Binary Options Trading and Live Charts
Binary Options Trading and Live Charts
For those traders that are familiar with Binary Options Trading know all too well that one of the issues with Binary Options platforms is the limited access to charts and technical analysis studies. Trading without charts is like driving blindfolded. Charts will provide you with allot of information on where the underlying asset is. For those that trade Stocks, Futures or Forex using charts is an essential tool. The chart will inform you if the underlying asset is in an uptrend or a down trend so the trader can determine market direction. The chart will also give the current support and resistance levels so this can help determine the entry or exit points for trading the Binary Option. One of the questions that should be asked is: why are there so many brokers that offer limited or no charting at all? Are these brokers providing full market transparency to their clients?
Many traders have turned to using web based charting platforms or to using the platforms provided by their Forex Broker. Some developers have created copy programs that copy the trades from the information in Forex Platform to a Binary Options Platform. This method of trading is hardly ideal as the data from the two brokers would not be the same. For Forex Brokers that use MetaTrader 4 the charting data is usually the bid price. The various prices could be enough to effect the data and the trading results. Instead of using web based charting from a third party web site or data from a broker that does not match up. The best solution is to trade with a broker that provides full charting capability in the trading platform so there is full market transparency and full functionality.
A few select brokers now offer the FX Lite plugin which allows traders to trade Binary Options on the MetaTrader 4 platform. The data on the charts is exactly the price that is being traded and the charting allows for complete market transparency. Within the symbols list are specific Binary Option Symbols which represent true and accurate data that can be tracked on the chart. Users of Binary Options on MetaTrader 4 can also use all off the functionality of the charts and the studies and indicators. Traders also have the ability to create trading indicators as well as expert advisors.
Trading Binary Options using charts is a must and trading with MetaTrader 4 allows traders to use all of the functionality of MetaTrader 4.
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Trading Forex and Derivatives carries a high level of risk, including the risk of losing substantially more than your initial investment. Also, you do not own or have any rights to the underlying assets. The effect of leverage is that both gains and losses are magnified. You should only trade if you can afford to carry these risks. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary
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