General Binary Options Tools
When talking about truly dedicated binary options tools there is, well, not really much to talk about, unfortunately. Binary options, while growing more mainstream by the day are still relatively “under the radar” and the market may not yet be big enough to make providing these tools profitable for the maker. Another explanation for their scarcity might be the lack of compatibility across trading platforms. It is easy to program forex tools for mt4, for example, because it is widely used across many forex brokerages. There is no such equal in the binary options market.
This does not mean, however, that you have absolutely no binary options trading tools at your disposal. While there may not be any – or at least not many – universal software tools pertaining to binary options which can be used across a wide variety of brokers there are usually at least some tools available at each broker, specific to that broker (though some tools can be found at many of the top brokers). In addition to those tools we also offer some general binary options analysis tools to help you in your trading.
Binary Options Technical Analysis Tools
In addition to some of the general tools offered by many top brokers such as “roll-over” and “double-up” some also offer access to on-site binary options technical analysis tools. For instance most of the top brokers offer at the very least some version of a pop-out trading chart which is much more detailed than the normal trading platform charts. These in-depth charts allow you to adjust the time-frame shown and many of them also include other technical analysis tools built into them. There are also a few basic technical analysis and summary tools available here.
We also always highly recommend that our readers DO NOT use the default charts offered by brokers. This is true no matter which broker you trade with. Their platforms simply cannot match the time-tested and highly evolved charting options available elsewhere. Personally we use TOS (ThinkOrSwim) and MT4 for our binary options trading and we think those are your two best options but there are other good (and free) options out there. Make sure you use one of them.
If you use one of the much more advanced trading platforms available outside your broker then you will have access to countless more technical analysis tools which you can use in your binary options trading than you otherwise would. Not to mention that you will simply have much better charting options and flexibility. All serious (and consistently profitable) binary options traders use an outside source for their charting and technical analysis. You should too.
Even though the prices quoted at your broker may be different from what you are seeing on your outside platform that will not affect your entry or exit decisions. It is in fact nothing to even pay attention to and will never affect your trading decisions or outcomes in any way. The why behind this is beyond the scope of this article but a quick search will clear it up if you’re curious.
Our On-Site Binary Options Analysis Tools
- Economic Calendar of Events
***Extremely useful for “event-driven” analysis and investment. This is our most profitable binary options trading strategy overall. It’s definitely not the only strategy we use but it is our favorite. And it is one we highly recommend.
- Binary Options Charts – Best Charts For Binary Options Trading
***We mentioned earlier the importance of using better charts than those available at your binary options broker. So we put together a page with the best options for binary options traders.