The Sane Fx Binary trading indicator for MT4 is a non-repainting indicator that provides arrow-based forex trading signals. The trading signals work best in shorter time frames or intraday price charts. So, this MetaTrader indicator can get the most out of intraday forex traders and scalpers. The simplicity of this indicator is widely appreciated, as it does not contain any user input settings except the alert.
New and advanced forex traders can easily use the indicator as the only output of the indicator is the up and down arrows. An essential feature of this MetaTrader forex indicator is that the forex indicator does not repaint and produces a stable signal. Furthermore, as indicated earlier, the indicator works well in intraday price charts. Even though the indicator works on daily, weekly, and monthly price charts, the results may not be as impressive as the lower time frame charts.
Sane Fx Binary Indicator For MT4 Trading Signals
The above EURUSD M15 candlestick price chart shows the Sane Fx Binary indicator for MT4 in action. The indicator plots the bullish arrow trading signals in Green and the bearish arrows in Red.
If the indicator plots a Green arrow on the chart, it indicates a bullish market. So, forex traders can enter a Buy position with a stop loss(SL) below the previous swing low. On the other hand, traders can exit the position upon an opposite trading signal. The forex indicator does not provide a profit target(TP), so forex traders should exit with a good risk-reward ratio(R: R) or at an opposite trading signal.
Similarly, a red arrow on the chart indicates a bearish price trend. So, forex traders should place a Sell trade with a stop loss(SL) above the previous swing high.
The European and U.S. trading sessions are the best times to trade using this indicator. But the indicator provides many trading signals in a day. So, traders should filter the trading signals using additional trend indicators and trade only in the direction of the market trend and avoid trading in counter-trend directions.
Moreover, trading in the direction of a higher time frame price chart also helps the traders to stay in one direction and also avoid overtrading. Since overtrading is an essential reason for trading losses, technical forex traders should limit the amount of trades. And should refrain from being carried away by the number of signals and should never attempt to trade all the trading signals of this forex indicator.
The Sane Fx Binary indicator for MT works well in forex and binary options trading. However, Binary options traders should use a low expiration time of 2 candles, while forex scalpers can look into trading the next two candles using the trading signals. Additionally, the indicator is free to download and easy to install.