GPT Binary is a binary options signal indicator. It combines the readings of three other technical analysis tools. Its trading signals are reliable, although they appear less frequently than those of the indicators on which it draws its own arrows.
The free GPT Binary indicator for binary options is a good choice for beginners. It features a dashboard displaying statistics on successful trades, making it easier to find reliable financial instruments for profitable trading. We'll explain in detail how to use this information and determine the optimal timeframe in our review.
Content:
- Characteristics;
- Installation;
- Overview and settings;
- GPT Binary Trading Rules;
- Specifics of application;
- Conclusion;
- Download GPT Binary.
Characteristics of the GPT Binary Options Indicator
- Terminal: MetaTrader 4
- Timeframe: M5
- Expiration: 3 candles
- Option Types: Call/Put
- Indicators: GPTBinary.ex4, CryptoBinary_Pro V2.1.ex4, K_BetterVolume_Arrow.ex4, RSI-BB.ex4
- Trading instruments: currency pairs, commodities, cryptocurrencies, stocks
- Trading hours: 8:00 - 20:00 Moscow time
- Recommended brokers: Quotex, Pocket Option, Alpari, Binarium
Installing the GPT Binary Indicator for Binary Options
Indicators are installed in the MetaTrader 4 platform using the standard installation method. To do this, add them to the terminal's root folder by selecting "File" in MT4 and then "Open Data Folder." In the folder that opens, navigate to the "MQL4" folder, then "Indicators," and then move all files there. Templates are installed in the same way, but placed in the "templates" folder. You can learn more about the installation instructions in our video:
GPT Binary Options Indicator Review and Settings
GPT Binary is a typical example of a signal arrow indicator. Its main difference from similar indicators is that it generates all its readings based on information from other underlying instruments.
CryptoBinary_Pro V2.1 is one of them. It enables GPT Binary to receive a preliminary signal to open a position. We wrote about this indicator in the article "Crypto Binary Pro V2 Binary Options Indicator." Therefore, we won't go into detail here, but will focus on the general principle of its operation.
As we can see, it quite accurately identifies short-term trend changes, providing timely warning of reversals. However, it has a serious drawback: it redraws its readings if the previous extreme is renewed.
Nevertheless, the indicator does an excellent job of identifying local highs and lows that influence price movements. To maximize strengths and mitigate weaknesses, the GPT Binary indicator filters the information received from CryptoBinary_Pro V2.1 using the K_BetterVolume_Arrow and RSI-BB indicators.
K_BetterVolume_Arrow is an arrow indicator that generates signals based on Better Volume 1.4 and price action. This tool helps assess overall market sentiment and accurately identifies the onset of price movements.
The screenshot above shows the K_BetterVolume_Arrow in action, whose signals are based on the basement volume indicator. A sell signal (purple arrow) is triggered when the maximum correct volume (the candlestick range multiplied by the tick volume) reaches its maximum value over the period specified in the settings, and the candlestick closes in its upper half (Close>(High+Low)/2). A buy signal (green arrow) occurs on a bar with the maximum correct volume and a close in the lower half of its range (Close<(High+Low)/2).
Note: Tick volume is the number of times an asset's price changes by one basis point over a given period of time.
The final filter that GPT Binary takes into account when generating its signals is RSI-BB. This signal indicator is based on the interaction of Bollinger Bands and the RSI oscillator. We discussed how this combination of indicators works in detail in the article "Bollinger Bands and RSI Strategy for Pocket Option." Therefore, here we will limit ourselves to examples of signals that can be generated using these simple yet effective technical analysis tools.
As the screenshot above shows, sell signals are triggered when a candle closes above the upper boundary of the Bollinger Bands and the RSI oscillator enters the overbought zone (above 70). Conversely, buy signals are triggered when a candle closes below the bands and the Relative Strength Index enters the oversold zone (below 30).
GPT Binary Settings
The settings of the main indicator that generates signals for opening positions consist of several indicator activation blocks and a statistics module.
Trading Rules for the GPT Binary Options Indicator
The GPT Binary indicator for binary options consists of a set of technical analysis tools, each of which provides fairly good signals for opening positions, but when combined, they can significantly increase the percentage of profitable trades (win rate). To confirm GPT Binary signals, more experienced users can use price patterns, which we discussed in detail in these articles:
Our tests showed that for maximum win rate, using a combination of two tools is sufficient: CryptoBinary_Pro V2.1 and K_BetterVolume_Arrow. These tools proved to be quite sufficient for achieving entry points with a high probability of success. Therefore, the position opening rules are based on this combination of indicators.
Please note! Only open trades based on green and purple arrows; ignore all others.
Opening a Call Option
- A green arrow appeared under the candlestick.
- At the opening of a new candle, we buy a Call
Opening a Put Option
- A purple arrow appeared above the candle.
- At the opening of a new candle, we buy Put
It is recommended to select an expiration time of 3 candles. Choose the holding period based on the financial instrument and historical data testing results.
Specifics of Using the GPT Binary Indicator for Binary Options
A unique feature of the GPT Binary indicator is the ability to collect statistics on the performance of its signals. This allows traders to estimate the percentage of profitable trades to be expected from a combination of signals from selected indicators on a specific financial instrument and timeframe.
Before using, we recommend conducting a little research on your own to find the currency pair with the highest win rate and the most favorable time frame.
As you can see in the screenshot above, the percentage of profitable trades on M5 was 93.8% – slightly higher than on M1 (87.3%). Therefore, by testing different timeframes, a trader can find the optimal one for their instrument.
Advantages of the GPT Binary Indicator
The advantages of this indicator include the ability to select the most promising currency pairs and cryptocurrencies based on win rate, as well as alerts. These alerts help traders avoid missing profitable trades while simultaneously trading a large number of instruments.
Cons of the GPT Binary Indicator
One of the drawbacks is the relatively low frequency of signals received per day from a single currency pair. This is not surprising, given the number of filters used in this tool to provide binary options traders with only the best trading signals.
Conclusion
The GPT Binary indicator for binary options is a powerful tool worthy of traders' attention. With successful trade statistics and combining data from three other technical analysis indicators, it provides accurate and reliable signals. Although they may appear less frequently than some similar indicators, their quality and effectiveness are trustworthy.
We've thoroughly examined the operating principles of GPT Binary and its components, such as CryptoBinary_Pro V2.1 and K_BetterVolume_Arrow, and confirmed their effectiveness in analyzing the binary options market. We recommend conducting your own research to determine the optimal expiration time and select financial instruments with the greatest potential.
Based on the information obtained, traders can improve their trading strategies and increase their winning percentage. Continue reading our reviews to expand your knowledge of binary options and technical analysis. We recommend all beginners start with a demo account with a broker with a minimum deposit, adhering to risk and capital management rules. Only switch to real-money trading after achieving consistent results with virtual money. We wish everyone the best of luck!
Download the GPT Binary Indicator
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