Broker Signup: https://tinyurl.com/closeoption Chart Setup: https://www.investing.com/charts/forex-charts Since the Binary Options Brokers do NOT provide any sort of useable charting service, you will need to have access to an MT4 charting system in order to spot the setups where the odds shift to your favor. All but one of the indicators come pre-loaded on the standard MT4 platform, and you can download the non-standard custom indicator I use via the link at the bottom of this module.
To begin, you first need to identify which Forex pairs are offered by your Binary Options Broker. No broker I am aware of offers all the pairs, and some offer more than others. So check the list of pairs offered, and open a 15 minute chart and a 1 minute for each pair.
Choose one pair to load up the following indicators and then build a template so you can quickly load up the same indicator setup on your remaining pairs.
Use Candlesticks (as opposed to bars or lines).
To your 15 minute candlestick chart, add the following indicators:
RSI (the indicator which comes with your platform) with a setting of 4; additionally, add lines of 25, 50 and 75 (all of this is covered on the video if you don't know how to perform this task)
Stochastic (with the default settings of 5,3,3)
FiboPiv v.2 (a custom indicator found at the link at the bottom of this module)
Once you have these three indicators on your chart, create a template (right click on the chart, select Template, then choose "Save Template" from the options that follow...use a name like Binary Setup or something easy for you to remember). Now load the template on all your remaining 15 minute and 1 minute charts (again, right click on each chart and select Template, then choose the template name for your Binary setup...this will automatically load the setup on each chart, including switching each chart from bars to Candlesticks).
Now you are ready to trade.
What we are looking for are those times when price action causes the RSI line on the 15M chart to close above the 75 line we added in, or below the 25 line. When price closes above 75 it is said to be Overbought, and a selloff in price is likely to happen soon. When price closes below the 25 line, price is said to be Oversold and traders will likely begin Buying in the very near future.
Once you've found the current RSI line segment closing above 75 or below 25 on the 15 minute chart, look at your stochastic on the 1 Minute chart. If the Blue Line segment is crossing (or even threatening to cross) the dotted Red Line segment, this is when you place your trade.
So if the RSI is above 75 on the 15M chart and the Blue Stochastic line is about to cross down through the red Dotted Line on the 1 Minute chart, you enter a trade with your broker that says you think price will close BELOW the current price (a SELL or PUT option).
If the RSI line is below 25 on the 15 Minute chart and the Stochastic Blue Line is crossing UP through the Red Dotted Line on the 1 Minute chart, you enter a trade that tells your broker you think price will close ABOVE the current price (a BUY or PUT option).
The FiboPiv indictor draws a Blue Pivot Line and three Green Resistance lines and three Red Support lines on your chart. I have been watching the lines drawn by this indicator for years now and found them to be very accurate in locating those points where price will either stall out or simply turn around and head the other way.
For our purposes, if you find a trade where the RSI and the Stochastic are both in agreement, but price is butting up against or near a FiboPiv line, I recommend you pass on the trade. 15 minutes is like an eternity when price is bouncing around a FiboPiv line, and you will have multiple trade opportunities each day where the FiboPiv lines do not come into play, so save yourself some aggravation.
And remember, this is not a normal Forex trade where you need price to move 3 or 4 pips just to get to break even. If price moves even 1/10th of a pip in your direction at the close, you win.
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