Yes, the binding plug is nothing more than a regular servo connector that jumpers together the two outside pins of the connector.
The plug MUST be inserted into the BATTERY port of the receiver to work.ships with a male and a female version of the plug.
If you are installing the receiver in an electric heli, usually the power to the receiver and servos is supplied by the built-in regulator of the speed control, and that's usually plugged into the throttle channel of the RX. If this is the case, you can plug the MALE binding plug into the battery port of the Spektrum RX and apply power to the RX to put it into binding mode.
In a nitro powered ship, power is usually applied to the RX through the battery port, through the switch harness. To use the binding plug in this case, your switch harness MUST have all three wires installed (many only have two wires and the third pin on the connector is blank -- this style of harness WILL NOT allow you to do the binding procedure) and all three wires need to be brought out to the charge plug of the harness.
In this case you plug the female binding plug onto the charge lead of the switch harness. Turn the RX on to put it in bind mode.
The bottom line is that no matter WHAT your power system to the RX looks like, in order to get into bind mode, the battery port of the RX MUST have its two outer pins jumpered together when power is applied to the RX. Then hold the bind button on the TX IN while turning the TX on. Sit back and wait for the bind process to complete. Turn everything off, REMOVE the bind plug, you're done.
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