Every binary broker will provide you with a range of analysis tools; these are designed to help you improve your understanding of how to trade in binary options and trade successfully. However, there are other options, software which can be added to your trading platform and provide better or more detailed analysis. These custom indicators are generally created by dedicated software firms; Binary Viper is one of these and offers a range of additional indicators as well as the possibility of viewing several graphs at the same time.
One question you will need to answer before you select an indicator is whether you are prepared to pay for it or not. Some add-ons will cost you as much as $600, whilst others are free. In general if you pay for the software you are likely to get clear indicators regarding when to trade and how to trade. You are also likely to receive a good level of customer service and support regarding installing and using the add-on. However, some of the free software is also very beneficial and can be used to great effect if applied correctly.
Adopting the right strategy means finding the best way for your trades to end up successful and gaining more knowledge about trading as you do so. Adopting a strategy that works is personal to you; your approach will not necessarily work for someone else.
Binary Viper – the Free Approach
You can choose to download this software and use it by itself or use it with other indicators. The software works exceptionally well with term trades such as fifteen or thirty minute expiry times although it can be used on the shorter time frames, even the thirty second ones; although it is best to check your intended trade against the longer term indicators.
The software will tell you when the price is about to drop or rise on any particular asset; once you see the big arrow appear on the screen you should place your trade on the next candle you see. If you are in any doubt run several practice trades before you commit any funds.
The software is free and will provide you with an audible warning that a new signal is available. This combines with a pop-up box to warn you of an impending trade. You can also choose to have an email sent to you or even a notification sent to your phone. To implement this part of the software you will need to use two different email accounts. One will need to send an email to the other to provide the indicator for you to react to. To do this you will need to access your advanced email settings, or know someone who can do this for you.
The Currency market
Binary Viper is an excellent indicator whether you are trading in binary options or on the currency market. In fact, it can be used with any type of trading producing high quality, reliable signals; it doesn’t matter whether you are looking to trade in an hour or over several days; this software can provide you with the signals and information you need to place successful trades. It can actually be very interesting to see how much the price of a specific asset moves within a month. This information can even help you to assess the reoccurring movements in an asset and trade accordingly.
The Binary Viper can provide enough information to allow you to trade as short as thirty seconds, however, it is generally better to trade on slightly longer term trades where you have time to consider the best option; upwards of five minutes is sufficient to allow these signals to be effective.
The software has a huge range of positive features, specifically that it can be used regardless of the time frame you wish to trade on. The signals the software generates are easy to follow and are generally accompanied by arrows indicating the price movement of the asset.
The software can be used in conjunction with any other indicator software and even the settings can be adjusted to reflect your personal trading style.
Perhaps the best part of this software is that it is free and you will receive an audible alert, a pop-up, an email and even a message directly to your phone; just be sure you have all of these facilities enabled.