iRobot Software Review
iRobot is a new trading software designed and created by a professional binary options trader (allegedly) and is meant to help thousands of traders worldwide make the most out of trading and achieve their financial goals. Two important points to note here; One, do not confuse iRobot the binary options software with iRobot the robot manufacturing company. And if you did visit irobot.com and found all sorts of cleaning products being advertised, don’t panic, it is probably because you went to the wrong website. The registered site for the software is ibinaryoptionsrobot.com.
With the first point, or rather clarification, out of the way, let’s move over to the second one. This one has to do with exercising caution while doing any business with the site you’ll get to know why in a minute. Nonetheless, as a precaution which could also double as a word of advice – any site that promises to significantly expand your bank account in just a few days will most likely exhaust it in even less time. iRobot, albeit subtly, promises to do just that and even claims to have worked perfectly for over 2000 traders.
Before even verifying the truth (or lack thereof) in those claims, a general overview of the features of the software is very necessary.
irobot main page
Considering the site is new and not yet convincing enough, it is actually surprising, in a good way to see the amazing features in the robot. Although it has not yet met the standards of the market leaders, iRobot is pretty much halfway there. The following are the good, the bad and the meh features of iRobot :
Although not yet proven, by an independent third party that is, iRobot’s accuracy is pretty high – at 85%. This is the upper market average and you would be hard pressed to come across a robot that is more efficient than this. Remember financial markets, in particular binary options are very unpredictable and having correct predictions 85% of the time is not a small feat.
According to iRobot’s creators, part, or all of the robot’s accuracy comes from the thorough methodology of sieving signals before placing trades. The robot’s algorithm uses a range of highly mathematical methods to come up with signals. The most important of these are the technical indicators which are under the control of the trader. Basically, iRobot makes use of signals from six of the best technical indicators in financial trading. Traders maintain overall control here – another big plus here – and can choose to have their trades based on all, one or just a few of the indicators. In case multiple indicators are selected, the robot won’t place any trade(s) if all the selected indicators don’t produce the same signal. For instance, if all six indicators have been selected, the robot will not place a High option if all the indicators don’t show a High signal. This simply means that if any of the indicators generate a different signal, no trade will be placed. This method is attributed to fewer but more profitable trades – quality over quantity all the way.
The indicators include :
- Trend indicator – This type of indicator analyzes past and present market trends and uses that to project future price movements. It is the most commonly used indicator in binary options.
- Moving Average Convergence Divergence (MACD) – Like the Trend indicator, MACD also follows market trends. The difference is that it focuses more on the overall trend momentum, in particular the correlation between 2 moving averages. MACD is relatively more efficient and provides better quality signals.
- Relative Strength Index (RSI) – As its name suggests, RSI analyzes the strength or magnitude of recent wins and losses and determines the general price momentum.
- Commodity Channel Index (CCI) – An oscillator that concentrates on identifying overbought and oversold market conditions which is crucial in predicting possible price reversals.
- Williams Percentage Range – Developed by professional trader and market analyst Larry Williams, this indicator works more or less the same way as CCI. It identifies overbought and oversold conditions and uses that data to determine price action.
- Stochastics Oscillator – A price momentum indicator which captures the most recent closing price of an asset and compares it to past price ranges.