The Opportunity indicator is a general indicator that can be used in trend and neutral market types, along with other technical indicators of the traders choice.
The main feature of the Opportunity indicator is to show trendlines in any timeframe. It can also show breakout trendlines. Trendlines, along with moving averages, are the most reliable indicators which can predict the continuation or the end of the trend market type.
The Opportunity indicator also has the following features:
- it calculates the risk amount for one trade based on the percentage of account equity
- it shows all supports and resistances in the graph for any chosen number of levels
- it calculates the trade size so that stop-loss, triggered at the given support or resistance level, does not exceed the risk amount (spreads are also taken into account)
- it also calculates take-profit levels based on the profit-to-risk ratio
- it finds the nearest trendline point for the current and the next time period
As can be seen from the above list, the Opportunity indicator insists that rules should be followed at each moment. It frees you from the manual and repetitive work, and lets you focus on your preferred trading strategy and the moment to open the trade.
And two of the greatest features of this indicator are:
- It frees you from committing ordinary mistakes – the number one reason that many beginner traders lose their money in the Forex.
- If you are a fast Forex trader, looking for the best opportunities, it never lets you to miss ones.
The Opportunity indicator is placed in the main chart. Before using the indicator you should adjust its properties according to your preferences. Here is the list of all input parameters:
- SRNum – the maximum number of support and resistance levels
- RiskPercent – the percentage of account equity used to calculate the risk amount and the trade sizes
- ProfitRiskRatio – profit-to-risk ratio which is used to calculate take-profit levels before opening the trade
- TrendScopeSR – the number of support and resistance levels used to calculate trendlines. Higher values show more trendlines in the chart (including breakout trendlines). It is recommended to keep this value small, and use higher timeframes to show stronger trendlines.
- BreakoutTolerance – the currency value tolerance which determines if the trendline is broken or not. Keep this value higher in the high timeframes, and lower in the low timeframes.
- PositionInMicrolots – show position size in microlots.
New feature: Shows free lots - the maximum number of lots available in the next trade.