Short-term reversal setups often rely on two oscillators agreeing that price is stretched. The simple binary options indicator checks a 7-bar RSI and a 21-bar stochastic on each closed bar and marks the bar when both sit in their extreme zones at the same time.
This build ships as a compiled .ex4 for MT4 and .ex5 for MT5.
| Platforms | MT4 (.ex4) + MT5 (.ex5) |
|---|---|
| Chart window | Main price chart |
| Plots | 2: Binary BUY, Binary SELL |
| Alerts | popup, push notification, email, sound |
| Inputs | 14 |
What shows up when you attach it
Two marks on price.
`Binary BUY` prints dodger blue with arrow 233.
`Binary SELL` prints orange red with arrow 234.
Marks sit `ArrowGapFactor` `0.6` of the bar range away.
A comment shows the latest readings.
No lines are drawn.
- Binary BUY: arrow, dodger blue, width 2, arrow code 233
- Binary SELL: arrow, orange red, width 2, arrow code 234
What the file computes
RSI
`RsiPeriod` `7` uses Wilder’s averaging. A buy needs it below `RsiOversold` `35.0`.
Stochastic
`StochPeriod` `21` places the close within its 21-bar range. A buy also needs it below `StochOversold` `25.0`.
Spacing
Sells mirror the rules at `RsiOverbought` `65.0` and `StochOverbought` `75.0`. `SignalCooldown` `5` spaces same-side marks.
What each colour means
A blue mark means both oscillators read stretched low.
An orange red mark, by contrast, means both read stretched high.
However, marks print during the extreme, not on the exit.
So strong trends keep printing marks.
The cooldown therefore thins repeated marks.
Warm-up needs about thirty bars.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
Extreme readings report once per closed bar. `EnableAlerts` is the master switch, and only the popup is active at the start.
Every Simple Binary Options Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
RsiPeriod |
RSI length (Wilder). RSI length, `7`. | 7 |
StochPeriod |
Stochastic %K lookback. Stochastic window, `21`. | 21 |
RsiOversold |
RSI oversold trigger. RSI level for buys, `35.0`. | 35.0 |
RsiOverbought |
RSI overbought trigger. RSI level for sells, `65.0`. | 65.0 |
StochOversold |
Stoch %K oversold trigger. Stochastic level for buys, `25.0`. | 25.0 |
StochOverbought |
Stoch %K overbought trigger. Stochastic level for sells, `75.0`. | 75.0 |
SignalCooldown |
min bars between same-side signals. Bars between same-side marks, `5`. | 5 |
Display settings
| Setting | What it does | Default |
|---|---|---|
ArrowGapFactor |
arrow offset = factor * bar range. Mark gap as a bar-range share, `0.6`. | 0.6 |
Alert settings
| Setting | What it does | Default |
|---|---|---|
EnableAlerts |
Master alert switch, `true`. | on |
EnablePopup |
Popup, `true`. | on |
EnablePushNotify |
(see inputs panel) | off |
EnableEmail |
(see inputs panel) | off |
EnableSound |
(see inputs panel) | off |
SoundFile |
(see inputs panel) | alert.wav |
Choosing where it lives
Two-oscillator extremes appear often on short charts. On the hourly EURUSD screenshot, marks come several times a day. On M1 and M5, where short expiries are common, they come constantly.
The limits
Marks fire during the extreme, often too early.
Trends keep oscillators stretched for long spells.
Two oscillators often say the same thing.
Binary products carry high risk; marks do not change that.
Copy the compiled Simple Binary Options Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.
Background reading on the method behind the Simple Binary Options Indicator: Binary option on Wikipedia, Stochastic Oscillator at Investopedia.
Download the Simple Binary Options Indicator for MT4 and MT5
The zip holds the compiled Simple Binary Options Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.
Download this indicator free
Enter your email and the file is yours. You also get the full MT4 and MT5 library.
FAQ
When does a Binary BUY print?
On a closed bar where the seven-bar RSI is below 35 and the 21-bar stochastic is below 25. Both must be stretched low at once for the mark to appear.
Why does a Binary BUY print during the extreme?
The build marks the bar where both oscillators sit in their zones, not the bar where they leave. Price can keep falling for several bars after a buy mark appears.
What does SignalCooldown 5 do?
It spaces same-side marks at least five bars apart. Without it, a long stretch below the zones would print a mark on almost every bar.
Is this indicator only for binary options?
No. The two-filter extreme works on any chart. The name reflects how it is often used, but the rules are ordinary RSI and stochastic checks.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Simple Binary Options Indicator as one input. Always backtest before trading live.
Category: this is part of our Signal and Forecast collection. Browse more Signal and Forecast for MetaTrader, or explore every MT4 indicator and MT5 indicator on the site.
External references
- For background on this concept, see Options Price Reporting Authority on Wikipedia.
- For broader market context, see itrix (TRIX) at the MQL5 Documentation.
About the author
Written by Dominic Walsh, a Forex trader and MT4/MT5 indicator, Expert Advisor and script developer. Every tool on forexmt4systems.com is tested on live charts before release and ships with ready-to-use compiled MT4 (.ex4) and MT5 (.ex5) files. Learn more about the trader and developer behind this site.
How we build, test and correct every tool: Editorial & Testing Policy. Trading carries risk; see the disclaimer.