Recent events involving Gamestop’s stock have started a national conversation about unfair differences in power between institutional and retail investors.
Candlestick, a new FinTech startup, is trying to use AI to close the gap.
Hedge funds and investment banks have been utilizing AI technology to inform their trading strategies for years. Candlestick has created an AI trading model that they plan to make publicly available as a stock picking service.
The company’s AI model learns from years’ worth of past market data to extract patterns and identify the best picks at any given moment.
The result is a trading algorithm with unparalleled performance. In 2020, Candlestick’s model beat the S&P 500’s returns by a factor of 8, achieving a 110% ROI on its weekly stock picks.
Candlestick plans to offer access to this technology through a mobile app. The app will allow users to receive weekly picks from the AI model for free, a fact Candlestick prides itself on.
“The stock market has been one of the only economic bright spots of the past year. Our main goal with Candlestick is to help bring some of that prosperity to everyday people”, said Anthony DiMaggio, Co-CEO of the company, “That’s why we’re 100 percent committed to delivering the best performance in the industry while maintaining absolute accessibility.”
Users will also have the option to upgrade to Candlestick premium for $9.99 a month. According to Candlestick’s website, premium users will receive trade alerts every day and have the option to customize their model to fit their personal investing preferences. Without the one pick per week restriction, Candlestick’s model achieved an even more remarkable 300% return rate during 2020.
The Candlestick mobile app will be launching soon, but in the meantime potential customers have the option to sign up for early access. Early registrants will earn a free stock pick along with guaranteed priority access to Candlestick’s app when it releases. The early access sign up portal along with more information about Candlestick can be found on the company’s website, https://www.candlestick.ai.