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Binary Option Arrows (example) [TheMightyChicken]

An example of binary option arrows for candlestick patterns bearish and bullish harami. With results as colored background and an option to choose your expiration (one candle by default). It's just an example for those who has their own strategy and wants to make nice arrows in their chart. All you need to do is rewrite piece of script in lines 9:13 - feel free to ask me for any help, but I believe it's all clear.

Disclaimer: It's just an example how to script arrows for binary option and I am not responsible for any loss of money by using this particular strategy.

I wish happy and successful trading! ;)
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// Made by TheMightyChicken
// An example of binary options signals with results - colored background of expiry candle. (green = WIN, red = LOSE)
// Arrows set for bearish and bullish harami candlestick patterns. (credits to repo32)
// Expiration set to 1 candle by default.
study(shorttitle="BOA", title="Binary Options Arrows (example) [TheMightyChicken]", overlay=true)
// Inputs
E = input(1, minval=1, title="Expiry")
// Calculations
Bearish_harami = (close[1] > open[1] and open > close and open <= close[1] and open[1] <= close and open - close < close[1] - open[1] and open[5] < open)
Bullish_harami = (open[1] > close[1] and close > open and close <= open[1] and close[1] <= open and close - open < open[1] - close[1] and open[5] > open)
// Setups
CALL = Bullish_harami == 1
PUT = Bearish_harami == 1
ARROW = CALL - PUT
plotarrow(ARROW, colorup=lime, colordown=red, transp=0, minheight=10, maxheight=10)
// Results
WIN = (CALL[E]==1 and close[E]<close) or (PUT[E]==1 and close[E]>close)
LOSE = (CALL[E]==1 and close[E]>=close) or (PUT[E]==1 and close[E]<=close)
bgcolor(WIN==1 ? lime : LOSE==1 ? red : na, transp=70)
is it possible to make alerts for indicator?
Reply
Hi what this suppose to mean? "colored background of expiry candle. (green = WIN, red = LOSE)" I don't understand those colored background lines... help!
+1 Reply
bladeheart xanderusa
@xanderusa, long or short
Reply
xanderusa bladeheart
Reply
Fantastic and simple!! Gone are all those 'useless' charting tools!
I have this set to a 5-Minute Chart with 15 Minute Expiries.
I've changed the setting to read the 'wins' 3 Candles out (15-Mins) instead of the Default of 1 Candle (5-Min).
I also only trade (US related charts - mostly EURUSD) at the opening of the US Markets to their 'lunchtime' - so 4 hours of trading.
Go back and check out the ITM ratio!
Be SURE you've changed the expiry setting to '3'. Enjoy!!
Reply
xanderusa mcommorato
@mcommorato, U meant to read the "wins" 2 candles since "3" it's really 4 candles. So 2 is the number to put in instead of 3.
Reply
OCruz mcommorato
@mcommorato,

Hi,

Please, I'd like to test these changes. Where should I change?

TY
+1 Reply
@OCruz, When you load the Indicator there is a 'setting gear'. Once in there you can change the setting to any Expiry you'd like. However, I have moved on to different strategies since and have not used this in a while. Always back-test everything before using. Thanks!
Reply
OCruz mcommorato
@mcommorato, Thank you. Are there other strategies better than this?
Reply
@OCruz, Many people will say many different things, so, yes, there are 'better' strategies to each specific person. If you ask 100 people what they 'do' to earn $$$ in Binary Options you will receive 100 different answers.
It all comes down to each persons trading style and the indicators THEY are comfortable with.

Me, personally, I have been using the Laguerre RSI, 1-minute chart, 2 minute Expiries. (I'm not a code-writer, unfortunately, but the Indicator is on TradingView.)

I set the RSI to .75 (not the default of .50) - wait for the RSI Line to drop to (0) or rise to (1).
When either of these occur, once the line 'leaves' this 0 or 1 status I put in a Call or Put in the opposite direction.

E.g. If the Laguerre RSI has been at 0, once it begins to rise (after Candle Close) I will CALL.
If the Laguerre RSI has been at 1, once it begins to fall (after Candle Close) I will PUT.

I only trade on the EURUSD and find this strategy, for me and my personal style, works comfortably.

You will find many different indicators here and you will also find the one you're confident with.

Good luck in your trades!
Reply
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