In this article, we will learn the answers to the most common questions about the AOTI indicator.
Which timeframe is better, for which currency pairs are the indicator suitable, how to install the indicator? Let’s find out the answers to these and other questions right now.
For which currency pairs is the indicator suitable?
The All-in-One Trade Indicator (AOTI) is determining the daily levels (targets) for EUR/USD, GBP/USD, EUR/GBP, EUR/JPY, and USD/JPY. All other modules work for any instruments.
Which timeframe is better for the AOTI indicator?
Initially, the AOTI indicator was created for the M5 timeframe. On this timeframe, even insignificant price movements are visible, which is important for me. And I recommend using this timeframe for trading.
But for your strategy, you can use any timeframe. The only condition is that the timeframe must be less than H4, since on this timeframe the levels are not pretty visible.
All other features (reversal arrow signals, support/resistance micro-levels, dual-channel trend direction, price channel, MA bands, etc) work at any timeframes.
How to download the history quotes for the indicator?
If after installing the indicator on the chart, you see a similar message and the indicator panel does not appear, it means that your MetaTrader4 terminal is not enough historical quotes.
The indicator tries to automatically load the required number of quotes to calculate the levels, but in some cases, there may be a situation that quotes are not enough.
What we need to do
1). Make sure you set the maximum value of the Max bars in history:
2). You need to download historical quotes for the following pairs: EUR/USD, USD/CHF, GBPUSD, EURGBP, EURJPY, and USDJPY.
Press F2 in the terminal to open the History Center:
3). Select a currency pair, M1 timeframe, then press the Download button.
4). Repeat Step 3 for all 6 pairs: EUR/USD, USD/CHF, GBPUSD, EURGBP, EURJPY, and USDJPY.
5). Then restart the terminal.
The quotes are loaded and the indicator should start calculating daily levels.
At what time the indicator determines the daily levels?
The AOTI indicator determines the daily levels at 00:00 (GMT).
If the GMT Offset of your broker is +2, then the levels will be built at 02:00 terminal time.
How to set correct GMT Offset see here.
What is GMT Offset?
The difference in time between our local time and GMT (UTC) is called GMT offset. All brokerage companies are located in different countries with their own GMT offsets. Therefore it is so important to set the correct GMT offset in the expert advisors or indicators settings.
To determine the GMT Offset, look at this formula:
GMT Time hours – it’s a time of your broker (not yours local)!
Read more about determining the GMT Offset here.
What about Breakeven?
To BE (BreakEven) or Not To BE (BreakEven)?
It seems that this is a simple question – of course, To Be. )
But it is actually not so simple. And the answer to this question can be different in different situations. Breakeven helps us to fix the minimum profit if the price for some reason went against us.
Often this is a good solution. But if you set breakeven guided only by the desire to reduce the risk, it is not a good idea.
In which case it is a bad idea to set breakeven? It is not very good to set breakeven by the principle – passed 10 pips in profit, move the Stop-Loss level in Open Price + 1 pips (if Buy). Why isn’t that good? Because for the price it does not matter the number of 10 pips. It’s not based on anything. Only at the request of the trader is more likely to protect themselves.
Breakeven should always be based on strong levels, as well as profit trailing.
Now about the breakeven in the AOTI indicator.
This level shows that when the price has reached this level value, the probability of reaching the target is extremely high and you can move the stop to breakeven. But not at the Breakeven level, but at the level of:
- The Opening Price + 1 pips (for Buy)
- The Opening Price – 1 pips (for Sell).
1 – For example, we opened the position at the moment of the daytime levels appearing.
2 – When the price has reached Breakeven level, we can move our Stop Loss level to Open Price level + 1 pips.
3 – If the price goes against us, we will get a minimum profit of +1 pips. But it’s better than a loss.
4 – We can also move the Stop Level to strong levels when the price rises above.
If you are a novice trader, you can use the fractals indicator to determine the levels to transfer the stops. To do this, we can use fractal with a large shoulder, not with a standard value of 5, to filter out market noise.
What other features are in the indicator and how can they help us?
Previously, we have talked many times about the Simplest Strategy of the Levels (SSL).
This method is the simplest, but it has its own negative sides. We do not use additional analysis, we do not use additional indicator signals, we do not use all the features of the indicator. What else is interesting in the indicator and how it can help us?
One picture instead of 1000 words:
But the indicator does not trade on its own. It shows important levels and important signals. But we accept the decision. It requires experience and practice but gives joy from the result as a result – profit and successful deals.
We can use Arrows and Support/Resistance micro-levels for scalping. Price a few times touches for certain levels. These levels are strong and they give the opportunity to fix the profit.
Another example – EURCAD. Example simplified, without any analysis of news and other things.
The Support/Resistance micro-levels – shows a slowdown in the current price movement. This is a possible level of profit taking.
The Arrows is a reversal signal.
Fibo feature. Shows potential rollback levels and the ability to open additional positions.
The article will be supplemented with new questions and answers.
Well, thank you for your attention. That’s it for today.
Good Luck & Big Profits!