Binary Options Historical Chart Tool – How to Find the Charts I Need
Historical charts are an important part of technical analysis. Their importance in binary options trading is being debated. What kind of charts are available to binary traders and where can they be found? Are historical charts a must have or a don’t bother.
Historical charts are a tool I have used for many years trading all sorts of assets. In fact, historical charts are such an important part of my own trading that I was surprised when assigned this article, doesn’t everyone use historical charts? Apparently not. First, what is a Binary Options historical chart? This is a chart of past price action. It could range from one day to several years to the entire length of an assets trading lifespan. Historical charts of the Dow Jones Industrial Average go back to the 1800’s, that’s a lot of data. Why does this matter and why was I surprised? Because binary options is based almost entirely on technical analysis and historical charts are what technical analysis measures. It just doesn’t make sense to me for someone NOT to use historical charts.
I know that it comes as no surprise to anyone who trades binary options that the charts provided by binary options brokers suck and that’s a fact. At best you get a little box with price action that goes back for a few hours. There will probably be gradations of price and time along the axis and a horizontal bar marking where the current or purchased price is being tracked. Other than that there isn’t much there. I have seen one or two brokers with a little better but which ones escape me at this time. Knowing just how little was available from the brokers I decided to do a Google search, always interesting, to see what it came up with.
Available Binary Options Charting
Aside from a few obviously poor returns (Wikipedia page on binary options) there were three that looked promising. They all advertised charts for binary options with historical data. Well, I guess I shouldn’t have gotten my hopes up. The first website that came up on the SERP was FairBinaryOptions.com, an obvious SEO and affiliate marketing site. The very first thing I saw was a huge banner advertising a broker, the next thing I found was charts powered by FreeStockCharts.com. These charts are OK for free but very limited and hard to use in my opinion. The next choice was BinaryOptions.net. The charts here were different, easier to read and to use but even more limited. The length of data available was limited to one day. The assets available for charting were extensive but still very limited and did not include any indices! The third choice did not even display charts, it just had links to the same free charts available on the first two sites.
Where To Go For Binary Options Charts
For now my best recommendations are to use the charts provided by some other broker, or Communitraders. Communitraders is the leading source of binary options charting and social trading. At this time the platform is still in beta but it will soon launch to live status. Currently charts show a few days of price action but will eventually provide years of historical data alongside the trading tools most useful to binary traders. I have to say here that I believe that most of you out there are using a third party trading platform for your charts. Probably something like MT4 or OptionsXpress like I do. It’s too bad that the binary brokers can’t get on board and offer the advanced charting we need. It’s a good thing that Communitraders is on the path to creating exactly what we need.