Binary Comodo is a free Metatrader 4 (MT4) indicator that was developed for both binary trading and scalping currency pairs.
The indicator pops up in the main MT4 chart window as green and red colored buy and sell arrows.
The Binary Comodo indicator is beginner-friendly and works out of the box.
Buy & Sell Trade Example
- A buy signal occurs whenever the green signal arrow pops up on the chart.
- A sell signal occurs whenever the red signal arrow pops up on the chart.
The Binary Comodo indicator can be used for both trade entry and exit, or as an additional confirmation filter for other strategies and systems.
For scalping and day trading on the lower time frames, the indicator performs best during the London and New York trading sessions.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “Binary comodo.mq4” indicator for MT4
Indicator Chart (EUR/USD M30)
The example chart below displays the Binary Comodo mt4 indicator in action on the trading chart.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Binary Comodo indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Signals
Does the indicator repaint? No.
MT4 Scalping Strategy: Binary Comodo + ZWinner Trend Forex Indicator
This scalping strategy combines the Binary Comodo Indicator and the ZWinner Trend Forex Indicator for short-term intraday trades.
The Binary Comodo Indicator provides clear entry signals with green arrows for buy and red arrows for sell.
The ZWinner Trend Indicator displays block histograms in green for bullish trends and red for bearish trends, helping confirm the trade direction.
This strategy is ideal for 1-minute to 5-minute charts and active scalpers.
Buy Entry Rules
- Wait for a green arrow from the Binary Comodo Indicator, signaling a buy opportunity.
- Confirm the trend is bullish with a green histogram block from the ZWinner Trend Indicator.
- Enter a buy trade at the close of the confirming candle.
- Set the stop loss just below the most recent swing low or a nearby support level.
- Set take profit at a 1:1.5 reward-to-risk ratio, or exit when a red arrow appears.
Sell Entry Rules
- Wait for a red arrow from the Binary Comodo Indicator, signaling a sell opportunity.
- Confirm the trend is bearish with a red histogram block from the ZWinner Trend Indicator.
- Enter a sell trade at the close of the confirming candle.
- Set the stop loss just above the most recent swing high or a nearby resistance level.
- Set take profit at a 1:1.5 reward-to-risk ratio, or exit when a green arrow appears.
Advantages
- Buy/sell signals for fast scalping decisions.
- Combining trend confirmation reduces false entries.
- Non-repainting indicators ensure past signals remain valid.
- Works well on multiple currency pairs and short timeframes.
- Helps maintain discipline with structured entry and exit rules.
Drawbacks
- High spreads or slippage may reduce profitability, especially on smaller timeframes.
- Performance may vary across different currency pairs and market conditions.
- Requires quick execution; slower brokers or platforms may affect results.
- Scalping can be mentally demanding and may lead to fatigue over long sessions.
Case Study 1
On the EUR/USD 1-minute chart, a green arrow from the Binary Comodo Indicator appeared, confirmed by a green histogram from ZWinner Trend.
A buy trade was entered at 1.1850, with a stop loss at 1.1840 and a take profit at 1.1865.
The trade reached the take profit target in 8 minutes, yielding a 15-pip gain.
Case Study 2
On the GBP/JPY 5-minute chart, a red arrow appeared from the Binary Comodo Indicator, confirmed by a red histogram from ZWinner Trend.
A sell trade was entered at 150.50, with a stop loss at 150.70 and a take profit at 150.20.
The trade reached the take profit target in 12 minutes, capturing a 30-pip gain.
Strategy Tips
- Trade during high-liquidity sessions, such as London and New York, to ensure reliable signals.
- Use currency pairs with tighter spreads like EUR/USD, GBP/USD, and USD/JPY for better scalping efficiency.
- Combine with short-term support and resistance levels to filter false signals.
- Keep scalping sessions focused and avoid trading during major news events to reduce unexpected volatility.
- Use a trailing stop to lock in profits during strong trends.
- Avoid entering trades during low-volume periods to prevent weak or false signals.
