In binary options trading, much depends on the ability to react quickly and correctly interpret data. However, frequent switching of charts can become an obstacle to effective trading. It is in such moments that the Line Cross binary options indicator comes to the rescue. This innovative tool is designed specifically for those who build their strategy based on levels .
Line Cross allows you to track price touches with visual elements installed on the chart. Regardless of the selected currency pair or time interval, it guarantees accurate and timely warnings about breakthrough signals or rebounds from the trend line. In this review, we will look at the settings and application features of this free trader's assistant, available for download from our website.
Content:
- Characteristics;
- Installation;
- Overview and settings;
- Line Cross Trading Rules;
- Opening a Call option;
- Opening a Put option;
- Conclusion;
- Download Line Cross.
Characteristics of the indicator for binary options Line Cross
- Terminal: MetaTrader 4 ;
- Timeframe: M15;
- Expiration: 3 candles;
- Option types: Call/Put;
- Indicators: LineCross.ex4, LineCrossMon.ex4;
- Trading instruments: currency pairs , commodities, cryptocurrencies , stocks;
- Trading hours: 8:00-20:00 Moscow time;
- Recommended brokers: Quotex , Pocket Option , Deriv , Binarium .
Installing the indicator for binary options Line Cross
The Line Cross indicator is installed in the MetaTrader 4 platform as standard. 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 opened directory, you need to go to the “MQL4” folder and then to “Indicators”, then drag all the necessary files there. Templates are installed in the same way, but are placed in the “templates” folder. You can read the installation instructions in more detail in our video:
Review and settings of the indicator for binary options Line Cross
This graphical analysis tool has very few settings.
In the “Inputs” tab, binary options traders can set the number of candles after which a new touch of the trend line or horizontal level may occur. The “SignalCan” parameter is responsible for this.
Thus, if SignalCan = 4, the next message about touching or breaking the trend segment will appear no earlier than 4 candles after the previous one. Such a delay is set so that in a flat, no unnecessary messages are received and the trader can focus only on significant price touches of the trend line.
The “TrendColor”, “GorizColor” and “NeutralColor” parameters are responsible for the color of the graphic elements on the chart.
As is clear from the names of the variables indicated on the slide above, all trend lines on the chart should be highlighted in lime color, and horizontal support and resistance levels should be highlighted in red. For all other segments, a light gray shade should be chosen. In this way, the analyzer of graphic elements will “understand” which of them it should react to and give a sign of touching the price, and which ones “to ignore”.
This tool records the first touch and displays the currency pair code and timeframe on the chart, highlighting them in color, according to which line the prices touched. If it is a trend, the name will be colored green (note that a slash will appear next to the timeframe - a trend has been touched).
If prices touch the horizontal level, the currency pair code will turn red.
As long as prices do not touch any of the graphic elements installed on the chart, the currency pair code will be light gray.
This tool is capable of simultaneously tracking up to 100 graphic elements, providing convenience of working with a large number of financial instruments. Its peculiarity is in the formation of a notification on the current timeframe when a touch occurred, with subsequent extension to the next candle. This is done to protect against possible missed signals in case the trend breakout occurred in one candle.
Thus, information about this event remains visible on the chart, in the form of a currency pair code highlighted in a certain color. It will remain unchanged for at least one more bar, giving the trader the opportunity to make a deal. However, this rule does not apply when changing the time frame, since the condition for the number of candles touching the trend line will not be met on other time intervals.
For convenience, the main tool comes with an aggregator – LineCrossMon. It is designed to collect signals from the charts of currency pairs on which Line Cross is installed. From now on, the user will not need to constantly switch between them in order to react in time to information about touching the trend or breaking through it. All data is displayed on the LineCrossMon panel.
Let's be honest: today such a solution looks frankly strange. Why create a separate monitoring tool if alerts are available for each indicator in the MetaTrader 4 platform? It is much simpler and more effective to use the pop-up message setting about the occurrence of a certain event - touching a trend or breaking it.
Such indicators, equipped with the appropriate notification, can be installed on all the instruments in the platform and receive timely messages from each of them about touching or breaking the trend. All that remains for the trader is to wait for the alert to appear, open the chart of the required currency pair and make a decision about the transaction. Such a heap, from our point of view, looks ridiculous and clearly unnecessary.
Another point to pay attention to is the method of displaying trend lines on the chart.
For correct operation, they must be drawn not as a ray, but as a segment. Make sure that the checkbox activating the drawing of the trend in the “Ray” format is unchecked.
Rules for trading using the Line Cross binary options indicator
The Line Cross indicator for binary options is a simple solution for obtaining information about a touch or crossover of a trend. Any experienced trader understands their importance when working on the Forex and BO market. However, monitoring them can be a labor-intensive process, especially if there are many charts.
To solve this problem, use an auxiliary tool – LineCrossMon. Just attach it to the chart, and it will automatically start collecting signals from all previously installed trend breakout analyzers. All you have to do is enjoy the result and implement it into your trading strategy.
Conditions for buying Call options
To earn on the exchange rate growth, you need to wait for the candle to close above the trend segment and for the green currency pair code to appear. At the opening of a new candle, open the Call option.
Conditions for buying a Put option
In case of earnings on the decrease of the currency pair rate, we wait for the appearance of a candlestick that closes below the trend line and the appearance of the green currency pair code. At the opening of a new candlestick, we open the Put option.
The recommended expiration time is 3 candles. However, for a specific instrument, the holding period of the position should be selected based on the results of testing on history and the trading period used. In addition to breaking through the trend, you can act in a similar way in case of testing the strength of the support and resistance level (red line). We will consider these examples in the following sections of this review.
Opening a Call Option
The currency pair symbol displayed on the chart by the main indicator has changed color to red, which indicates that the price has touched the resistance. After that, you need to wait for the candle to close above the horizontal level (resistance level). At the opening of a new candle, we buy Call.
Opening a Put Option
The currency pair symbol displayed on the chart by the main indicator has changed color to red, which indicates that the price has touched the support. After that, you need to wait for the candle to close below the horizontal level (support level). At the opening of a new one, we buy Put.
Conclusion
The Line Cross binary options indicator is a reliable assistant for traders, whose trading system is built on breaking through trend lines and support/resistance levels. The settings make it a convenient and flexible tool, and the choice of colors and the ability to change the “SignalCan” parameter provide an individual approach to trading.
With the ability to monitor 100 graphic elements simultaneously, this free assistant becomes indispensable in trading a large number of currency pairs and cryptocurrencies . This feature makes the CrossLine binary options indicator an indispensable tool for those who strive for perfection and accuracy in working on financial markets.
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