Strategy for trading binary options Forex MTN with Support and Resistance
Forex MTN Strategy with Support and Resistance is intended for trade binary options and is based on the principle of price rebound from support and resistance levels. In addition, the strategy can be used for normal trading on currency pairs.
Input parameters
- Currency pairs: any.
- Timeframe: M15 and higher.
- Option duration: 1 candle or ½ candle
- Bidding time: London, New York.
- Risk management: choose such a volume of option, so that the risk was not more than 2-5% of the deposit per trade.
Used indicators
- Support and resistance with alert
- Forex MTN (with levels 12 and -12)
Setting up the price chart
- Unpack the archive
- Copy the template into the templates folder
- Copy the indicators to the folder MQL4 -> indicators
- Restarting the terminal
- Open the chart of the desired currency pair
- Set the template with the name RS
The schedule should look like this:
Signals indicating the purchase of a Call option (predicting an upward movement)
- The price bounces off levels of support
- The histogram of the Forex MTN indicator is below the level of -12
- A dot of blue appeared on the Forex MTN histogram column
Signals indicating the purchase of a Put option (predicting a downward move)
- The price bounces off resistance level
- The histogram of the Forex MTN indicator is above the level of 12
- A dot of red appeared on the bar graph of the Forex MTN histogram
Using the Forex MTN with Support and Resistance strategy for classic trading
When using the Forex MTN with Support and Resistance strategy for normal currency pairs trading stop loss is set 4-5 points above/below the resistance/support level. The take profit order size is fixed and depends on the currency pair and timeframe used.
EUR/USD
- M15 = 9 points
- M30 = 12 points
GBP/USD
- M15 = 12 points
- M30 = 15 points
- H1 = 20 points
USD/CAD
- M15 = 12 points
- M30 = 15 points
- H1 = 20 points
USD/JPY
- M15 = 12 points
- M30 = 15 points
- H1 = 20 points
The values of stop-loss and take-profit are determined by the author of the strategy by experience and are only recommendations.
When using Strategies for Binary Options Forex MTN with Support and Resistance for classical trading, note that often trading has a counter-trend character, which increases trading risks.
Download Forex MTN with Support and Resistance template and strategies
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