The Binary Viper 2 MT4 indicator provides buy and sell forex trading signals by using the ZigZag indicator. Additionally, it uses a filter to further enhance the trading signals.
Features of Binary Viper V2 MT4 Indicator
The indicator plots a red down arrow to indicate the beginning of a downtrend. Similarly, a green up arrow shows the start of an uptrend. The trading signals are calculated using the classic ZigZag MT4 indicator. Furthermore, the indicator applies a deviation percentage filter that helps to eliminate many small price retracements being identified as trend reversal.
The trading strategy is to enter and exit the markets based on the appearance of the arrows. In a bullish signal, traders can enter the market with a buy trade and place a stop loss below the previous swing low. The best profit booking strategy is to exit at an opposite signal.
Benefits of Binary Viper V2 MT4 Indicator
The indicator is simple to use with only two arrows as trading signals. So, it is very useful for new forex traders. It works on all chart time frames and is suitable for scalping and short and long-term trading of the forex market.
However, traders using this indicator for technical analysis and trading strategies should be aware that the ZigZag identifies after the market reversal happens. Since, it applies the filter the arrow trading signals appear with a delay. So, it is important to place the stop loss above or below the previous swing high or low.
Another benefit is the alert function of this indicator. It provides multiple alert types to help traders enter the exit the market on time.
Indicator Settings Description
Price: Uses the current price chart.
Length: Number of history bars for indicator calculation.
PctFilter: Deviation percentage filter.
SoundAlert:, SoundFile:, PopupAlert:, EmailAlert:, PhoneAlert: Enables alerts.
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