Binary Wave Indicator
Forex BUY and SELL signals from the best Binary Wave Indicator for MT5. Combines several indicators. Accurate trend detector.
Description
The Binary Wave Indicator for MT5 combines several indicators to create a wave-like structure below the chart.
The indicator works like a regular oscillator and fluctuates between -7.7 and +7.7. The indicator belongs to the family of momentum indicators. Momentum indicators show the rate of price change over a specific period of time.
When looking for trading signals, traders should use the indicator on longer timeframes, as the indicator can give false signals on lower timeframes.
Binary Wave Indicator BUY/SELL signals
The above four-hour EUR/JPY H1 chart shows the indicator’s BUY and SELL signals. Whenever the Binary Wave indicator reaches -7.7, it indicates an upcoming uptrend and traders should go long. On the other hand, when the indicator reaches +7.7, it signals an upcoming downtrend.
Another thing to pay attention to is the middle line. If the price stays above this point during an uptrend, it indicates enough momentum to keep going up. Conversely, if the price remains below the midpoint, the downtrend is strong.
Conclusion
The Binary Wave indicator combines several momentum indicators to offer BUY and SELL signals. In addition, the indicator is free to download, making it available to all forex traders.