Robinhood Unveils Desktop Platform for Active Traders, Futures and Index Options Are Coming to Its Mobile App

by

As a seasoned crypto investor with years of trading under my belt, I must admit that Robinhood Legend has piqued my interest. The expansion of advanced trading tools and seamless user experience is exactly what active traders like myself have been clamoring for. The ability to manage multiple charts simultaneously, access numerous technical indicators, and initiate trades directly from watchlists or charts is a game-changer.

On October 16th, Robinhood introduced an upgrade for active traders by debuting Robinhood Legend – a robust desktop trading platform accessible through web browsers. This announcement was made during the HOOD Summit on October 16, 2024. The platform is equipped with a variety of advanced trading tools to deliver a smooth experience for users who feel let down by current offerings.

The Robinhood Legend is tailored for active traders, featuring a streamlined design and a customizable workspace. Users can display up to eight charts at once within one window, selecting from different types like candlestick, line, or Heikin Ashi charts. This platform also offers various technical indicators such as Bollinger Bands, VWAP, Ichimoku Cloud, and numerous drawing tools, allowing traders to delve deep into technical analysis.

As a crypto investor, I appreciate the real-time data updates that Legend provides, refreshing data every fraction of a second. This instantaneous information allows me to keep pace with the ever-changing market trends and act swiftly when necessary. I can customize my trading environment according to my preferences, either by setting up personal layouts or choosing from predefined templates. The flexibility extends to initiating trades directly from watchlists, option chains, or even charts, making transactions quick and seamless. Moreover, the dynamic linking feature enables me to synchronize symbols across various widgets and multiple screens, ensuring a more integrated trading experience overall.

Additionally, Robinhood announced their intentions to make available futures trading and index options on their mobile platform. This new feature will enable users to trade assets such as the S&P 500, oil, and Bitcoin around the clock (almost). The futures trading segment within Robinhood will offer competitive commissions, with rates as low as $0.50 for premium members, and there will be no restrictions on pattern day trading. Robinhood assures a user-friendly interface, boasting an intuitive trading ladder and streamlined navigation for swift trades.

As a researcher delving into the financial landscape, I’m thrilled to share that Robinhood’s new addition – index options – introduces another investment avenue. This innovation offers unique tax benefits, leveraging the 60/40 rule, where only 60% of the gains are classified as long-term capital gains. These European-style, cash-settled options boast a significant advantage: they eliminate early assignment risk. Moreover, the contract fees for Gold members have been strategically set to be highly competitive at an affordable $0.35.

Starting the following week, Robinhood is planning to introduce a Profit & Loss (P&L) tool for users. With this new feature, you’ll be able to monitor and dissect all trades executed since January 1, 2024. This tool offers comprehensive financial analysis, giving you valuable insights into your investment performance. You can sort and examine trades using various parameters like date, time, stock symbol, or profit/loss totals, aiding you in making wiser decisions.

As a researcher, I’m excited to share that we are gradually introducing our new platform, Robinhood Legend, over the next few months. Eligible customers will soon have access to this innovative tool. In addition, futures and index options will be rolled out progressively within our mobile app initially. We anticipate supporting these features on Robinhood Legend at a later stage.

Read More

2024-10-17 18:00