Charles Schwab has announced a series of enhancements to its user trading experience with the introduction of new tools and features, that are designed to help its clients make more informed trading decisions and simplify order creation workflow.
The new tools and features that Schwab has introduced include “SnapTicket” a new order entry ticket that allows traders to enter orders directly from frequently visited Schwab.com pages.
Such as order status, open positions, balances, transaction history, research, and account summary page. A new order can now be created by simply right-clicking on the page in question.
Streaming Market Data
Charles Schwab has made enhancements to some of the data that clients see and use.
For example, trade tickets now also contain streaming market data, as do new watchlists, that are available for both the web and mobile platforms.
Those watchlists have been redesigned to simplify the interface, and make their compilation and editing much easier.
Schwab clients can now create up to 50 watchlists, each of which can contain as many as 300 instruments.
Order entry tools
A new all-in-one trade ticket will allow clients to add up to 8 stock or ETF orders simultaneously.
Clients will also have the ability to specify extended trading hours, as an order timing choice.
There are also new conditional order criteria to help with risk management workflow and profit-taking strategies.
GTC or good till cancelled orders can now be active during extended trading hours, pre and post-market.
And GTC orders can now be made valid for periods ranging between 1 and 180 days.
Filtering and options strategies
Other new features introduced by Schwab include the ability for clients to filter and sort the order status page, using fields such as current status, date range and security type, as well as the ticker symbol and date and time.
Options traders can take advantage of enhancements that simplify the process of creating and applying multi-leg trades and strategies.
Speaking about the upgrades Zack Gipson, Head of Digital Investor Solutions at Charles Schwab said:
“When it comes to trading at Schwab, our goal is to offer a straightforward and efficient client experience that is enabled by our education, research, and powerful trading platforms,”
“As their (Schwab client’s) trading behaviour changes, it’s important that we continue innovating and enhancing our trading capabilities to meet their evolving needs.”
Schwab is continuing to integrate TD Ameritrade’s think or swim platform and resources, into its own offering and hopes to make those tools available later in 2023.
As we have noted before, in an increasingly competitive marketplace, brokers need to listen to their clients and provide them with the tools and user experience they demand.
Failing to do so is likely to result in them taking their business elsewhere, Schwab has clearly taken note.