Trading Binary Options with Meta TraderUnfortunately, Meta Trader was developed to trade conventional assets such as stocks. This article will show you how you can set up Meta Trader to trade binary options, too.
How to connect Meta Trader to binary options
Meta Trader offers no native support for binary options. Therefore, many successful traders of conventional assets, which were not willing to stop using Meta Trader, shied away from trading binary options. Fortunately, recently a number of providers offered the possibility to connect your Meta Trader platform to your binary options broker.
To connect Meta Trader to binary options, you need two things:
- An account with a binary options broker.
- A connector that connects Meta Trader to your binary options broker.
There are a number of different connectors you can choose from. In general, they all work in the same way: After you have entered your personal information and the details of your account with your binary options broker, your connector will send you your individual authorization key. Simply use this key when you execute a trade in Meta Trader, and your connector will take care of the rest.
Using the key is easy as well: If you are using an auto trading expert advisor, your Meta Trader to binary options connector will provide you with a function to execute when you want to invest in a binary options. Simply put the asset, the direction, the expiration time, and the key into this function. Some providers also use a channel number you have to enter into this function. Simply copy this number into the function, too. Other than that, do not worry about these numbers, as they will not affect you too much.
After you have set up Meta Trader, you have to configure the details of your connector. With most connectors, you do that either on their homepage or in an easy to download extension for your Chrome browser. Settings are easy and usually require only such fundamental values as the amount you wish to invest per Trade.
Be careful when choosing your binary options broker, though. Some brokers are not compatible to be connected to Meta Trader at all, and some have severe restrictions, such as only offering one possible expiration time. Check your Meta Trader to binary options connector’s website to find out which brokers it is fully compatible with.
Advantages / disadvantages of using Meta Trader with Binary Options
- Meta Trader is a powerful tool to analyze and trade financial markets.
- Meta Trader combines world class charting software, prolific trading program, and the ability to execute robots for any type of trading strategy.
- With Meta Trader, you can use any indicator available to predict future market movements.
- You can configure Meta Trader completely to your preference. No other charting software allows you more freedom to create a perfect trading environment than Meta Trader.
- Meta Trader is completely free.
- So far, Meta Trader can only be used with high / low options. Traders of other option types cannot use Meta Trader at the moment. Many developers are working on a solution for this problem. Hopefully, it will be available soon.
- With some brokers, Meta Trader will automatically choose the shortest available time frame for your option. Usually, that is either 5, 10, or 15 minutes. Traders looking to invest in binary options with a long expiration time have to choose a broker that allows you to choose your expiration time. Check your Meta Trader to binary options connector’s website to find out which brokers allow you to choose your expiration time. Most connectors offer a list of broker and let you know which belongs into which category.