FTSE/Dow daily up or down bets

[Wideboy]

IG have started to do the above bets.
They are in a binary spreadbet format so you know your max. loss or actual profit when you enter a trade, which is good.
You also have the choice to close your trade before the EOD if you wish.

http://www.igindex.co.uk/content/so_binary.html

 

[Wideboy]

You could have bought the 'FTSE UP' bet yesterday afternoon at 14:30 at its lows of around 2 as it was sitting at lows of the day, and looking unlikely to rise.

If you had done so the risk was just 2xbet size, and after that nice rally you would have netted 100-2=98 -> 98xbet size! Minimum bet size is £3/point, so a 'gamble' of 6quid would've returned £294 on this occasion!

Yes not every afternoon is like this but interesting all the same.
Not bad risk/reward in anyones book!

Wideboy

 

[Mark the Spark]

These seem to be better odds than the double up/down offerred by Betonmarkets.

Looks interesting, but what's the catch?!

Are they mainpoulating the spread such that when you say the market will rise or fall from the time of your trade to close of trading, the spread is worked against you?

M

 

[Wideboy]

Spread on FTSE is 2.4 points.
As FTSE has risen this morning there are good prices for down bets at the moment.
I have just put a low risk 'FTSE down' bet on IG risking just £16.50 for a profit of £283.50 if FTSE closes lower.

Price was 5.5 to buy, sell price (to close a position) 3.1

Can't really see a catch as such other than the usual SB spreads.

Wideboy

 

[Bigbusiness]

Just had a problem trading the binary bet online. Had to call to close the bet. Might be worth making sure you can contact them by phone while they are testing this new market. At the moment it seems a bit too easy to make money and I am sure they will stop the market if they start loosing too much.

 

[bonsai]

edit all

but if you had taken a long at the low yesterday afternoon
at a £3 per point you would have had £300.

so what am I missing ?

 

[Wideboy]

Check this link, it explains all...
Basically a bet closes at 100 or 0.

http://www.igindex.co.uk/content/so_binary.html

 

[jklondon]

Have done over 15+ binary bets - dont think theres a catch , theres spread in there - its all fixed odd stuff.

Be warned they (IG) close off all bets 1min before the bet closes out so if your on a pivot between two bets close out !

Up overall on these but got screwed a bit on the 6pm DOW bet today :-( only me to blame of course.

 

[Wideboy]

Can anyone save me a phone call and know what time the 'daily up/down' bets open on IG?

 

[Rognvald]

Noon FTSE: From 17.00 London time of the previous trading day until 11.59 on the day of expiry.

 

[Wideboy]

And FTSE close (not noon bet)??

 

[probookie]

5pm of prev. day until 4.29pm on expiry day.

But watch out - settlement is basis the official closing auction, not the cash ftse price at 4.30pm. So it's slightly different from the Noon one, which gets settled basis the first reuters/bloomberg print at 12.00.

 

[Wideboy]

Placing a bet a few mins before close if the Index is clearly -ve or +ve (ie not hovering around the previous close level) is pretty safe way of making a few points.
If you buy at say 90ish the amount you can lose is big however its an easy 10 points in the bag if you're certain that it won't move against you.