Free MT4 Indicators For Trading Binary Options – PART 1
If you trade binary options using Meta Trader 4 terminal, then this article is for you.
Especially, if you’re looking for free technical indicators that will help you expand your trading experience and provide trading signals.
Most traders will tell you to just look at Volume and PA (Price Action) using candle stick view. While this method can be very effective, unfortunately it only works for very experienced traders.
Here we would like to present FREE indicators that can be helpful in trading binary options. These indicators will be enjoyed by novice, as well as, more experienced traders who use the MetaTrader 4 platform for technical analysis.
1. Binary Viper indicator with signals
This is a free custom indicator that will detect extreme price levels of an asset based on historical price data and issue signals when these levels are reached. The signals are in a form of green and red arrows which indicate a possible trend reversal.
How to use the Binary Viper Indicator
This indicator is extremely easy to use and very good for higher time frames such as the H1, H4, D1 in conjunction with daily and weekly support and resistance levels. As this indicator repaints trading lower time frames is not recommended. The indicator, in addition to clear arrows shown on the screen will also produce sound and popup alerts by default. This can be modified and turned off in the settings. There are few other additional features too. Please follow this link to learn more.
2. Candle time MT4 indicator
Another very useful MT4 indicator for trading binary options is the candle time clock which counts the duration of each candle. If you decide to use it on a 1 minute charts the clock will go up to 60 seconds. If you use it on a 5 minute chart the clock will go up to 5.00 minutes.
How to use the candle time indicator
After installation you must add right intend in Meta Trader 4 to allow additional space on the screen to display the clock. If you’re trading 1,2, or 5 minute options expiry times than this indicator will be very useful in determining your entry times. This indicator will also help you to understand price movements within each candle. One thing to consider with this indicator is that its time only changes on price movements, otherwise it remains still. Click the link below to download the zipped indicator. It is very lightweight and works on all time frames.
3. Candle Direction Across Multiple Time Frames Indicator
This is a very lightweight indicator that simply sits in the corner of your Meta Trader window and displays the direction of the candle on other time frames. This is a very simple yet useful indicator that helps in recognizing bullish or bearish trends and gives you an quick insight into what is going on with your trading instrument on different time frames.
How to use the candle direction indicator
Using the indicator is very simple and straightforward. The green squares indicate a bullish candle and the red indicate a bearish candle. White squares indicate a possible change of direction or simply lack of price movement. When all squares are green or red you know that the currency pair is trending. This is a good indicator for short term trades, such as the 1, 2, or 5 minutes expiry times.
This concludes the first set of free indicators for trading binary options. I hope that some of you will find them useful in your trading and that you will come back for more interesting indicators. Remember to be focused and confirm all signals with price action patterns. The indicators are only for additional reference.
If you’re looking for a less difficult solution to trading binary options try trading with a professional trader or a signalling service with at least 75% of wins. One of the best ones we’ve seen so far, reaching 85%, are BOTS – binary options trading signals run by Franco in daily live trading sessions.
Remember to always practice on a demo account before going on to a real account! You can also try a few paid indicators and signals, some of them are actually quite good and will give you greater accuracy in trading.Published in Free Strategies, Technical Indicators