The Binary Trend Scanner indicator for binary options is perfect for beginner traders. As a rule, those who take their first steps in the financial markets have difficulty determining the direction of trading. It is to solve this problem that this analytical tool is provided.
The presence of only one parameter in the indicator properties will not allow beginners to get confused. Experienced binary options traders will be able to supplement their arsenal of effective trend detection tools with it. The developers are asking $14.99 for it. However, from our website you can download the trend scanner for evaluation purposes absolutely free.
Content:
- Characteristics
- Installation
- Binary Trend Scanner overview and settings
- Trading rules using Binary Trend Scanner
- Opening a Call Option
- Opening a Put option
- Conclusion
- Download Binary Trend Scanner
Characteristics of the indicator for binary options Binary Trend Scanner
- Terminal: MetaTrader 4 ;
- Timeframe: M15;
- Expiration: 4 candles depending on the instrument;
- Option types: Call/Put;
- Indicators: Binarytrendscanner.ex4;
- Trading instruments: currency pairs , commodities, cryptocurrencies , stocks;
- Trading time: 8:00-20:00 Moscow time;
- Recommended brokers: Quotex , Pocket Option , Binarium .
Installing the indicator for binary options Binary Trend Scanner
The Binary Trend Scanner indicator is installed as standard in the MetaTrader 4 terminal. To do this, you need to add it to the root folder of the terminal by selecting “File” in MT4 and then “Open data directory”. In the directory that opens, you need to go to the “MQL4” folder and then to “Indicators”, and then drag the indicator file there. Templates are installed in exactly the same way, but are placed in the “templates” folder. For more detailed instructions on installing indicators, see our video:
Review and settings of the indicator for binary options Binary Trend Scanner
Binary Trend Scanner is a binary options indicator for identifying trends. It is based on the principle of following the price. Visually, the direction of the market trend is displayed using candlestick bars of a certain color:
- Green – strong buys;
- Red – strong sales;
- Dark green – weak purchases;
- Dark brown – weak sales.
The scanner settings are incredibly simple - you can only set the sensitivity level, according to which the direction of price movement is determined. At the same time, we emphasize that this value itself has a very weak effect on the change in the color of the candlesticks of a financial instrument.
The Sensitivity parameter can be left at default; its influence on the color of the candles is minimal and will not greatly affect the chart. Success in trading binary options using the Binary Trend Scanner will depend much more on your ability to determine the trend of higher time frames .
Trading rules using the indicator for binary options Binary Trend Scanner
Binary Options Indicator Binary Trend Scanner signals should be used for trend trading. You can learn how to correctly identify trends in the market and use this knowledge to accelerate your deposit from a series of articles on our website:
- How does a trend work in markets?
- Identifying and using bullish and bearish trends.
- Market phase changes .
- How to determine a flat in the market?
To maximize the number of profitable trades based on the signals of this scanner, you need to determine the global trend using technical analysis tools. To successfully trade binary options, it is very important to understand the current state of the selected asset and what phase of the market cycle it is in. Pullbacks and corrections to the main trend should not mislead you as to the most profitable direction in which to open Call or Put options.
One way to increase the chances of success is to use a multi-timeframe approach, when, before opening a transaction, the trader first determines the general direction of the change in quotes, for example, on the H4 timeframe and only then switches to the lower period M5, where, if a signal from the Binary Trend Scanner appears in in the same direction, opens a deal.
The method described above is quite effective, but you must understand that any filter has a downside: along with unprofitable signals, some profitable trades will also be missed. This is a kind of payment for the reliability of trading. In any case, a compromise is necessary according to your risk tolerance and financial capabilities.
Buying a Call Option
A signal to open a trade occurs after the candle color changes from red or dark red to green. In this case, the trader buys a Call option at the opening of the second bar after the color change.
Buying a Put Option
A signal to open a trade occurs after the candle color changes from green or dark green to red. In this case, the trader buys a Put option at the opening of the second bar after the color change.
Recommended expiration is 4 candles, but it can be changed depending on the selected asset for trading
Conclusion
The indicator for binary options Binary Trend Scanner is a promising and very interesting tool for technical analysis, it is worth the little money and can qualitatively improve the trading results of any trader. Beginner traders will certainly appreciate fairly accurate signals about a change in market direction.
Indicator for binary options Binary Trend Scanner dual purpose:
- It is a self-sufficient trading system on the FX market;
- Can provide effective signals for binary options.
Before using this indicator in real trading, we strongly recommend testing its signals on a demo account . Only after you are completely familiar with the new system can you move on to trading with trusted brokers , strictly following the rules of risk management and money management .
Download the Binary Trend Scanner indicator for free
Try it on a demo account
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