Development of Binary Options Signal Indicator in MQL4 or MQL5

Terms of Reference for Indicator Development

1. Objective

To develop a signal indicator for binary options in MQL4 or MQL5 that identifies entry and exit points on the chart based on market trends and patterns shown in the videos on the Trendify Binary Options YouTube channel. This channel provides practical examples of the expected behavior and functionality of the indicator.

2. Main References

The primary reference for developing this indicator is the videos available on the Trendify Binary Options YouTube channel. These videos contain detailed information on the setup, signal logic, and patterns used to identify entry and exit opportunities in the binary options market.

3. Technical Specifications

The indicator should:

• Identify Candle Patterns: Recognize common candlestick patterns in trend reversals and continuations, such as "Pin Bars" and "Engulfing."
• Signal Entries and Exits: Display visual arrows or icons to signal potential entries (up or down arrows) based on observed trend patterns.
• Analysis Periods: Operate exclusively on M1 and M5 timeframes, with no need for analysis on other timeframes.
• Adjustable Settings: Allow adjustments for volatility sensitivity and displayed signal type, as needed.

4. Desired Features

• Support and Resistance Display: Draw horizontal lines to indicate support and resistance levels based on previous reversal points.
• Display Information on Chart: Show details such as the last generated signal and trend strength.

5. Developer Requirements

• Carefully review the videos on the Trendify Binary Options YouTube channel to understand the logic and structure of the signals to be implemented.
• Create the code in MQL4 or MQL5, ensuring the indicator is lightweight and efficient.
• Provide brief documentation explaining how to use the indicator and adjust the main settings.

6. Final Remarks

• This indicator should closely follow the visual examples shown in the videos. The expectation is that the developed indicator will replicate the behavior of the signals demonstrated.
• There is no need to include additional sound or visual alerts, other than the icons on the chart.
• Any questions regarding the behavior or functionality of the indicator can be clarified directly through the channel’s content.