The Spider Fibo binary options trading strategy was created specifically for trading Call and Put contracts with short expiration . The signals themselves are based on Price Action . Support and resistance zones in the strategy are laid down by Fibonacci levels and levels that track the number of times their price touches them. They allow you to make accurate entries based on confirmed signals and increase the system’s win rate.
Some indicators included in the system are paid, but the strategy package can be downloaded from our website for free for evaluation purposes. How good is the Spider Fibo trading system for binary options and is it worth the money? Let’s find out in our review.
Please note that Spider Fibo is more suitable for experienced traders, since the level trading used in it requires some skill and practice. For traders with less experience in binary options trading, our website has an overview of another strategy with a similar name - Spider Strategy .
Content:
- Characteristics of Spider Fibo;
- Spider Fibo installation;
- Spider Fibo review and settings ;
- Spider Fibo trading rules;
- Opening a Call option;
- Opening a Put option;
- Conclusion ;
- Download Spider Fibo .
Characteristics of the Spider Fibo binary options strategy
- Terminal: MetaTrader 4 ;
- Timeframe: M1-M5;
- Expiration: 1 candle;
- Option types: Call/Put;
- Indicators: BUTTONS.ex4, SpiderMan.ex4, support and resistance.ex4, Support&Resistance.ex4;
- Trading instruments: currency pairs , commodities, cryptocurrencies , stocks;
- Trading time: 8:00-20:00 Moscow time;
- Recommended brokers: Quotex , PocketOption , Deriv , Binarium .
Setting up a strategy for binary options Spider Fibo
Spider Fibo strategy indicators are installed as standard in the MetaTrader 4 terminal. To do this, you need to add them 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 files there. Templates are installed in the same way, but are placed in the “Templates” folder. More detailed instructions for installing indicators can be viewed in our video:
If the import of dll files is prohibited in your MT4 settings (it is disabled by default), then to correctly display trading signals you should press CTRL+O to open the settings menu, go to the Expert Advisors section and check the box allowing dll import :
Review and settings of Spider Fibo strategy indicators for binary options
In total, the strategy package includes four indicator files:
- Trading signals indicator for binary options (SpiderMan);
- Indicator of support and resistance levels;
- Fibonacci support and resistance zone indicator;
- Button panel for switching between charts and timeframes.
As a result of their work, the system generates signals and levels that are used together in this combined binary options trading system:
The SpiderMan indicator is responsible for the appearance of trading signals to buy binary options. First, an alert appears about the possibility of buying a contract, and a snowflake sign appears on the next candle if the signal is confirmed.
The indicator has a built-in function for post-analysis of trading signals. If the recommendation was correct, a green checkmark will appear next to the snowflake, and if it brought a loss, a red cross will appear. The candle on which the signal appeared and the one following it are taken into account.
By the way, signals work in exactly the same way in the HFX 2.0 level OB indicator, which also uses the post-analysis function.
The SpiderMan indicator has a lot of settings and for the most part these are filters and additional conditions for the appearance of trading signals. They're all disabled by default, as evidenced by selecting NAO in this settings menu, written in Portuguese.
Having tested the indicator with different settings, turning on and off various functions in the menu and changing parameters, we were able to identify some of them that could help in setting up the strategy for trading binary options.
There are two parameters in the SUPORTE_RESISTENCIA section. One sets the minimum number for the support or resistance level, and the second sets the maximum. It can be assumed that the number specifies the number of touches at the price of a level, which is necessary for the algorithm to take such a level into account when generating signals. By default, the first value is zero and the second is 99.
Increasing the minimum and decreasing the maximum strengthens the filters for the signals of the SpiderMan indicator. According to our tests, setting the minimum (AtivarAnalise_SR_Minimo) numbers above 5 and the maximum below 2 results in a complete absence of trading signals.
