Gold Bands Binary Strategy uses simple color-change signals from custom Gold Bands and RSI Filter indicators on M5 charts for binary options with 4-5 candle expirations or forex scalping on low-spread pairs.
Trading Parameters
- Currency pairs: any (for scalping, choose pairs with low spreads)
- Expiration time for binary options: 4-5 candles
- Timeframe: M5
- Trading hours: any
- Risk management: select an option (lot) size so that the risk does not exceed 2-5% of the deposit per trade
Indicators Setup
Two custom indicators for analysis:
- Gold Bands
- RSI Filter (14)
Download from the archive at the end of the article.
Installation Steps
Use the template from the archive for quick setup:
- Unpack the archive containing the templates and indicators
- Copy the indicators to the MQL4 -> indicators folder
- Copy the templates to the templates folder
- Restart the trading terminal
- Open the chart of the desired currency pair
- Apply the template named Gold Bands Binary
The chart should look like this:
Call Option Buy Signals
- Middle Gold Bands line changes from red to blue
- RSI Filter bar is blue
- Re-enter if price bounces off middle line and breaks upper channel
Put Option Sell Signals
- Middle Gold Bands line changes from blue to red
- RSI Filter bar is red
- Re-enter if price bounces off middle line and breaks lower channel
Scalping Stop-Loss and Take-Profit
For forex scalping, set protective orders:
- Stop-loss above or below channel boundaries
- Take-profit 7-12 pips based on pair
Test on demo before live trading. Download the Gold Bands Binary strategy template and indicators
FAQ
What timeframe and expiration does it use?
M5 timeframe with 4-5 candle expiration for binary options.
What are the main entry signals?
Call: Gold Bands middle line turns blue + blue RSI bar. Put: turns red + red RSI bar.
Can it be used for scalping?
Yes, on low-spread pairs with stop-loss at channel edges and 7-12 pip take-profit.
