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 free software 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 generate 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. Here are few examples of custom MT4 indicators.
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 considerations given to your trading habits, eg. time of day you’re trading, assets traded, expiry times, chart set ups, 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 to trade binary options. It is mostly effective on higher time frames such as the H1, H4, D1. The indicator works on all time frames but if you intend to use it on the 5 minute chart you should confirm your signals and overall trend on a higher time frame such as the 15 minutes or the 30 minute charts.
Binary Viper MT4 indicator will give you reversal signals marked with Up/Down arrows. The reversal signals are produced when extreme price levels are reached. The price levels are calculated by analyzing historical price data and the present price action. The signals warn us of a possible price reversal and upcoming trade opportunity. Due to the fact that price levels change and the indicator repaints as it adjusts to new levels, special attention must be given to the next candles that will confirm each reversal. As this indicator is free to use we do not provide any additional support but we advise to use it with daily and weekly support and resistance levels and candle pattern formations such as the Pin bar.
Get ready for free binary options signals
In addition to visual signals on the charts and sound and popup alerts, the Binary Viper indicator will also give you the option to send signals to emails and mobiles. Upon installation, by default the Binary Viper 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 in the indicator’s settings. In order for this to work you’ll need to set up your SMTP email account and add your phone number in MT4 options and settings.
Can also be used in 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.
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 we don’t really recommend using it on short time frames which tend to have a lot of market noise. Using the indicator of 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.
- BUY / SELL signals marked by UP / DOWN arrows (for educational use only!)
- 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.
Binary Viper v. 1.00 indicator is for educational and entertainment use only. Please note that financial trading is very risky and you may lose all your investment. Therefore, always use professional help from your financial advisor before trading on a live account.
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. !
If you are looking for a more guided approach and want to use the knowledge and timing of a professional trader then think about using the Binary options trading signals (BOTS) system with daily LIVE trading sessions. This is good especially for beginner traders. It is advised to first trade with experienced traders and learn from them how to time your trades, which is especially important in binary options trading.Published in Education