BinaryOptionsNow – Binary options trading technology developer Tradologic released a revolutionary new product that traders will be able to use along one of the company’s main binary options trading brands, OptionBit. AlgoBit is a revolutionary new method of trading binary options. The platform is basically an analytic tool that looks for newly forming trends on various markets.
What is AlgoBit?
As said above, AlgoBit is basically the combination of a traditional binary options trading platform and an analytic tool. On this platform, traders will have the possibility to execute binary options trades the same way they would do at an ordinary broker, however at AlgoBit traders’ actions are aided by the platform.
This is because AlgoBit is constantly scanning various markets (such as forex, stocks, commodities, etc.) and is looking for various patterns as well as trends. Experienced binary options traders will most likely already know that the most efficient way of winning in options trading is by discovering trends during their formation on brokers’ charting platforms.
Trends are basically patterns according to which the value of an asset fluctuates. If one is able to discover the formation of a trend in its early stages, then it is possible to predict the future movement of the asset related to that trend. However, manually looking for trends is extremely difficult because most people can only simultaneously check a limited number of charts.
However, it’s also possible to discover trends and charting patterns using automated software that is capable of simultaneously scanning multiple hundred assets and charts. Unfortunately, up until now all the providers of automated software of this kind were of poor quality.
How to Use It?
After traders log into the AlgoBit platform they will be presented two main options. The first is manual trading and the second is signal trading. On the manual trading platform traders will be presented with a list of binary options contracts based on the suggestions the AlgoBit software made while evaluating multiple markets.
Here, traders will have to select the expiration time as well as the investment amount of their contracts. Contracts can be further filtered based on their expiration time, which can be either of short term (1 to 5 minutes) or long term (15 to 30 minutes as well as the end of the current business day).
In the manual trading mode traders have full control over the contracts including their direction as well.
The second main trading mode is signal trading. In this trading mode the direction of the contract (up or down) is already established by the software based on the algorithm’s latest analysis. Still, traders may overrule this by clicking the button referring to the opposite direction if they feel that the indicated suggestion will turn out to be wrong.
The “Analyze” button
One of the most important features of the AlgoBit platform is the “Analyze” button. As explained above, the AlgoBit software is constantly analyzing multiple markets and assets, however traders will have to press the Analyze button in order to refresh the list of suggested trades.
This is very important because if for example the button is not pressed for a very long time, then the displayed trades might be based on outdated information. Traders are advised to press the Analyze button each time they intend to open a new trade.
Benefits and Advantages
Based on the above AlgoBit review you will clearly see why this platform is so useful. In the past at most brokers traders were only presented with a long list of binary options contracts. These trades usually remained constant during multiple hours or even during a full day. As such, many of these were generated based on data and information that is already outdated by the time traders intend to open a trade.
However, by using AlgoBit one is able to constantly generate a completely new and fresh list of trades that were generated just seconds or minutes ago based on latest market trends and patterns. This will ensure that traders will be presented with trades with the highest winning chances.
Tradologic is one of the largest binary options trading software developers on the market. The company was founded in 2008 and today it has more than 140 employees in multiple countries. At this moment there are more than 75 binary options brokers operating on the Tradologic platform.
Tradologic’s flagship brand is OptionBit which is one of the largest binary options brokers available. OptionBit is now the first broker is to offer the AlgoBit platform, however it’s not unlikely that the software platform will later on also be offered to other Tradologic brokers.