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As competition is very harsh among binary options brokers it is not surprising that many brokers create and offer additional binary options types to make trading even more interesting and dynamic. This means that traders have a great selection of trades, especially considering that often they are the ones who combine assets, expiry times and binary options types. To simplify it, we could say that it is a duration of the trade. After the trader makes a prediction about the price movement of the underlying asset, there is a certain timeframe in which the change has to occur.