All trading involves risk. Losses can exceed deposits.

Digital 100s and others guide

All trading involves risk. Losses can exceed deposits.

What are digital 100s?

Digital 100s are a limited risk, fast-moving way to trade on price movements and volatility in the underlying market.

Digital 100s ask whether an event will occur or not. The only possible answers are 'yes' and 'no'.


How digital 100s work

A digital 100 allows you to take a view on whether a specific outcome will or won't occur. For example, 'Will Wall Street be up at the close of the day?'

  • If the answer is 'yes', the digital 100 settles at 100
  • If the answer is 'no', the digital 100 settles at 0
  • Your profit or loss is the difference between 100 (if the event occurs) or zero (if the event doesn't occur) and the level at which you 'bought' or 'sold'

Digital 100 prices can be extremely volatile even when the underlying market is relatively static. A small movement in the underlying can make all the difference between the digital 100 settling at 0 or 100.


Trading digital 100s on the FTSE



A digital 100 asks you whether a specific event will occur. The only possible answers are 'yes' and 'no'.


For example, on a FTSE 100 UP, you are being asked whether you think the FTSE 100 will be above 6444.89 at 3pm.

If you disagree, you ‘sell’ this market. If you agree, you ‘buy’ this market.


As with all our markets, the price features a spread. But with a digital 100, the price is displayed in a range between 0 and 100, such as 86.2 – 89.5. Here, you would ‘buy at 89.5 and ‘sell’ at 86.2. 

These prices are dictated by the underlying market price and the time to expiry, and are an indication of how likely we think an event will happen. So, the closer you get to expiry, the closer the price will move to either 0 or 100


However, digital 100s magnify very small movements in the underlying market. A sharp tick close to expiry could see the digital 100 price move dramatically.

For example, if the underlying market price was at 6458 just five minutes before the expiry of a FTSE 100—UP at 3.00pm [>6444.89], the digital 100 price is likely to be close to 100 as the chance of it expiring above 6444.89 is quite high. However, if the FTSE suddenly kicks down to 6443 and the digital 100 expires below 6444.89, the price will instantly settle at 0 – potentially a massive swing.

Types of digital 100


A Ladder digital 100 is a type of Up or Down digital 100, but asks whether you think the underlying market will finish above a stated level. For example, a 'FTSE® to finish above 5800' Ladder will settle at 100 if the FTSE 100 finishes the day at or above 5800 and at 0 if the FTSE 100 finishes below 5800.


A OneTouch digital 100 asks whether the market will touch or go through the barrier level at any time before the stated expiry. The market will settle at 100 if the level is breached before expiry and settles at 0 if it isn't.

Up or down

Know which direction a market will move in, but not the range? Up or Down digital 100s are a stripped back version of Ladders, letting you take a position on market direction. A down digital 100 settles at 100 if the underlying market’s closing price is down on its opening price. Conversely, it settles at 0 if the market ends higher.


Want to take a position on the underlying market finishing within a particular range? Target digital 100s are the ideal tool. For example, a 'FTSE® to finish down 60-70pts' contract will settle at 100 if the FTSE 100 closes down by between 60 and 70 points, or at zero in all other cases.


A Hi-Lo digital 100 is similar to a Target digital 100, except you take a position on the day's highest or lowest point, not the closing price. It is a question of whether the day's high or low will be a given distance from the previous closing level, for example 'FTSE® cash high to be +50 to +60'.

Trading on volatility


‘Buying’ volatility on the FTSE

You believe the FTSE 100 will have a big move after the US non-farms payroll is announced, but aren’t sure if this will be up or down. You decide to buy £10 per point of both the ‘FTSE to finish up more than 50 points’ digital 100 – current IG price 8-11, and the ‘FTSE to finish down more than 50 points’ digital 100 – current IG price 6-9.

You’ve paid a total of 20 points (11+9) backing a 50 point FTSE move in either direction. If the non-farms moves the FTSE as much as you expect and it finishes the day up or down more than 50 points, you’ll make 80 points:

100 (all digital 100s settle at 100 if the statement is true)

- 20 (your stake)

= 80 (at £10 per point, your total profit is £800)

If you were wrong, your maximum loss would have been capped at 200 (20 points x £10) because digital 100s are strictly limited risk.

'Selling' volatility on the FTSE

You can use digital 100s to benefit from markets where you expect these will be no movement at all.

The FTSE is currently trading at 6440 and the market is quiet. You don’t believe the FTSE will move any higher than its current level, so you sell £10 per point of the daily ‘FTSE 6440 One Touch’ at 40. By doing this, you have ‘sold volatility’ on the FTSE.

If the FTSE fails to reach more than 6440 by the end of the day, you will make £400 (10 x 40)

If the FTSE breaches 6440 before expiry, you will lose £600 ((100 - 40) x 10)

Digital 100 markets


IG offers Up/Down, Ladders and One Touches on all major indices, with expiries ranging from five minutes to weekly. So whether you have a view on what the FTSE will do over the next few minutes or where Wall Street will be over the course of a week, we have the market for you.


IG offers Up/Down, Ladders and One Touches on all major FX pairs from five minutes to monthly. So if you have a short-term directional view or a long-term volatility view, you have the chance to take a position.


Back your view on daily and weekly movements in the underlying oil, gold and silver market using Ladder digital 100s.

Short-term digital 100s

We offer five-minute digital 100s 24 hours a day, across our most popular markets – including Up/Downs on the FTSE 100, Wall Street, Germany 30, EUR/USD, GBP/USD, JPY/USD and AUD/USD.

Digital 100 specials

We offer a number of digital 100s on selected markets.


Our politics-based digital 100s include the Next UK General Election (based on the parliamentary majority) and the US presidential elections.

Economic events

Digital 100s based on major economic indicators, such as US non-farm payrolls and US initial jobless claims.


You should note that binary bets are not subject to regulation by the Financial Conduct Authority. In respect of binary bets, IG Index Ltd is licensed and regulated by the Gambling Commission. Reference number 2628.

How are digital 100s priced?

Our digital 100 prices are based on the behaviour of an underlying market, but set by our dealing desk.

Each digital 100 is priced between 0 and 100. We make our price according to three factors: time to expiry, the underlying market’s current value, and our expectation of future volatility.

If you think you’re a better judge of volatility than us, you have the opportunity to back your judgement.