Free Binary Options Chart
Either an expert who use binary options platforms on a regular basis or a beginner who just look around can easily notice that there’s one thing stand out in a glaring fashion: the absence of interactive charts in Binary Options industry.
In the competitive industry of binary options trading, only 2 types of analysis are used to help trader make up their mind: technical analysis and fundamental analysis. In technical analysis, charts are believed to be the backbone of the trader. No charts means there’s no opportunities to analyze the assets for trading, which also means the trade is much more dangerous for the hard-earned money of investors.
Since secondary information about what happens in binary options trading market, which is provided by charts, will result in decisions of traders, knoing where to approach proper charting tools is also a skill that must be learnt. In this piece, we will help you find out the most suitable charting tool for yourself before starting your trading career.
Binary Options Chart Sources
There’s two type of chart source are online charts and downloadable charts.
Online charts are completely web-based charts available on the websites of certain brokers and software vendors. These charts are only for reference. Generally, they provide no more than values of assets at a certain time, which is not enough for traders’s requirements. For the purposes of binary options trading, traders need tools that can perform the interactivities happen among assets, which could be found in the other type.
Downloadable charts are the other type of charting tool. It could be downloaded either as part of forex trading platforms or as software standalone plug-ins. Downloadable charts include many tools that are used to increase the accuracy of the analysis. They provide the best tools and indicators, which is definitely necessary for the purposes of making high profit.
Sometimes, free downloadable charts provided by charting sources require plug-ins to work properly. These plug-ins are always included in complete package, which user has to pay to use it.
Below are some Binary Options Chart source:
1) MT4 Charts
MetaTrader 4 (MT4) is believed to be the best and the most popular source of interactive charts at the moment. Although almost every market maker broker in the forex market is available in this platform, there are more comprehensive asset base that matches the binary options asset index are included in MT4.
Ideally, MT4 platform should be downloaded from a broker that has more than 40 currency pairs, all the major stock indices (or at least 8 of them), stocks and the spot metals like gold and silver (sometimes listed as XAUUSD and XAGUSD respectively).
We recommended you should use MT4 from IBFX, FXCM, FxPro and Forex.com. Virtually, everything you need could be found on these platforms. The best part is it’s all free and can be obtained when you create a demo account and download the MT4. Another great fact that made MT4 so popular is ability to be customized by traders themselves. Traders are able to build EAs, indicators or plug-ins to add on to MT4 platform in order to aid their decision-making while trading.
2) Interactive Brokers Information Systems (IBIS)
The word “interactive” in this broker’s name says it all. Interactive Brokers provides one of the most comprehensive charting platforms for technical analysis, in which facilities is divided institutionally. Interactive Brokers Information System (IBIS) platform’s charting facilities obtain 22 configurable technical indicators and an alert wand that supports alert creation. It also includes function that allows traders to use any of the 3 chart types. The disadvantage of IBIS is that it’s a paid charting,, user has to subscribe to use at a cost of $69 a month.
3) My FX Dashboard (from OzForex)
Traders are enable to carry out lines studies, use indicators etc by using this forex charting service from Ozforex. They are also allows to switch between basic charts and advanced chart since the software is is a Java-enabled web-based application. The My FX Dashboard is coded with Easy Language, the same programming language as FXCM’s Trade Station, so you can also use it as software plug-in on FXCM’s flagship trading platform.
MultiCharts is not only a downloadable chart software, it is also a web-based platform. With high-definition forex charts on 30 different currency pairs in partnership with TradingView provided, trader can follow timeframe of certain trading assets from one minute to one month. Developed by MCFX, this robust package even has a free unique ODM chart trading feature that is so precise on value. This is really necessary for traders because he can execute his trade on it, tag it and uses this information to remind the trader about the trade if there is a lag in time between signal generation and trade execution.
5) Free Stock Charts
No need to say any more. All you have to is follow this guide:
- Click here for free stock charts. (Go To “Help” in FreeStockCharts.com and view the video tutorial, it is very helpful for beginners.)
- Looking for Candlestick view on fsc.com, go to top left of chart and click on Price History in green
- Click Edit
- Change the “Plot Style” from HLC Bars to Candlestick and click “OK.”
Based on cost, ease of use and other parameters tailored to taste, trader can find out the most suitable in the jungle of charting source for the aim of getting profit in binary options trading.