Binary trading as a side business

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Differences between Option Bot 1 and Option Bot 2.0

Firstly, Option Bot 1 used the following default settings 3 pips and M15. This meant that optionbot was searching for 3 pip movements that had occurred in a 15 minutes interval.

The first version of optionbot when set to M15 would check the pip movement 4 times per hour, on the hour, quarter based the hour, half past the hour and quarter to the hour.

So should there have been a 3 pip or greater movement that had occurred between 12:15 and 12:30 then at 12:30 the software would give you an alert saying either call or put depending which way the movement was.

The problem with this was that if there had been both an upward and downward movement in that 15 minute time frame, you would get the same currency pair saying both call and put at 12:30 causing confusion for the trader. This was one of the major shortcomings of optionbot when it first launched in October 2012.

In addition to this issue, option bot 1 taught the trader to trade in the opposite direction of the signal, but gave no explanation as to why, and there’s a reason for this which I’ll explain now. Gary Davies the creator of OptionBot is a computer programmer that enjoys trading forex, the fact he enjoys trading doesn’t necessarily mean that he knows much about trading, and for this very reason he came up with the trading against signals on M15 and 3 pip movements simply because just happened to work for him when he recorded the demo video, he actually told people to come up with there own settings for the parameters and to email him the results. This is also the reason that after sales service and support was practically not existent, it was just him replying to emails, however his knowledge was limited to the technical side not the trading side.

However despite these slight issues, option bot became a very popular tool for binary options traders which left Gary Davies overwhelmed an unable to handle the support by himself.

This is where he caught the eye of a company called Option XE, a company that specialise in training and advising home traders. Option XE had optionbot redeveloped as a web based application, and tweaked the coding so that the M settings would be continuously reading 15 minutes intervals and altering the user to whatever movement you have it set to immediately.

With this in mind, Option XE’s in house trading office looked at several different strategies and the probabilities that are linked to binary options trading, which is how they came up with their spreading method and M15 20 pip movement. When you get alerted to a 20 pip upward or downward movement you should then place a trade in the same direction as the alert ONLY after you have referred to the chart and that you believe that the market is going to continue in that direction.

Option Bot now benefits from the multi national support centre at option XE, and every customer has a dedicated trade analyst that will help you understand how to use the signals from option bot.

At the end of the day, option bot is a trend indicator, a tool to allow you to keep an eye on the currency market without starting at your screen for hours. If you’re looking for a million dollar secret software app, then I’m afraid that doesn’t exist!

Click for a guide to Binary Options