To make trading Binary Options even easier, OptionBit the broker, recently launched a new binary options bot called Algobit. The system is able to scan the markets for volatility and alert users of this system of potentially profitable trends. The Algobit system is self-contained which means that after receiving the signals, trades can be directly executed through the Algobit system. The platform uses TRADOLOGIC API and is easy to use.
In fact, the intuitive and pioneering system has already won two awards since its introduction in 2012, the Best Innovative Technology Award for 2012 and 2012 Financial Innovation Award (FIA).
Using the Algobit System
With Algobit, traders can choose between trading manually or with signals. When trading according to signals, the direction of the trade will be predetermined by Algobit. All traders have to do is to set the expiry time and the amount to invest. Nevertheless, traders do have the option to trade against the trend by selecting in opposite direction of the predetermined direction. To get an updated chart, just click on the “Analyze” button located on the top left side of the platform.
If the system is set to receive short term binary option signals, the analysis displayed will comply with short term terms and hence short term trades which are trades with one to five minutes expiry time. If traders opt for long term analysis, the trends displayed will longer term trends. Expiry times for longer term trades ranges from 30 minutes to end of the trade trades.
Manual trading is where traders trade without the benefit of Algobit’s analysis. Trades can also be done directly through the Algobit platform without having to activate the OptionBit main trading platform. to select the manual trading mode, just click on the “Manual” button located on the top left hand side of the Algobit’s interface. The manual trading mode is similar to trading with normal binary options trading platforms making it easy for traders to acclimatize themselves to the Algobit system.
Once a trade is confirmed, a box will appear at the top of the dashboard. A green box will represent an in-the-money trade while a red box will show an out-the-money trade.
Once the trade has expired, the trading account balance will be automatically updated according to the trade result. The beauty about this system is that it takes out all the complicated bits of trading out of the process flow. All traders have to do is to follow the signals. Trading binary options doesn’t get any simpler than this!