If you want to do technical analysis before you invest in a binary option, you need to use a live binary options chart. This chart shows the past and current prices of an underlying security. Difference between this chart and the charts that brokers typically provide is that you can use a great number of indicators, numerous methods of technical analysis, see the price of an underlying security on different time frames, and change personal settings: in brief, using this chart, you’ll be able to increase your return with the world’s top binary options broker.
The live binary options chart is like an indicator signaling an investor that he should buy or sell a binary option. Underlying securities provided by brokers differ; therefore, quite a few professional traders deal with several brokers.
How to Use a Live Binary Options Chart
By default, the chart of the EUR/USD currency pair is displayed. To choose an underlying security, you have to delete EUR/USD in the corresponding field, and you’ll see a drop-down menu of all underlying securities.
You can choose a stock index, stock, currency pairs, or other securities. If you know the ticker symbol of your underlying security, you can type it right in the corresponding field, for instance, the ticker symbol of Google is GOOG, and the ticker symbol of Apple is APPL.
I would like to add that technical analysis is of greater importance for trading on the foreign exchange market than on the stock or commodity market.
Next to the underlying security field, there is a field with 1 in it. Using this field, you can choose a time frame of the chart. For instance, 1 means the one minute time frame. If you click on the triangle button near the figure, you can choose a longer period and see all changes of the price during this period. This feature can help you understand what current level of the price is, whether the price of the underlying security is high or low. You must always check several time frames as the minute time frame can show that the price is falling, the hour time frame can show an upward trend, and in this case the decrease is just a slight fluctuation.
Traders investing for a week use the 4 hour to day time frame on the live binary options chart. Long-term investors buying binary options for a month use the one day to one month time frame.
Types of Charts
In the article about technical analysis, I told you about the three basic types of charts. Using the live binary options chart, you can compare different charts and choose a chart that you like most of all. Under the underlying security field, there are buttons to choose a type of the chart including a linear, bar, and candle chart. To see the full list of the charts, you need to click on the triangle. In the list, you will find many different types of candle and bar charts. By the way, due to selective perception, you can notice signals on one chart, and you don’t see them on another chart.
And now the most interesting point of this chart. The live binary options chart provides a lot of indicators. This is the very essence of the chart. On the right of the underlying securities menu, there is the INDICATORS button. If you click on it, you’ll see a great number of indicators. Some of them can become your pot of gold as INDICATORS do your job, they perform analysis instead of you. Based on the past and current prices, indicators signal that you should sell or buy an underlying security. To have a higher chance of making a profit, you should use indicators together with binary options forecasts.
For Advanced Traders
If you are an advanced trader, you can use tools on the left to draw lines and make calculations on the chart yourself, without using indicators. Undoubtedly, these tools are for the traders having a good knowledge of technical analysis, their picture of it, strategies, and calculations. I don’t use these tools as there is a wide choice of indicators. However, if you want to deepen your knowledge, these tools can be useful to you.
If you clicked too many indicators or too many additional features that you do not need, and you don’t know how to disable them, you can just refresh the page.
I hope that the live binary options chart proves really helpful to you as it’s really multifunctional. It even allows the user to change colors and do many other useful things.