Binary Wave Indicator
The Binary Wave Indicator for MT4 combines several indicators to create a wave-like structure below the chart.
The indicator works look a normal oscillator and fluctuate between -7.7 and +7.7. The Indicator belongs to a family of momentum indicators. Momentum indicators show the rate of change in price in a specific timeframe.
When looking for trading signals, traders should apply the indicator on longer timeframes, as the indicator can produce false signals on lower timeframes.
Binay Wave Indicator BUY/SELL signals
When looking for trading signals, traders should apply the indicator on longer timeframes, as the indicator can produce false signals on lower timeframes.
The above GBP/USD 4H chart shows BUY and SELL signals with the indicator. Whenever the Binary Wave Indicator goes to -7.7, it suggests an upcoming uptrend, and traders should enter long positions. On the other hand, when the Indicator goes to +7.7, it signals an upcoming downtrend.
The other thing to note down is the middle line. If the price continues above this point during an uptrend, it indicates enough momentum to keep it moving higher. Conversely, if the price stays below the midpoint, the downtrend is strong.
