Today binary solution provider SpotOption announces the launching of their latest white label, Weathika. Weathika.com was built by a group of entrepreneurs from various backgrounds in the hi-tech and financial industries. The platform collects data from thousands of local weather stations throughout all major urban areas in the United States. With the use of these highly sensitive weather stations, they are able to provide traders with the most accurate, up to the minute, weather updates.
SpotOption’s technology, and trading engine, was the perfect fit for this “up” and “down” weather prediction game. SpotOption’s traditional platform technology provides financial assets and their rates, through connectivity with top feed providers. The trader chooses the asset, examines the given option price, and predicts if the price will rise or fall by the expiry. With the latest breakthrough, Weathika, it works very similarly. However, instead of financial assets, the platform offers locations. Instead of prices or rates, it offers temperatures. The trader then predicts if the real temperature at expiry will rise or fall from the offered temperature in the option.
Recent studies by economists at Penn State’s Smeal College of Business and College of Earth and Mineral Sciences have tested whether futures markets can be used to accurately forecast the weather, and, so far, they’ve found the markets to be just as accurate as major forecasting services. In addition, the results so far show the market to be far more profitable for predictors who are studying meteorology than those who are studying business. This is consistent with economic and financial models that suggest that better informed traders can reap substantial profits from their inside information.
“Our team at SpotOption is always searching for new and innovative ways to add dynamics and excitement to binary options, says Ran Amiran, CEO of SpotOption. “Until now, financials has been our forte, but our partners at Weathika have shown us that binaries can be much more. Regardless of what is being traded, our goal remains to provide the mainstream with the most simple and best trader experience. Ever.”