OANDA Japan introduces indicator for monitoring daily trades
Online trading company OANDA Japan today unveiled a set of enhancements to its OANDA Lab education section. The broker is introducing a new indicator called “OANDA_Daily_Trade_Monitor“.
The indicator is for traders who use the MT4 and MT5 platforms. It is especially useful for short-term traders who prefer scalping or day trading.
With this indicator, traders can check trade details, such as daily profit/loss and risk/reward ratio.
Furthermore, traders can make use of alerts based on pre-set parameters. The broker has proposed some basic wording for such alerts but traders can adjust this wording as they see fit (given that the alert does not exceed 31 characters).
OANDA Japan regularly updates its education page. In January 2022, for instance, the broker introduced OANDA Trading Analysis. As one might guess, this indicator helps to analyze the trading results of a certain strategy (profit, loss, risks, etc). This way, traders can assess whether their trading strategies are successful or not.
Another interesting addition is a ranking of the trading instruments offered by OANDA (Forex, CFDs, stock indices, commodities, and bonds) according to their price change (increase or decrease). This ranking enlists the top 10 movers for the past day.
Traders with live accounts get access to additional information. They can use extra tools to customize the ranking.
And, in November 2021, OANDA Lab introduced a section dedicated to expert advisors (EAs) – bots that do the trading according to preset algorithms removing the need for manual trading. Let’s note that EAs typically work on the MetaTrader 4 (MT4) platform. OANDA is one of the handful of Forex brokers in Japan that offer MT4.