Elder Binary system high/low is a trading system trend following with a volatility indicator ELR indicator, that is also good for trading intraday and scalping.
Time Frame 5 min or 15 min (also for scalping for intraday 30 min and 60 min).
Expiry time 2-3 candles.
Markets: Forex and Indicies (S&P 500).
Vortex indicator (14 period with level 1.05);
ELR Color (13, 13, 2);
Elder indicator with DSS (6, 10);
Vs pivot indicator;
HP (nobs 1000, lamba 5000);
Exponential moving average 34 period green line;
Exponential moving average 89 period red line;
Rules for Elder Binary System
Vortex green line crosses upward red line > 1.05 level;
EMA 34 >EMA 89;
HP> EMA 34 and EMA 89 or HP crosses upward EMA 89;
Elder sky blue bar;
ELR bar color blue.
When these conditios are agree buy call at the opening of the next candle.
Vortex red line crosses upward green line > 1.05 level;
EMA 34 HP< EMA 34 and EMA 89 or HP crosses downward EMA 89;
Elder maroon bar;
ELR bar color red.
When these conditions are agree buy put at the opening of the next candle.
Exit position for scalping and intraday system at the levels pivots because this system is also based on the volatility. Initial stop loss on the previous swing.