The Binary Option Robot offers an automated software trading strategy for binary options. This downloadable software program can be used to provide both manual trading signals or a fully automated trading solution.
The software makes use of up to six different technical indicators to generate the signals. These are traded in accordance with a set of trading rules that are pre-selected within the interface. Signals can be generated on a range of selected currency pairs on different expiry times.
The indicators and the system chosen determine the number of alerts created and how they are traded. You can place the signals in your account either manually or if you prefer, you can set the software to automatically trade on your account for a totally automated trading solution.
From the outset the first thing that strikes you is that this software is incredibly easy to use. All of the key settings that you need to configure are made available within a single window. Everything works from simple tick boxes. There are no complicated chart setups or indicators to configure.
Setting up the system is a breeze. You select your broker, the system that you want to follow, the expiration time and amount you want to place on each trade. The ‘Trading System’ setting defines the money management rules used. You can trade fixed lots, Martingale (!) and Fibonacci.
The next step is to tick the pairs you want to trade and the indicators to use. There are seven different currency pairs and six of the most popular technical indicators available. These are listed as Trend, MACD, RSI, Stochastics, Bill Williams Oscillator and CCI.
While you can download a free version of the software, the Binary Option Robot Pro version is where it is at. As the saying goes, ‘you get nothing in life for free’ and to put it simply, the free version of is simply too restrictive to be a useful trading tool. The biggest limitation being that you can only trade 5 minute contracts.
Upgrading to the Pro version of Binary Option Robot extends the number of currency pairs that can e traded from 2 to 7, although more importantly is allows you to set expiry times for 1, 5, 10, 15, 30 and 60 minute trades.
The full feature set of the Pro Version is as follows:
- Brokers - StockPair, ZoomTrader, TopOption (Pro only)
- 3 Money Management Systems (Classic, Martingale, Fibonacci)
- 3 Trading Indicators (6 in Pro version)
- Up to 2 simultaneous trades (7 in Pro version)
- 8 currency pairs (
- Trade from $10 to $500 per trade
- 5 trades (1, 10,15,30 and 60 minute trades allowed in Pro version)
- Free Lifetime support and updates
The only real downside is that whichever version you opt for you are limited in the brokers that the software will work with. The choice of top brokers such as StockPair and the low deposit broker TopOption is not necessarily a bad thing, although having to open up a new account won’t appeal to everyone. The third broker ZoomTrader is not one we have traded with. However its focus on US traders means it won’t be regulated.
The main thing I like about this software is that it offers a great deal of flexibility. While more advanced traders who are prepared to trade manually can probably replicate a similar setup in MetaTrader, this offers a simple trading solution.
It is essentially a preset range of technical indicators that you can configure to construct your own trading strategy. Throw in the ability to pick your own preference for money management on the account and you can easily build yourself an effective strategy to trade in minutes.
Now while many people will like the idea of the auto trade feature, in our opinion it is the ability to manually trade the signals that is of greater benefit. Relying on technical indicators alone for trading can only take you so far.
By manually validating each signal against the prevailing market conditions, news flow etc, you should be able to filter the signals and produce better results. You don’t have to be a market genius to do this. Just plotting some simple support and resistance lines on the chart and noting when significant news events are due for release is sufficient to root out the weaker signals.
If you do decide to trade this robot we would advise you to go for the Pro Version. Yes it costs but the free version is free for a reason. It is too restrictive and we would advise against the 5 minute timeframe in any case.
In summary this is certainly one of the better automated binary options systems on the market and worth a look.
Binary Option Robot Review Verdict
- Flexible and intuitive software - easy to setup and trade
- Manual and automated trading available
- Available for PC, Mac and WebTrader (no download)
- You really need the Pro version as the free version is too limited
- Lmited Broker support