As a leading options broker on the Internet right now, it’s no surprise that Binomo offers plenty of assets for traders everywhere.
Currently, Binomo offers over 40 assets, including forex, cryptocurrencies, and options. And if you’ve ever traded any type of option before, you’ll know that each trade has a predetermined expiry.
Feeling confused? In this article, we’ll talk about trade expiry and everything that you need to know about it when trading on the Binomo platform!
Trade expiry for options
Trade expiry refers to the time it takes for your trades to expire. On Binomo, you can choose your own trade expiry, from a minute to an hour. Your trade will only expire once the time runs out. This means that you don’t necessarily have to keep an eye on your trading screen the whole time.
At the very minimum, you can hold each trade for a minute each. You can also set the time to expire anytime within the next hour. In my opinion, trade expiry times of 1-5 minutes are the most effective if you’re just a beginner trader.
Changing the time
If you want to change the time that the trade expires, you can do it with the time feature on the right side of the screen.
Clicking the button brings up the screen in the screenshot above. There are preset trade expiry times, basically in 15-minute intervals, but you’re also free to change this based on your preferences.
The add to the time, simply click the (+) button. This will add 1 minute to the current time.
On the other hand, if you want to subtract from the time, just click the (-) button. This will subtract 1 minute to the time.
There’s technically no limit to the clicks you can do, but do take note that you can only select a trade expiry time that lasts for a maximum of 1 hour.
Other than that, setting the trade expiry on Binomo is all pretty straightforward.
Once you enter a trade, the trade countdown will start. You can see this as a white vertical line with a circle at the top. Inside the circle is the amount of time left on the position. Once this timer runs out, you’ll either win or lose the trade, depending on the current market situation.
The trade expiry refers to a red vertical line with the words ‘Time Remaining’ on your chart. When the prices reach this line, that means the position will be closed automatically. You can also enter several trades on Binomo at once, though I don’t recommend doing it if you’re still new to trading. Focusing on just one trade at a time is ideal to lower your chances of getting losing trades.
Time period on the Binomo candlestick chart
You can also choose the specific time period that you want to trade. This refers to the interval between two candlestick sessions.
On the Binomo platform, you can choose a period that’s as short as 5 seconds and as long as 30 days. A shorter time period means that candles will take a shorter time to open and close, while a longer time period will mean the opposite. You can change this to match your preferences.
Tips for trading options on Binomo
If you’re a beginner trader, I recommend using candlestick charts because it’s much easier to read and analyze compared to other kinds of charts.
In addition to this, 5-minute interval candles are the best choice out of all the time period options. Remember, anything below 60 seconds fluctuates too much and might be too overwhelming for the beginner trader. You can slowly use longer interval candles if you wish, but 5-minute intervals is a good point to start.
If you’re interested in using technical analysis indicators, stick to those that are simple to read, like the RSI, SMA, or Bollinger Bands. You can read our guides about them so that you can accurately predict trend movements on Binomo.
Do you understand trade expiry times better now? If you’d like to try this feature out for yourself, go sign up for a free demo account on Binomo now!
Good luck on your trading journey with Binomo!
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