- For a Break (Green Up Arrow) to occur: first must have two (or three) consecutive bear (red) candles which is followed by a bull (green) candle creating a . The breakout occurs then the High of the current Bull (green) exceeds the highest point of the previous two (or three) pivotal bear candles. The green channel Line shows where the current BreakOut occurs.
- For a Break(Red Down Arrow) to occur: first must have two (or three) consecutive bull (green) candles which is followed by a bear (red) candle creating a . The breakout occurs when the Low of the current Bear (red) drops below the lowest point of the previous two (or three) pivotal Bull candles. The red channel Line shows where the current BreakOut occurs.
The break Line Arrows can optionally be filtered by the Coloured MA (enabled by default), a longer term directional MA (disabled by default) and/or a condition (enabled by default) as a momentum filter.
You can optionally select three Bar break lines instead of two. The three bar break lines are actually equivalent to Guppy's Three Bar Count Back Line method for trade entries (see Guppy's video reference below).
Included in this indicator is an ability to display some basic Binary Option statistics, when enabled (enabled by default) it shows Successful Bars in Yellow and failed Bars in Black and the last Nine numbers on the script title line represent the Binary option Statistics in order:
- %ITM rate
- Total orders
- Successful Orders
- Failed Orders
- Total candles tested
- Candles per Day
- Trades per Day
- Max Consecutive Wins
- Max Consecutive Losses
BINARY OPTIONS trading: use 5min, 15m, 1hr or even . Trade after the price touches one of the Breakout lines and the Arrow first appears. Wait for the price to come back from Break Line by 1 or 2 pips, the alert arrow must stay on and candle change to black, then take Binary trade expiry End of Candle. If price pull back and arrow turns off, don't trade this candle, move on you probably don't have momentum, there will be plenty of other trigger events. The backtesting results are good with ITM rates 65% to 72% on many currency pairs, and indices. Realtime trading has confirmed the backtesting results and they could even be bettered, provided you are selective on which signals to trade (strong support etc), that you are patient and disciplined to this trading method.
FOREX trading: the default settings should work with scalping. For longer term trades try with settings change to a more standard filter or slower to catch the longer term momentum swings and the idea would be to trade the first Break Line alert that occurs after a decent Pullback in the direction of the trend. Setting the SL to just above/below the High/Low and set target to two or three times SL.
- Added alarms for when Trend Direction changes as indicated by the ma color changing.
- Also added optional highlight arrows to indicate change.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
Unfortunately, it doesn't work for me.
1. Disappearing arrow (after you bought the option). Does not affect script statistics, but you lose money.
2. Sometimes the red arrow disappears and later turns green on the same bar! Plus for statistics, but you're losing money.
3. An arrow appears, but the bar does not turn black until it closes. Plus for statistics, but you couldn't buy the option.
If someone uses the script successfully and can help me, I will be happy!
I will be glad to your comment.
Thank you all!
I cannot guarantee any trader will be profitable with any of my scripts, my scripts are only tools, most profits come from how a trader can make use of the tools available, together with good money management and trading skills.
I have no problem catching the price at the right moment (when the candle turns black). But somehow it doesn't work for me.
Tomorrow I will try to trade at the opening of London (and possibly Tokyo).
Hope it gets better!
I really want to successfully trade on this script, I see great potential for myself.
Thank you for your work and comments.