Free Binary Options Indicator for MT4 – Binary Viper v 1.0
Do you use MetaTrader for your technical analysis to support your binary options trading? If not than you should really think about using this to your advantage. Charting provided by binary brokers are often not adequate enough for serious price action analysis. If more elaborate charts are offered you still don’t get the option to save your configuration settings and add custom signals to the chart view. There are other benefits in using free MetaTrader software to trade binary options.
For example, you can view multiple charts at the same time and you can create and save templates. You can basically configure the entire look and feel of your charts. The most important thing, however, is the possibility to extend the software and add custom indicators.
Binary Options MT4 Indicators
There are many binary option indicators out there, some are as costly as $600 and some are completely free. The expensive indicators tend to have one thing in common, they usually give you strong BUY/SELL signals and a whole trading system build around them. They also feature customer support for at least a couple of months after purchase, sometimes for the whole year. There are also many free indicators that can be used as stand-alone or in conjunction with other indicators to form a binary options strategy. We’ve looked at a few some time ago, and all of those indicators could be used effectively with the right strategy.
What is the right strategy?
The right binary options strategy is basically a winning strategy. One that is optimized to win as much and as often as possible with the least amount of losses. To learn some trading strategies visit our Free strategies section. There are also many good binary options trading strategies being sold as a product or service, but whatever strategy you’ll try to learn you must make it work for YOU. In the end, only that matters. Strategies can work well for some traders and not as good for others so ultimately your strategy must be within your comfort zone. Remember that a good strategy should include your trading habits, eg. time of day you’re trading, assets traded, and expiry times and chart views, but also sound money management and a lot of self-control.
Introducing Binary Viper
Free Binary options MT4 indicator
Whether this indicator will help you to form a strategy with other free indicators or whether it will be your only indicator, Binary Viper will help you trade binary options, it’s as simple as that. It is mostly effective on higher time frames such as the 15m and 30m and of course the 1H and 4H. The indicator works on all time frames so if you intend to use it on the 5 minute chart you should confirm your signals on a higher time frame such as the 15 minutes of even the 30 minute charts. Our free MT4 indicator will give you very clear buy and sell signals with Up/Down arrows. When price is about to drop you will see a red arrow pointing downwards and a green arrow will show when price is about to go up. Because this binary indicator repaints you should enter the trade on the next confirmed candle. As this indicator is free to use we do not provide any additional support.
Get ready for free binary options signals
In addition to clear buy and sell signals the BinaryViper v. 1.0 will also give you the option to have alerts and send signals. Upon installation, by default the BinaryBiper is configured to run sound and pop up alerts within the MetaTrader and you don’t need to do anything to run them. However, if you wish you can also configure email alerts and push notifications to your phone, however this is for more advanced MT4 users. If you’d still like to have a go, know that you’ll need two email accounts, one will be sender and the other will receive the signals. You will also need to know your SMTP email account settings to configure the email sender and receiver in Tools / Options / Emails tab window in MT4.
Can also be used in spot Forex trading
This indicator can be used on all types of trading. Since the Binary Viper is a trend predicting indicator it works very effectively on 1H, 4H, 1D charts that are used in intraday trading or swing-trading. It will also work well for long-term traders who look at the weekly and monthly charts. Binary Viper will help you recognize the support and resistance points that mark price reversals. On weekly or monthly charts the signals can indicate considerable price movements, often more than 100 pips.
See Binary Viper indicator in action
Below is a short video that shows the Binary Viper free mt4 indicator running on 1 minute GBP/USD chart. As you will see the indicator performs well on a 1 minute chart but generally we don;t really recommend using it on short time frames which tend to carry a lot of market noise. Using the indicator of 5 min, 15min, 30min, 1hour charts will produce better results. This video is in fast motion that shows in total about 30 minutes of trading time.
Features of Binary Viper v1.0
Here is a full list of the features of Binary Viper, the free binary options indicator for MetaTrader4:
- Works on all time frames.
- Easy to follow BUY / SELL signals marked by UP / DOWN arrows
- Can be used on its own or in conjunction with other indicators for additional support
- Settings can be configured by user (color, alerts, data)
- Includes sound alert – may be switched off
- Includes a pop up alert – may be switched off
- Includes email alert – may be switched off
- Includes text messaging – may be switched off
- It’s FREE! – Simply subscribe below and download it for free.
Installation of Binary Viper
Installing your free mt4 binary options indicator is as easy as installing and running any MT4 indicator. Follow these steps to get started:
- If you haven’t already install MetaTrader4
- Go to File – Open Data Folder
- Copy and paste or move the downloaded and extracted indicator into MQL4 / Indicators folder
- Close MetaTrader and the Data Folder too
- Open MetaTrader again
- Go to Insert / Indicators / Custom and choose BinaryViper v1.0
- Your indicator will load onto the screen
Binary Viper trading strategies – How to use this indicator
Although the signals produced by Binary Viper do a pretty good job at indicating when price action is about to change, in trading, no signals or indicators are 100% accurate and fully market-proof. Because this indicator repaints so not all the signals will be fully accurate and you will find that at times the buy/sell arrows will move with the price. Having said that, if you use this indicator wisely and in addition with other supporting indicators such as the Bollinger Bands (as it’s shown in the video), it can produce fantastic results.
One thing to add that may serve as additional guidance in using the Binary Viper MT4 indicator is that you may find it is better to enter the trade after the next candle has been confirmed. So in practice if the the indicator shows a DOWN arrow on the price action going up, ideally you should wait until the arrow settles and the next candle confirms the signal.
Please feel free to come back to this page and in public comments share your strategies and results using Binary Viper. !
Please note that financial trading is risky and you may incur losses. Binary Viper v. 1.00 is for educational and entertainment purposes only.Published in Education