Our previous difficulties in entering the world of investing allowed us to come up with the idea of making an application that made entering the world of investing much easier.
What it does
It asks the user for how much money they are willing to spend on investing. Using this information, as well as macro-economic variables, we will guide and educate new investors.
Guide: Show unique selection of stocks that align with their current risk tolerance.
Educate: Demonstrates to users the benefits of safe investing by showing how their money would fare in a long-term investment in the S&P 500 using a dynamic graph.
How we built it
We used React native using the expo framework. We utilized multiple APIs about the US Department of Commerce's yearly budget and 3 month Treasury Bills Interest Rates to determine the state of the market. We also utilized data tables compiled from Yahoo Finance, which were processed in R to calculate the volatility of each stock. 5 years of historic S&P 500 data was also utilized to show users the values of safe investing.
Challenges we ran into
Developing a mobile application using an Android emulator on the PC would cause issues due to them freezing, crashing, and running slowly. Incorporating multiple APIs and data frames, each with their own formatting, took a lot of time as well. We were also less experienced with front-end development, meaning that a lot of time was being wasted on researching simple functions and using the process of trial and error until the product looked good- something that wouldn't be an issue if we were experienced.
Accomplishments that we're proud of
Processing thousands of data points to a concise and clear output is something that is a point of pride. However, the biggest point of pride is the algorithm we developed for risk analysis which utilizes conceptual knowledge of finance and practical knowledge of statistics.
What we learned
There will be points in a project where you believe that everything is over, but you should never give up because all it takes is one lucky break after more perseverance to be successful.
What's next for ShareOn
Fine-tuning the risk analysis algorithm by adding more data sources and tweaks to the formula.
API Development so our algorithm can help more people join the world of finance