Binary Reaper V3.0 is a free Metatrader 4 (MT4) indicator that was developed for both binary options trading and Forex.
The indicator pops up in the main MT4 chart window as green and red colored buy and sell arrows that provide trend direction.
The Binary Reaper v3.0 can be used in multiple ways.
Buy & Sell Trade Example
- A buy signal occurs whenever the green signal arrow is displayed on the chart.
- A sell signal occurs whenever the red signal arrow is displayed on the chart
The Binary Reaper V3.0 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 Reaper v3.0.ex4” indicator for MT4
Indicator Chart (EUR/USD M5)
The example chart below displays the Binary Reaper V3.0 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 Reaper V3.0 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 Day Trading Strategy: Binary Reaper V3.0 + No Lag Moving Average
This day trading strategy combines the Binary Reaper V3.0 Indicator and the No Lag Moving Average Indicator for intraday trading across various currency pairs.
The Binary Reaper provides green arrows for buy signals and red arrows for sell signals.
The No Lag Moving Average confirms the trend, using a blue line for bullish trends and a red line for bearish trends.
This strategy works best on 15-minute to 1-hour charts, offering clear entry and exit rules for day traders.
Buy Entry Rules
- Wait for a green arrow from the Binary Reaper V3.0 Indicator.
- Confirm the trend is bullish with the blue line of the No Lag Moving Average.
- Enter a buy trade at the close of the confirming candle.
- Set the stop loss just below the recent swing low or a nearby support level.
- Set take profit at a 1:2 reward-to-risk ratio, or exit if a red arrow or red MA line appears.
Sell Entry Rules
- Wait for a red arrow from the Binary Reaper V3.0 Indicator.
- Confirm the trend is bearish with the red line of the No Lag Moving Average.
- Enter a sell trade at the close of the confirming candle.
- Set the stop loss just above the recent swing high or a nearby resistance level.
- Set take profit at a 1:2 reward-to-risk ratio, or exit if a green arrow or blue MA line appears.
Advantages
- Combines precise entry signals with trend confirmation for higher probability trades.
- Suitable for multiple currency pairs, including AUD/USD, USD/CAD, and EUR/JPY.
- Helps traders avoid entering against the trend.
- Non-repainting indicators provide reliable past signals.
- Clear structure improves discipline and reduces emotional trading decisions.
- Works well on multiple intraday timeframes for flexible trading.
Drawbacks
- High spreads or slippage can affect profits on short-term trades.
- Trend reversals during news events can trigger stop losses quickly.
- Scalpers may need faster execution and broker reliability to optimize results.
Case Study 1
On the AUD/USD 30-minute chart, a green arrow from Binary Reaper appeared, confirmed by the blue No Lag Moving Average line.
A buy trade was entered at 0.6725, with a stop loss at 0.6715 and a take profit at 0.6745.
The trade reached take profit within 90 minutes, yielding a 20-pip gain.
Case Study 2
On the USD/CAD 1-hour chart, a red arrow appeared from Binary Reaper, confirmed by the red No Lag Moving Average line.
A sell trade was entered at 1.3515, with a stop loss at 1.3530 and a take profit at 1.3485.
The trade reached take profit in 2 hours, capturing a 30-pip gain.
Strategy Tips
- Focus on high-liquidity sessions such as London and New York overlaps for better trade execution.
- Use currency pairs with lower spreads to maximize profitability, such as AUD/USD, USD/CAD, and EUR/JPY.
- Combine with support and resistance or pivot points to filter false signals.
- Avoid trading during major economic news releases to prevent sudden volatility spikes.
- Use trailing stops to secure profits on strong trends.
- Monitor multiple pairs quickly to capture the best intraday opportunities.
Download Now
Download the “Binary Reaper v3.0.ex4” indicator for Metatrader 4
