Making Use of OptionBit Trading Tools
The CySEC-regulated binary options broker, OptionBit, offers a variety of trading tools which help traders to analyze the price movements and manage risks. Let’s have a close look at the following tools: Algobit, Close, Extend, and Advanced Charts.
The “Algobit” Trading Tool
OptionBit provides traders with a special analytic trading tool called “Algobit” and it is unique to OptionBit. Algobit scans the price movements of a financial asset and signals trends by employing the in-house developed algorithm.
In the Algobit, you can trade binary options by choosing from four trading options: short-term trades, long-term trades, following the signals, and manual trading. In the short-term trades, the expiry time includes 1, 2 and 5 minutes. In the long-term trades, the expiry times are 15 minutes, 30 minutes, and end of the day. In the following the signals, the trading tool determines the direction of the trade based on its market analysis. Traders only need to specify the expiry time and investment amount. In the manual trading, traders trade binary options as usual, and need to specify the direction, expiry time and investment amount. That is to say, traders place a trade without relying on the trend signals made by this tool.
It is very important for you to remember that, when you trade binary options, you cannot rely solely on the Algobit trading tool. This tool just provides an approximate estimation and it may generate false signals. You are totally free to decide whether you want to use the signals. You should think carefully before entering a trade.
The “Close” and “Extend” Trading Tools
The “Close” trading tool which offered by OptionBit allows traders to close a trade before the expiry time. By using this tool, traders are able to minimize loss and secure profit. If a trader thinks that the current trade will be “out of the money” at the time of expiry, he can active the tool to close the trade at an earlier time and stop loss. In another case, if a trader predicts that the current trade will be “in the money” at a specific time, he can close the trade before expiration to secure profit.
You should pay attention to the fact that this trading tool is only available for currency digital trades. In addition, the tool can only be used 5 minutes after entering the trade and until 10 minutes before expiration.
While the “Close” trading tool allows traders to close a trade before expiry time, the “Extend” trading tool enables traders to extend a trade until the next expiry time. In order to active the “Extend” tool, a trader needs to pay an extra small amount of investment funds. By using the tool, it is possible for a trader to manage risk and turn a loss into a win.
It is also necessary for you to note that the conditions to active the “Extend” trading tool are the same as those of “Close” trading tool.
OptionBit offers advanced professional charts on its binary options trading platform. The online embedded charts are provided by TradingView. Traders can make use of these real-time charts to analyze the direction and momentum of price movements of a financial asset.
In this advanced charting interface, there are a wide variety of features and tools, which makes it convenient for traders to analyze and gain insight into the market trends. It is thus recommended that you use these advanced charts when you trade binary options on the OptionBit platform.
How to Use the Advanced Charts
After you log into the OptionBit trading platform, you can go to the “TRADE” page. Then, you can click on “Advanced Charts” at the bottom left of the page, which will take you to the charting interface.
The figure above shows the interface of OptionBit Advanced Charts. In the top menu bar, there are a list of features and tools. Traders can customize the appearance of the chart by specifying options such as time interval, chart types, and bar’s styles.
- Top Menu Bar:
- Time interval: 1 minute ～ 1 month
- Indicators: Bollinger Bands, MACD, Parabolic SAR, Relative Strength Index, etc.
- Compare or Add Symbol: Company Comparison
- Bar’s Style: Candles, Area, Bars, Line, etc.
In the left menu bar, there are a lot of drawing tools. Traders can use these advanced tools to fit their needs by drawing lines or add text on the charts.
- Left Menu Bar:
- Cross, Trend Line, Pitchfork, Brush, Text, XABCD Pattern, Bars Pattern, Icon, Zoom In, Measure, Magnet Mode.
The the bottom menu bar displays some configuration settings. Traders can click on the buttons to change the look of the charts.
- Bottom Menu Bar:
- Time Scale (1 day ～ 5 years), Timezone, Toggle Percentage, Toggle Log Scale, Toggle Auto Scale, Scales Properties.
If you would like to save the chart, you can click the camera icon on the top right corner of the charting interface.
Technical analysis is an essential step in binary options trading. The Advanced Charts provided on the OptionBit trading platform is free and valuable. Before you decide to enter a trade, you should go to the charting interface and analyze the trend and momentum of price movements.