Let’s talk about something every trading platform needs: charts.

When you are building a trading platform, the chart is one of the main places where traders spend their time.

So, adding any chart may not be enough.

You may want it to look a certain way, offer specific features, and work closely with the rest of your platform.

As these needs grow, many brokers and exchanges are starting to look beyond off-the-shelf chart libraries and consider customizable charting solutions.

In this blog, we’ll look at why brokers and exchanges are making this move, what it can offer, and when it makes sense for your platform.

Read on to learn more!

What Are Off-the-Shelf Chart Libraries?

Off-the-shelf chart libraries are ready-made tools that businesses can use to add financial charts to their trading platforms.

Instead of building a charting system from the beginning, a broker or exchange can add an existing library to its platform and use the features it provides.

Most chart libraries come with common charting features such as:

• Candlestick and line charts
• Technical indicators
• Drawing tools
• Different time frames
• Price and volume data
• Chart customization options

For a forex broker or crypto exchange, these features can cover many of the basic charting needs of a trading platform.

That is why off-the-shelf libraries have become a common choice for businesses that want to add charting features without developing the entire system themselves.

Why Are Brokers and Exchanges Moving Beyond Off-the-Shelf Charting?

An off-the-shelf chart library can be a good place to start when building a trading platform.

But along the way, a broker or exchange may start to notice the limitations of chart libraries. 

So, what are these challenges? Let’s take a closer look.

Need for Specific Chart Features

Your trading platform may need a chart feature that is not part of the library.

For example, you may want:

• A specific technical indicator
• A custom drawing tool
• A chart-based order function
• A particular chart control

If the library does not support what you need, adding that feature may not always be possible in the way you want.

Chart Integration With the Platform

The chart may need to work with other parts of your trading platform.

For example, a trader may want to see an open position on the chart or place an order directly from the platform.

If the chart library does not support the level of connection your platform needs, this can make it harder to build the trading flow you have in mind.

More Control Over the User Experience

Your trading platform may have its own design and layout.

For example, you may want:

• Your own chart layout
• Chart controls and menus
• A specific way to display market information
• A chart that matches the rest of your platform

But an off-the-shelf library can limit how much you can change.

If the available options do not match what you have in mind, it can become difficult to create the chart experience you want.

Changing Market Data Requirements

Your trading platform may handle market data in its own way.

For example, you may have your own data source, data format, or process for sending price updates to the chart.

If the chart library does not work well with your setup, you may need additional work to make the data flow properly.

This can become a bigger concern as your platform and market data requirements grow.

Needs Are Not Going to Stay the Same

Your charting requirements today may not be the same six months or a year from now.

As your platform grows, you may want to introduce:

• New indicators
• Additional drawing tools
• New chart interactions
• Different ways of displaying market information
• New chart-based trading features

With an off-the-shelf library, these changes may depend on what the provider already supports or decides to add in the future.

This can make it harder to plan your charting features around your own product roadmap.

So, What Happens When the Ready-Made Approach No Longer Fits?

This is where many brokers and exchanges start considering whether an off-the-shelf chart library is still the right choice for their platform.

When the chart needs to support specific features, workflows, data requirements, design choices, and future plans, businesses may start looking towards customizable trading charts.

What Does a Custom Trading Chart Actually Give You?

The main difference is that the chart is built around the needs of the trading platform rather than around a ready-made set of features.

The key benefits include:

Chart features
Add the indicators, drawing tools, chart controls, and other features that your platform needs.

Trading functions
Connect chart actions with trading functions so users can interact with the platform from the chart.

Chart layout and controls
Decide how the chart looks, where the controls appear, and how users interact with different chart features.

Market data handling
Build the chart around the way your platform receives, handles, and displays market data.

Future chart features
Add new chart features as part of your own product plans instead of depending only on what a third-party library provides.

This solution gives you more control over how the chart works within the wider trading platform.

When Does a Trading Platform With Custom Charting Make Sense?

So, when do you actually pick one over the other?

One way to look at it is to compare both options and see what each approach offers. 

The choice depends on what you want your trading platform to do and how much control you need over its charting. 

If the chart is going to be one of the main parts of the trading experience, it deserves more attention than simply choosing a chart that is ready to use.

You can ask yourself:

• Is the chart an important part of how traders use the platform?
• Do you already have a specific trading experience in mind?
• Will charting need to grow as the platform adds more trading features?
• Do you want the charting system to be part of your own product development?

If you answer yes to several of these, customizable charting options may be worth considering.

It is especially relevant when you are building a new trading platform from the ground up or planning a major change to an existing one. At that stage, choosing how the chart will be built can become an important product decision.

Why Choose Hashcodex for Custom Trading Chart Solutions?

When you build customizable trading charts, it is not only about creating the chart that traders see on the screen. 

It also needs to work with market data, trading functions, and the rest of the platform.

At Hashcodex, we develop custom charting solutions that integrate market data, trading functionality, and platform-specific requirements. 

Our custom solutions include:

• Custom trading charts built around your platform requirements
• Real-time market data integration with your data sources
• Technical indicators and drawing tools based on your trading needs
• Multiple chart types and timeframes for different trading use cases
• API and SDK integration with your existing applications

The chart can also be developed as part of a wider trading platform instead of being treated as a separate component.

Whether you are building a forex brokerage, developing a crypto exchange, or upgrading an existing trading platform, we can help you plan and develop the charting solution around your product requirements.

If you are looking to move beyond an off-the-shelf chart library, talk to us about the trading platform you want to build.