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Please see png for more detailed explanation and picture examples but basically here is the strategy that will be used to initiate binary option trades using MT2 Trading platform that users MT4 EA to signal trades.
The EA will be used on MT4 (its the one I have but open to MT5)
Trades will be initiated when the price hit support and resistance of each Fibonacci retirement 23.6%, 38.2%, 61.8%, and 78.6% and 50% of the previous days price range. The trade will be I line with the previous days sentiment i.e. a up day will initiate a buy trade at fib retracements. If the day begins trading long the fibs are recalculated when the price retraces. Trades will only be initiated when these conditions are filled.
In this example I will use a long buy trade.
The price will retrace to the 23.6% fib. The velocity or speed of the candles approaching the fib is important, if they are too fast and erratic the trade is void. I assume a calculated average of the previous X amount of candles and a limit on how much higher the candle length is allowed to be before voiding trade word work unless you have a better idea.
If the velocity is ok and the fib is hit or even very close to being hit (could this proximity about be a manual input?) and then the candle that hit the fib or a subsequent candle reverses and the length of the wick is higher than the previous candle a trade can be initiated (remember this means MT4 signals MT2 which initiates binary options trade, in this case a 1 minute trade.)
An Exception to the reverse candle length being higher than the previous is if its a hammer signal whose wick is 75% of total length (can this be adjustable). The high point of this candle does not need to be higher than the previous candle nor does the hammer head need to be green)
If the candle reverses but does not go higher than the previous candle nor produces a hammer candle the trade can not be initiated but if the continuing candles create a new low and then reverse fulfilling the above conditions a trade is initiated.
This continues through all the fibs and 50% but the fibs can only be hit once or a trade executed around each fib once only.
Trade amounts, duration and martingale are all done in MT2 trader platform.
Many Thanks.