Values ranging from 1 to 4 for minimum and values of 1 and 2 for maximum can reduce the number of signals. It cannot be said that reducing the quantity improves the quality of trading recommendations:
The BLOQUEA section also turned out to be interesting, which, judging by the name VELAS MESMA COR (candles of the same color), is associated with candlestick patterns used in the indicator algorithm. Probably, the number of candles of the same color in a row specified here filters out some of SpiderMan's signals for binary options trading. By default this filter is disabled. To enable the filter, select SIM (YES) in this section and set the number of candles of the same color in the second parameter quantidade (quantity). 0 and 1, naturally, will lead to an almost complete absence of signals. 2 – reduces the number of trading signals. But choosing a number of 3 or more leads to the same result as running the indicator with the filter disabled:
In the SpiderMan indicator, you can also enable an additional EMA filter. In theory, this can help you trade with the trend, but in practice, the exponential moving average (EMA) itself is unlikely to significantly improve the quality of signals.
Enabling filters in other SpiderMan settings, according to our observations, does not in any way affect the trading signals of the algorithm. Here you can only change the alert system in the ALERTS section and disable the checkboxes and crosses that are used to check the results of snowflake signals in the B2IQ section.
The indicator of support and resistance levels (Support&Resistance.ex4) finds and displays on the chart levels from which the price previously bounced several times. You can configure it here:
- level width;
- frequency of occurrence of levels;
- level sensitivity;
- minimum number of bounces to display the level;
- visual options for displaying levels.
The Fibonacci support and resistance zones indicator (support and resistance.ex4) serves to indicate broad support and resistance zones based on Fibonacci levels. Here you can configure the period used for calculating Fibonacci levels, as well as the visual parameters of these zones:
The button panel for switching between instruments and timeframes is called by the BUTTONS.ex4 indicator. In the settings, you can remove or add trading assets to be displayed on the panel, as well as change its visual parameters:
Trading rules using the Spider Fibo strategy for binary options
The levels and zones in the Spider Fibo strategy for binary options can be used in different ways, but the best results can be obtained by buying Call contracts near the lower border of the Fibonacci support zone, and Put contracts near the upper border of Fibonacci resistance. Trading on a rebound from support/resistance levels also shows good results.
Since snowflake signals do not differ visually for Call and Put signals, you should pay attention to pop-up alerts that indicate the direction of the transaction. PROXIMA VELA COMPRA (buy on the next candle) and PROXIMA VELA VENDA (sell on the next candle) mean Call and Put respectively:
So, to purchase Call options you must comply with the following rules:
- A PROXIMA VELA COMPRA alert has appeared.
- A snowflake appeared on the next candle.
- The price on the same candle touched the Fibonacci support level or zone.
When the price touches a level or zone, you can buy a Call option with an expiration of 1 candle, and it is recommended to use the time frame M1 or M5. If the level or zone is not touched on the same candle, the signal is canceled.
To purchase Put options, we wait for the following conditions to be met:
- The PROXIMA VELA VENDA alert has appeared.
- A snowflake appeared on the next candle.
- The price on the same candle touched the Fibonacci resistance level or zone.
The contract is purchased as soon as the price touches the level or zone.
You can improve the profitability of a trading system by filtering out those signals that are received against the main trend movement. Why this is the best way to optimize strategies for trading binary options, and how to use it, we tell you in our articles:
- 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?
Opening a Call Option
In this example, we waited for a notification that a signal to buy a Call option was approaching. When the snowflake signal appeared on the next candle, we checked whether the price was near an important level. Since the price has just approached the lower Fibonacci support line, using this signal you can immediately buy a Call option with an expiration of one candle.
Opening a Put option
In this case, having received a notification about the possibility of buying a Put option, we waited for the opening of the next candle. The snowflake signal appeared, and the price just touched the resistance level. In this case, you could immediately buy a Put option:
Conclusion
The Spider Fibo binary options strategy shows average results with standard settings. It is likely that changing some of them could improve profitability. We recommend testing the strategy yourself and experimenting with settings exclusively on a demo account .
If you are interested in other strategies based on Price Action analysis, pay attention to our review of the binary options strategy Binary Triumph with a win rate of up to 80%.
Be sure to use the rules of risk management and money management when trading on a real account and open deposits only with trusted brokers, which our rating of binary options brokers will help you find.
Download the Spider Fibo strategy for free
See also:
How to make money on binary options
Pros and cons of trading binary options
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