Meta Trader is trading software that most professional and semi-professional traders use for their investments. If you are serious about making money in the financial market, you should strongly consider using Meta Trader, too.
What is Meta Trader?
Meta Trader is the world’s leading chart and trading software. Meta Trader is a separate program you can download and install on your computer or mobile device for free. Meta Trader allows you to display an assets past market movements in a chart. Meta Trader trumps all its competitors with a wealth of display option. Depending on your preferences, you can use candlestick charts, bar charts, or line charts. The time frame of your chart is easily adjustable from one minute to one month per period.
From this chart, you can apply any indicator imaginable to the asset. Some indicators, such as moving averages or bollinger band, will be displayed directly in the chart. Other indicators, mostly oscillators, will be displayed in a separate window below the chart.
One of the great advantages of Meta Trader is the wealth of indicators it can handle. After installing Meta Trader, the program provides most of the commonly used indicators. Moving averages, bollinger bands, and most oscillators – they are all available with one click. Even more impressive, you can adjust each indicators setting with a few clicks. If that is not enough for you, you can even create your own indicator in Meta Trader’s easy to use editor.
Another huge advantage of Meta Trader is its auto trading function. Meta Trader uses programs called Expert Advisors that can take over a part of your trading or your entire trading process. You can get these Expert Advisors from paid providers, search for them on the internet for free, or write your own expert advisor.
Expert Advisor can manage a part of your trading, for example creating signals or money management, or they can trade completely automated. In this case, they generate signals, manage your money, and invest entirely on their own.
The big advantage of Meta Trader’s expert advisors compared to regular auto traders and signals is that you can look at their source code. Even if you buy an expert advisor, you will always know what the expert advisor is doing. This helps you determine which auto traders and signals are dependable and which you should stay away from before the negative effects will show up in your account balance.
Meta Trader works well with all kinds of assets. You can display any asset you like, as long as your provider supports it and provides Meta Trader with the necessary market data.
How to use Meta Trader with binary options
Unfortunately, Meta Trader was developed to trade conventional assets. Therefore, it has no build-in support for binary options. Luckily, there are a couple of easy solutions to this problem:
1) Using a connection provider
The easiest way to connect Meta Trader to your current binary broker is to use a connection provider. These providers take the trading signals generated by your Meta Trader and translate them into orders your binary broker can understand. After that, they immediately execute the order. Connection providers are relatively cheap, most charge less than $100 per month. Still, they have a couple restrictions that make them a less than ideal solution.
First of all, many connection providers limit their traders to only one option type (mostly high / low options) and one expiration time (usually the shortest expiration time available). This is a severe restriction that makes using most types of strategies impossible. Traders that use these strategies cannot use connection providers.
Additionally, connection traders fail to pass on a certain amount of the trades. With some traders, you face a 50/50 chance whether they will pass on a trade you or your Meta Trader invested in. That is not ideal either.
To solve both problems, you could opt for another solution:
2) Using a provider with an improved Version of Meta Trader
Some providers have developed improved versions of Meta Trader that can directly connect to binary options, thereby eliminating the need for a connection provider and the disadvantages that can come with it. With most of these improved Meta Traders, you can trade binary options without any restrictions. You will also save the monthly fee for your connection provider.