Cheat Sheet 8: DIY Free Binary Options Signals Service
As mentioned a few days ago MarketClub has opened up their premium trading service for you to try risk-free over the next several days. We’ve been using the service for years to trade binary options and now you can as well for free! Here’s the link to take advantage of the offer:
Also if you are looking for binary options demo account to test the service out on:
Below we highlight the 5 Steps we use to trade binary options simply and easily using the free MarketClub Trading Signals Service…
Step1: After signing up for your MarketClub you should immediately create a portfolio and add your target list of names. You’ll probably want to stick to a core set of names offered on your platform of choice to start. Click on the ‘Portfolio’ tab and select the ‘edit portfolio’ option.
Step 2: Click on the ‘Alerts’ tab and set the scan type to ‘Daily Trade Triangles’ (not weekly) and symbol to watch to ‘Entire Portfolio’. Change the frequency tab to your preference. Once an hour and once a day are the most common choices for this option.
The daily trade triangles will be the key determinant in deciding whether to enter a position or not. The daily triangles are created using a proprietary MarketClub algorithm consisting of various moving averages and stochastic indicators. For real time accuracy we would suggest traders check and constantly update the daily trade triangle scan sheet within MarketClub as sometimes the signals can get caught up in an email vortex.
To access this chart below, click on the ‘Smart Scan’ category, and select the ‘Trade Triangles’ tab. Make sure to choose the appropriate asset class and time frame for your scan above the chart.
Step 3: Click on the orange button in the far right column for your trade candidate to access the chart analysis and score for your candidate. For binary call candidates you’ll want the total score to be as high as possible (+75 and over) and for binary put candidates you’ll want the total score to be as low as possible (-75 and under). The higher (lower) the total score, the better for your binary call (put) candidates.
Step 4: Within the score you’ll want to pay particular attention to the second Triangle (New 3 Day High/Low). This is the one, second from the top that will generate a positive or negative short-term signal for you. If the Triangle is GREEN, you should then confirm the signals’ viability status with the fourth Triangle (New 3 Week High/Low). The odds are in your favor that the trend will continue if both the Daily and Weekly light are both corresponding in color. If both Triangles are GREEN, then a positive movement is likely and a binary call purchase should be considered. If both Triangles are RED, then a negative movement is likely and a binary put purchase should be considered. If the Triangles differ in color then you should stay on the sidelines.
Step 5: Now that you know the specific name (ticker) and direction (call/put), its time to place a trade.
In summary, the Weekly Trade Triangles determine trend and possible entry points. Daily Triangles determine timing: exits, entries and re-entries. The last triangle issued on the monthly chart should always be used to identify the overall trend. Key Rule: always make sure your daily and weekly triangles correspond in direction.