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Some Must-Have Software for Binary Options Traders in 2014

ETNA Trader PlatformAs the binary options market picks up a lot of steam following the decision to regulate it as a financial instrument by many regulating agencies, the market is sure to draw more participation from the retail end of the equation.

Consequently, we will see a lot of competition to get a hold of trading profits, and we will also see an onslaught of innovative binary options software as companies and individuals struggle to get a piece of the increased turnovers that will be seen in the market. Already, a software provider has indicated that its binary options product witnessed a 41% increase in its trading volume.

This is an indication that more people are coming in to the market and will need tools and software to give them a competitive edge in the market.

Binary Options Software: Areas of Demand

What areas will traders need extra help as they try to make their trades more profitable?

  1. Traders will need software to help them perform technical analysis.
  2. Traders will be looking for automatic trading solutions.
  3. Traders will need trade copiers.
  4. Traders will need tools to time expiry

Binary Options Software for Technical Analysis

It goes without saying that technical and fundamental analysis is the mainstay of detection of trading opportunity. However, there will be more opportunity to profit from technical analysis than fundamental analysis. This requires charts complete with tools for chart studies, indicators that show profit opportunity as well as indicators to pinpoint accurate expiry times. Some of the binary options software tools that can satisfy this need are:

  1. Interactive charts: The trader can get these from any forex platform such as the MT4, cTrader or ActTrader. Furthermore, some third party charting tools exist such as those from eSignal, Ensign, TradeStation, etc. For those who will be using smartphones for trading, we even have ChartIQ, an application that can be used to provide interactive charts for the iPhone, iPad, Android and Windows phones.
  2. Pattern/candlestick recognition tools: There are several of these in the market. If you are getting one, make sure you go for a paid version. In the writer’s experience, many of the free ones are not up to scratch.

Binary Options Software for Automated Trading

Automated trading software seem to be the new rave of the moment. The challenge was in getting software that could communicate with the web-based platforms to implement strategies as well as trade entries and exits. But with new internet browsers like Google Chrome which now allow developers to create extensions or plug-ins that can be attached to a browser for onward communication with the web-based platforms, this challenge has been surmounted. You can create yours using a developer’s help or you can purchase a commercial automated trader.

Trade Copiers

Trade copiers are a type of automated trading software. Usually they are attached to other trading platforms such as the MT4, and then copy any signals generated with the MT4 analytical tools for implementation on the web-based binary options platforms. This area of software development for the binary options market is still in the rudimentary stage with just a handful of trade copiers available. However, expect explosive growth in this area in 2014.

Software for Predicting Expiry Times

This is an area that presently remains uncharted and the potential to make a lot of money here for traders who can work with developers to crack this code exists. Why is this the case? No matter what the other software we mention above can do or how immaculately perfect they are, their results would mean absolutely nothing if the asset does not achieve the set target before the curtain falls on the trade. Presently, a large part of estimation of the correct expiry time to use in a trade is guesswork. If there is a software that can take the guesswork out of the trading process, traders will literally break the doors of the developers with their money at hand, demanding for it.

Do you have a need for binary options software or do you have ideas to create one? Opportunity beckons at you in 2014.

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