Robinhood Adds New Tools for Active Traders on Mobile

Robinhood said Tuesday (June 17) that it has begun rolling out two tools as part of its effort to become the top destination for active traders.

The new tools include charting capabilities on mobile and options simulated returns pre-trade, the trading platform said in a Tuesday press release.

“Active traders want fast, intuitive tools that keep them at the cutting edge, whether they’re at home or on the go,” Abhishek Fatehpuria, vice president of brokerage product at Robinhood, said in the release. “With Robinhood Legend charts on mobile and simulated returns directly on the mobile options chain, we’re giving customers the power to meticulously analyze their trading strategies and act in real time.”

Legend charts, which are one of the tools most often used by Robinhood’s active traders, were previously available only on desktop, according to the release. The charts help traders analyze markets, track trends and execute trades.

On mobile, they enable traders to zoom in and out and scroll back and forth quickly and easily, place an order with a few taps, and transition easily between web and mobile, with the charts syncing automatically, the release said.

This feature began rolling out Tuesday for U.S. customers, per the release.

The other new feature, options simulated returns pre-trade, provides traders with a range of possible return outcomes before they execute a trade, according to the release.

It joins an options simulated returns post-trade feature that is used by one-third of traders to help plan exits and manage their open positions, the release said.

The options simulated returns pre-trade feature will begin rolling out in the coming weeks for U.S and U.K. eligible customers, per the release.

Robinhood posted strong metrics for the first quarter as it tightened its grip on a new generation of investors drawn to digital assets, PYMNTS reported in April. Funded customer accounts rose to 25.8 million, up nearly 2 million from the previous year, while total platform assets soared 70% to $221 billion.

“We’re seeing strong wallet share gains across our customer base,” Robinhood Chief Financial Officer Jason Warnick said at the time. “Our strategy to serve the entirety of users’ financial lives — from trading to banking to crypto — is clearly resonating.”

In May, Robinhood said Legend, its browser-based desktop trading platform, is now available to customers in the U.K. The platform was introduced last year and was previously available only in the U.S.