Binary Options trading is as simple as 'YES' or 'NO'
The Binaries toolbar has a dropdown called NADEX Trader. Clicking on this will take you to a quote and trade window that is setup specifically for Nadex binary options. Select the product you want to trade from the product dropdown.
Daily binary options are available for Crude Oil, EUR/USD, Gold, Silver, US 500, and Wall St. 30. After selecting a product, you will see a list of strikes for that product.
How to enter your order from the NADEX Trader window
From the NADEX Trader window, you can enter an order by right clicking on the bid or ask, and selecting Set Limit/Buy Price or Set Limit/Sell Price. When clicking on one of these variables, you will notice that the Buy Price or Sell Price field will populate, depending on what order type you select. You would type in the quantity of contracts that you want to trade in the Order Qty field. Once you place your order, you will notice that your maximum profit or loss for that trade is shown in the +/- column.
When right clicking within the Nadex Trader window, you will notice Buy Market and Sell Market orders. When selecting these market orders, you are really sending in a limit order. The price of that limit order is based on the best Ask price (for a buy order) or the best Bid price (for a sell order), plus or minus a value called Market Order Adjustment. The default value for the Market Order Adjustment is 5, but you can change this value.
The Options Chart Trader window makes it even easier
You can open up a binary option chart that shows both the underlying market and the bid/ask on the binary option. Once a product is selected, simply click on the chart icon from the NADEX Trader window. The chart defaults to a 1-minute chart.
You can change to a different time frame if you want to broaden the number of strikes that are available by holding your mouse over the line of strike prices and dragging your mouse up or down.
How to enter your order from the Options Chart Trader window
With the Binary Options Chart Trader window pulled up, you will see an order ticket on the right panel. Double clicking on any binary strike price in the chart will populate the order ticket with the symbol for that strike. Then click "Enable" and enter the quantity to activate the order ticket.
When a trade is placed, you will see the strike price highlighted on the price chart, with the P/L displayed.
Click on the F1 key at any time to see additional help documentation about the BESTDirect trading platform.