Introduction
If you’re trading 60-second options, you know how important it is to have the right chart settings. Charts can give you insights into market trends and help you make decisions about when to buy and sell. In this article, we’ll cover the most important chart settings for 60-second options trading.
The Right Timeframe
The first thing you need to consider when setting up your chart is the timeframe. For 60-second options, you’ll want to use a one-minute chart. This will give you a visual representation of price movements over the course of a minute, which is essential for short-term trading.
Choosing the Right Indicators
Indicators can help you identify trends and patterns in the market. For 60-second options, we recommend using the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators. These indicators are easy to read and can provide valuable insights into market movements.
Setting Up the RSI Indicator
To set up the RSI indicator, you’ll need to adjust the settings to a 14-period RSI. This will give you a good sense of market momentum and help you identify potential entry and exit points.
Setting Up the MACD Indicator
To set up the MACD indicator, you’ll need to adjust the settings to a 12-period exponential moving average (EMA) and a 26-period EMA. You can also add a 9-period signal line to help you identify potential buy and sell signals.
Adjusting the Chart Type
For 60-second options trading, we recommend using a candlestick chart. This type of chart provides a clear visual representation of price movements and can help you identify trends and patterns.
Setting Up the Candlestick Chart
To set up the candlestick chart, you’ll need to adjust the settings to show one-minute intervals. You can also adjust the colors and styles of the candlesticks to make them easier to read.
Adding Volume Indicators
Volume indicators can help you identify potential market reversals and confirm trends. For 60-second options trading, we recommend using the On Balance Volume (OBV) indicator. This indicator measures buying and selling pressure and can help you make more informed trading decisions.
Setting Up the OBV Indicator
To set up the OBV indicator, you’ll need to adjust the settings to a 14-period OBV. You can also adjust the colors and styles of the indicator to make it easier to read.
Conclusion
In conclusion, setting up the right chart settings for 60-second options trading is essential if you want to be successful. By using the right timeframe, indicators, chart type, and volume indicators, you can gain valuable insights into market movements and make more informed trading decisions. With these tips, you’ll be well on your way to becoming a successful 60-second options trader.
