The binary options market is gradually evolving to position itself to the same pedestal that other financial markets presently sit on. Now that issues concerning regulation are gradually being resolved across the trading hubs, traders and third party software providers can now plant themselves firmly in position to make extra money from their skills and their products.
One way that this can be done is by selling indicators, expert advisors and other software that can generate binary options trade signals on the MT4 platform, which can then be transferred to the binary options market. In a previous article, we had already indicated that it was possible to generate signals on the MT4 platform and have same executed on the binary options platform.
So how does this work? It works in three steps:
- Create a trading strategy
- Create a robot or indicator out of the strategy
- Host the software on the MT4 AppStore
- Promote your product
This is the hardest part of the job, and there are no short cuts. You have to dutifully perform historical studies on your charts and play around with your indicators to know when profitable setups have a repetitive pattern. This is what I have done and have come up with up to 30 strategies for the binary options market. Most of them are still undergoing testing and optimization for the market. As you already know by now, being able to target the correct expiry time is something that must be incorporated into any strategy created for the binary options market.
CREATING A ROBOT
You do not need to have any specialized MQL coding skills for this. You can get a programmer to help you out, and as we described in one of our earlier articles. Remember that the MT4 is predominantly a forex software, but since we are modifying this for the binary options market, the programmer should be informed so that the indicator or robot can be made to communicate with the web-based platform for the best results.
HOST THE SOFTWARE ON THE MT4APPSTORE
More correctly called the MetaTrader AppStore, this store is fashioned after the online stores of Apple and Google which sell apps for smartphones and tablets. The difference is that this time around, the apps here are expert advisors and indicators, and they are built for the MT4 and MT5 platforms. Hosting on this platform will require registering on the site here, then registering the details of your software as well as uploading a copy for evaluation and approval by the AppStore team. You can set a money-back guarantee (15 or 30 days), and also upload a demo copy or the full copy of your product. The demo copy only allows the buyer to test the software for a specified period of time. The demo copy cannot be used on a live account. The live copy is programmed to work on a single computer and on a single trading account, tied to the product key. This protects the intellectual property of the product owner.
Once the product has been approved, it is listed for sale on the AppStore and on the MT4 or MT5 terminal on which the product will be used. It is now time to promote it.
PROMOTING THE PRODUCT
This is all about marketing. The product owner can promote the product on social media networks, online forums, high-traffic blogs, etc. The difficult part is in getting the first few clients. Once people have used the product, they can enter their reviews on the AppStore website. You can be sure that once the product has been sampled and found to deliver results, it will start to sell like hot cake.