Helpful Live Commodities Quote Tool for Binary Options
The commodities price quotation widget is another tool that traders who trade binary options as commodities will find very useful indeed. This tool is used to display live price feeds for selected commodities.
Live Commodities Quote Tool
How to use this tool?
The live commodities price quote tool allows traders to get instance access to price feeds as well as make comparisons between prices of the same assets in different markets. The composition of the live commodity price quote tool are as follows:
- Several listed commodities which include gold, silver, cotton, cocoa, heating oil, soyabeans, crude oil, gas oil, palladium, corn, live cattle, etc.
- The expiry date of the existing commodity contract.
- The highest price that the asset has reached within a particular time frame.
- The lowest price that the asset has reached.
- The last quoted price for the asset.
- The percentage change between the last quoted price and the market price of the asset.
In addition to showing the parameters listed above, the price quotes of some of the assets as listed in different markets are also shown.
Uses of the Commodities Price Quotation Tool
Binary options traders who are reading this will be wondering why they would ever need a price quotation tool for commodities. To underscore one reason why traders would need this tool, picture this scenario:
A trader wants to trade a binary options contract on his platform, and decides to pull a chart for analysis, only for him to get a message that says “waiting for update”, as the chart space turns up blank on his MT4 platform. Confused, he decides to forgo the trade, unable to carry out the analysis. How could the commodities price quotation tool have helped this trader?
a) The expiry section on the commodities price tool would have told him if the contract on the commodity had expired. An expired contract on a commodity is the commonest reason why charts suddenly become unavailable. The solution usually is to download a new version of the platform, which would now contain the new contract. That way, the trader would have continuous access to the charts without missing a bit.
Other uses of the commodities price quote tool are as follows: