Xtreme Binary Bot Indicator

The Xtreme Binary Bot shows key info along with the entry and exit points. In this guide, we’ll talk about what the indicator is and how you can trade it.

What is the Xtreme Binary Bot Indicator?

There are two aspects of the Xtreme Binary Bot. First, it shows key info, and second, it presents bullish and bearish signals. As the name suggests, the indicator was built for Binary Options trading. However, you can also use it for forex trading.

The indicator plots a dialog box in the upper right corner to present key data you don’t get in other indicators. The following info appears on the chart:

  • Market Range shows the current range of the move.
  • Market Condition tells if the current trend is suitable for trading.
  • Broker Time tells about the current time.
  • Account Currency is the default currency of the account.
  • Spread represents a current forex pair’s bid/ask price.
  • Leverage illustrates the account’s leverage.

The other aspect of Xtreme is the dots. These dots identify potential entry and exit points.

Xtreme Binary Bot
Xtreme Binary Bot

Xtreme Binary Bot Strategy

To trade with the indicator, you must combine the info with enter and exit dots. When the indicator shows the Market Condition is Safe Trade and the indicator plots a green dot, you can look for a potential long position.

On the flip side, if the Xtreme Binary Bot shows Safe Trade Market Condition and draws the red dot, you can take short positions.

It’s important to wait for the candle to close, as the indicator can repaint. Also, if the indicator illustrates Market Conditions as High Risk, it’s better not to take a position until it shows Safe Trade Market Conditions.

You can add other indicators like the RSI and Stochastics for further signal confirmation.

The good thing is you can trade the Xtreme Binary Bot on any timeframe. It is also useful for forex scalping and short-term trading.

Buy Signal

  • The Market Condition must be Safe Trade.
  • The indicator should plot a green dot.
  • Wait for the candle to close and then enter at the next.
  • You could place a stop-loss at the recent low.
  • You could exit the trade when the red dot appears.
Xtreme Binary Bot buy signal
Xtreme Binary Bot buy signal

Sell Signal

  • The Market Condition must be Safe Trade.
  • The indicator should plot a red dot.
  • Wait for the candle to close and then enter at the next.
  • You could place a stop-loss at the recent high.
  • You could exit the trade when the green dot appears.
Xtreme Binary Bot sell signal
Xtreme Binary Bot sell signal

Xtreme Binary Bot Pros & Cons

Here are the pros and cons of trading with the indicator.

Pros

  • The indicator is easy to understand.
  • The indicator works on all timeframes.
  • It can present a clear entry.

Cons

  • The indicator can repaint.

Conclusion

The Xtreme Binary Bot is a shorter-term indicator that combines key data and signal dots to paint the overall picture of the trend. The indicator can help determine the entry and exit points. However, you may want to confirm all signals with additional market analysis. I would be looking at price action including support and resistance levels along with any bullish or bearish candlestick patterns. As with any forex strategy, you should have excellent money management so that one bad trade does not cancel out a consecutive run of winners. You can always practice trading on a forex demo account to begin with to improve your trading skills and build up your confidence. Most forex brokers provide a free demo account, including IC Markets. They are my top choice for both manual and automated forex trading systems. This is because they have tight spreads, quick execution speeds, low commission fees and excellent 24/7 support.

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