more comprehensive analysis. This functionality allows you to visualize key data points, uncover valuable insights, and enhance your trading strategies.

As always, we hope you find this update helpful. If you have any questions, feel free to reach out to us via the ‘Contact Us’ button in the bottom right corner of your platform view!