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If you’ve used any binary options broker platforms, or are just a beginner who’s looked around a platform or two, one thing will stand out in a glaring fashion: the absence of interactive charts. Charts are the mainstay of technical analysis in the binary options market. Without charts, there would be no analysis of assets for trading opportunities, and without analysis, the trader would essentially be gambling.

It is important for the trader to know where to use charting tools for trade analysis, as this will provide the trader with information to make an informed trading decision when trading binary options assets. In this piece, we will identify some of the places traders can find charting tools to analyze the markets and trade profitably.

chart source

There are two types of chart sources:

a) Online charts are web-based charts available from the websites of some brokers and software vendors. These charts usually don’t offer much flexibility in terms of interactivity and the tools that can be used with them. For the purposes of binary options trading, it is not recommended to use online charts.

b) As the name suggests, downloadable charts can be downloaded as part of a forex trading platform or as a software standalone plug-in. They are best for the purposes of analyzing assets for binary options trading as they come with a number of tools that enhance the results of the analysis. They are the recommended chart software for binary options analysis.

Some sources of charting will provide free access to charting tools. There are some that are free but will require some paid plug-ins to work, and there will be those that come in a complete package that 100% has to be paid for. Some charting sources of downloadable forex charts that can be used for binary options analysis are as follows:

b) FreeBinaryOptionsCharts.com

FreeBinaryOptionsCharts.com has easy (and free) to use binary options charts. They also have a great guide for beginners on how to use binary options charts. This is Mifune’s site and so the quality of the strategy articles is very high.

a) Forex Charts Widget v1.7

Developed by Chris Craig and available for free download from Softpedia, Forex Chart Widget v1.7 is a downloadable chart software that allows the user to view currency charts for multiple pairs. The user will have the ability to choose a time frame and apply a set of indicators that come with the plug-in.

b) MT4 Chart

Probably the best source for free charting information and interactive charts is the MetaTrader 4 platform.

This platform is available with almost every market maker broker in the forex market. However, some are notable due to the fact that they have a much wider asset base that matches binary options asset indices.

Ideally, you should download a broker’s MT4 platform, which has over 40 currency pairs, all major stock indices (or at least 8 of them), stocks and spot metals (gold and silver, sometimes referred to as XAUUSD). and is listed as XAGDD) ).

Examples of MT platforms that you should be using for your charts are from FXCM, FxPro, Finotec and Forex.com. Virtually everything that you need for charting is found on these platforms. The best part is that it is all free and can be accessed when you download the MT4 platform and create a demo account. Another beautiful factor working in MT4’s favor is that the MQL programming language on which the platform was built supports the creation of EAs, indicators and software plug-ins that aid in signal generation. These signals can then be exported to MT4 platforms. For more information check out our MT4 guide or watch this video which explains some tips and tricks for MT4:

c) Interactive Brokers Information System (IBIS)

The word “Interactive” in the name of this broker says it all. Interactive Brokers has one of the most comprehensive charting platforms for technical analysis. The Interactive Brokers Information System (IBIS) platform provides institutional level charting facilities. The charting features on the IBIS boast of 22 configurable technical indicators, an alert stick that supports alert creation, and allows traders to use any of three chart types (bar charts, line charts or candlesticks). The package comes at a cost though. Users have to subscribe to its usage at a cost of $69 per month.

d) My FX Dashboard (from OFX)

This forex charting service from OFX allows traders to study lines, use indicators, and more. This software is not downloadable, but is a Java-enabled web-based application that allows users to switch between basic charts and advanced charts. This charting software is coded with EasyLanguage, the programming language that powers FXCM’s TradeStation, so you can also use it as a software plug-in on FXCM’s flagship trading platform.

e) multichars

MultiCharts is a downloadable charting software that provides high-definition forex charts on 30 different currency pairs in partnership with TradingView. Chart also has a web-based version. Traders can use multiple time frames that range from one minute to one month. Developed by MCFX, the MultiChart charting and trading platform is a robust package, even featuring a unique ODM chart trading feature that zeroes in on the exact price a trader wants to execute their trade, tags and Uses this information to remind the trader. Regarding the trade if there is a lag between signal generation and trade execution.

f) Free Stock Chart

nuff said. Click here for a free stock chart. (Go to “Help” in FreeStockCharts.com and watch the video tutorials, it’s very helpful for beginners.) Looking for the candlestick view on fsc.com, go to the top left of the chart and click on Price History in green Then click Edit. Then change the “Plot Style” from HLC Bars to Candlestick and click “OK”.

There are many other sources of charting information to use in generating binary options signals. It is up to the merchant to choose which one to use based on cost, ease of use and other parameters to suit taste.