The Modified Rainbow indicator is intended to work in different scenarios.
The indicator uses a combination of technical indicators to detect buy or sell opportunities (different Moving Averages and other technical indicators).
The indicator works with any currency pair, stocks, cryptocurrencies and synthetic indices.
The indicator can be used for both traditional trading and binary options.
The indicator works with any time frame, from M1 to MN.
When the blue arrow is pointing upwards this indicates that the signal is to buy.
When the red arrow points down, it indicates that it is a sell signal.
If you want to automatically trade this indicator on binary.com or deriv.com, you must use the MT2 platform (it has a free trial version) or the MT5 to Binary.com connector (free, see description on Youtube). There are also connectors for other brokers such as IQ option (see on Youtube).