MIFX: Economic Calendar
Economic Calendar, a crucial tool for traders and investors that outlines the scheduled release dates of significant economic data and events that can influence financial markets. It highlights the importance of tracking these economic indicators, such as GDP, inflation rates, and employment figures, as they provide insights into market trends and potential price movements.
Year
2023
Service
Product Design
Category
Mobile App Design
Tool
Figma, Mixpanel
The current calendar does not provide any guidance or context, leaving these newbie users feeling lost and overwhelmed. This lack of clarity can lead to poor decision-making and increased risk, as they may act on incomplete or irrelevant information. Consequently, many may become frustrated with the platform, leading to decreased engagement or even abandonment of the app altogether as they felt the information presented by the feature is not positively impactful on their trading strategies.
Moreover, the inability to formulate effective trading strategies further compounds the issue. Successful trading relies heavily on understanding how specific economic indicators influence particular markets or products. However, without a tailored view that highlights relevant events based on user-selected interests, traders miss out on key opportunities for profit or risk management. For example, a trader focused on a specific currency pair may be unprepared for market movements if they cannot easily identify upcoming economic reports that could influence that pair.
At the core of this new approach is the ability to filter economic events based on user-selected products. When traders choose a specific currency pair or commodity, the calendar will dynamically update to display only events from mapped-countries that are likely to impact their trades. This targeted filtering will allow users to focus on relevant information, reducing cognitive load and making it easier for them to understand market influences. For instance, if a trader specializes in EUR/USD, they will only see events related to the Euro Area and the United States, such as interest rate decisions or GDP releases, thereby streamlining their decision-making process.
The card for each economic event will feature these information:
Event Source (typically a country),
Impact Importance (High, Medium, Low),
Release Time
Event Title
Event’s Data Actual
Event’s Data Forecast
Previous Event’s Data
When the event has passed, the card will turn into a published state and will feature a published badge to inform user that the event has passed.
Event cards will be displayed on a chronological list of events grouped by the date. Additionally, the new design offers a variety of built-in filters. Users can filter events by importance level (High, Medium, Low) and date ranges (Today, Tomorrow, This Week, Next Week, This Month, Custom Date Range). This flexibility ensures that traders can tailor their calendar view according to their unique strategies and preferences. We sourced the events using an API from Trading Central.
Reception on the release of the redesigned economic calendar are positive from both of our newbie traders and high-value traders. Quantitatively, our weekly and monthly average user who visits the Calendar tab in the product page has doubled and contributes to +30% transaction volume.
Following the success of the first iteration of the redesigned economic calendar, the second phase will introduce enhanced interactivity. Users will be able to click on each event to access detailed descriptions, providing valuable context and insights into why specific events are significant. This functionality will empower traders to make informed decisions based on comprehensive information about each economic indicator.
Additionally, this iteration will highlight high-impact economic events for each product directly on the home page and on our product detail. By showcasing these critical events prominently, users can quickly grasp which upcoming events may have substantial effects on their trading positions. This feature not only enhances visibility but also encourages proactive engagement with market data, allowing traders to prepare effectively for potential market movements.
Other than during high-impact economic events, on average our MAU accessing the calendar consist of a majority of high-value traders consistently. Compared to our other trading tools offerings, our redesigned economic calendar ranked 3rd in terms of adoption from high-value traders after our interactive chart and curated news.
You can view the redesigned Economic Calendar in MIFX app, live right now
