This is a diversified Binary Option or Scalping Alert indicator originally designed for lower Time Frame Trend or Swing trading. Although you will find it a useful tool for higher time frames as well. The Alerts are generated by the changing direction of the ColouredMA (HullMA by default), you then have the choice of selecting the Directional filtering on these.
This indicator with default settings is designed for BINARY OPTIONS trading. The indicator can also be used for Forex trading with some setting changes. The script shows Two Bar Pullback Break lines and alerts when those Break lines are Touched (broken) creating a short term momentum entry condition. For a Bullish Break (Green Up Arrow) to occur: first.
In Binary options, strategy testing is a bit different. The script is just a try to test Binary options strategies. Assumption: We are opening position at next candle after signal come We are taking the position at opening price Our call will be profitable if we get a green candle and put will be profitable if we get a red candle We can open only one.