If you’ve watched my videos you know I use a pretty simple setup on my Metatrader(MT4) charts. This is because I focus on price action. Too some it may appear confusing to look at; when in fact, it is really easy to understand. Once you get everything loaded on the chart you will see exactly what I’m looking at on a day to day basis. The pivot, support, and resistance lines will tell you a story that will help you become a more successful trader.
First, I recommend the charting package from WorldProFX. It is simple to open a demo account. All you have to do is fill out the basic details required. They will send you to the page or email you the information needed to get the MT4 download.
Download our Chart Settings to Your MetaTrader 4.0 Chart
Make sure you watch the video below once you get the Free downloads.
***Please Check your Spam/Junk email Filter.***
Once you have these downloaded items you can watch the video below to help you get setup on any MT4 chart. Remember I didn’t develop this indicator, so if something doesn’t work properly down the line, I may not be able to help you.
All Forex brokers have different price feeds, so it isn’t uncommon for you to see one price, while others see something different. This is why having the same charting package will make things even cleaner for you to understand the charts in the videos.
Here are some things you should consider on the charts after they are setup.
- Although my template is pretty basic, don’t be afraid to make adjustments to your liking.
- You can edit the pivot, support and resistance colors in the editing area.
- The horizontal lines can also be adjusted size wise. This may make it easier to see for some.
A very important item to discuss is the price differential between the actual binary brokers. It’s a similar scenario as the Forex Brokers price feed. Prices change so fast that you may not see the difference, but there will be those times when you are questioning the broker for slippage. This price movement is just part of trading in general. For example, Banc De Binary and TradeRush will have almost identical feeds because they use the same platform. However, 24option will have a different price then the others because it is on a totally different platform. There may be some kind of arbitrage trading strategy to look at in the future, but for now, be aware of these price differences.
Also, price on the MT4 chart will definitely be different than the price at the binary option broker. This is because price at a Forex broker uses a spread. Some spreads are fixed and other can change at any moment. The price you see on the chart is the bid price. In most trading formats there is a bid and ask price for buyers and sellers. With Binary brokers you see the actual price. This is something you should pick up on relatively quick.
If you are having a hard time understanding candlesticks, here is a course that will give you everything you need to know about charting. Steve Nison is the original western hemisphere guy when it comes to Japanese candlesticks and provides you with sound information which in turn helps you out with price action.
Once you get your chart setup at the particular broker of your choice you can then start watching price action around these lines. Remember these lines won’t always hold in the direction you want. They are guidelines to watch as price moves. You use them to make better educated guesses of what price will do next. Over time you will learn a lot about how price moves throughout the day. Once you’ve spent many hours in front of the charts finding solid binary trade setups will be much easier. The time you put in now, will help you save a lot of time and money down the line.
Another aspect of the MT4 charting package that I like to use are alerts. These alerts can be set to tell you when price has reached a certain level on the chart. This allows you to do other things and not miss a potential trade setup. Their is a tab on the chart that let’s you set these alerts in seconds. These come in handy and also let’s you stay out of the market when conditions aren’t favorable.
It may take you some time to learn all the intricacies of the MetaTrader chart, but over time it will become pretty clear. There are a lot of different things you can do with them. Being a binary trader we use it for price action. If you ever decide to trade spot Forex, knowing these charts will come in hand. It’s better to get the education you need before risking your money.
*** Resource Information ***
A pivot point calculation looks like this:
Pivot(P)=(H+L+C)/3 Basic math will give you the calculation of the pivot.
Key = P=Pivot – H=High – L=Low – C=Close
The great thing about the indicator is that it does everything for you on a nightly basis. This means the plotted lines will not have to be calculated by you every night. It is completely automated. It’s a very nice feature to have as a trader.
Here is how you find all the resistance and support levels, using the calculation from above.
Resistance(R1) = (2×P)−L
R2 = P+H−L
R3 = H+2×(P−L)
Support(S1) = (2×P)−H
S2 = P−H+L
S3 = L−2×(H−P)
Should you have any questions about charting package, platforms or anything related to trading binaries, just use the contact form to reach out.