OANDA Japan introduces indicator for support and resistance levels
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_Support_Resistance”.
The solution is recommended to traders using MT4 / MT5. As the name of the indicator suggests, it draws the levels of support and resistance on the chart. Specifically, the levels are calculated using fractals on three time axes: long-term, medium-term, and short-term. The level of support and resistance is displayed as dots.
OANDA Japan regularly updates its education page. In January 2022, for instance, the broker introduced OANDA Trading Analysis. 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.