Hop Lops Ultimate Plot Indicator

Hop Lops Ultimate Plot Indicator for MT5

Overview

The Hop Lops Ultimate Plot Indicator is designed to assist traders in identifying potential support and resistance levels. Although its name might sound playful, it provides valuable insights for trading decisions.

Key Features

1. HOPS and LOPS: The acronym stands for High Of the Previous Session and Low Of the Previous Sessions. These levels act as support/resistance or pivot points.
2. Time Frames: The indicator supports any time frame available in MT5, including lower time frame session pivots, lows, and highs.
3. Usage Recommendations:
   • Use it for possible breakouts.
   • If you use multiple instances on the same chart, set a unique ID for each instance.
   • Adapt it to your preferred trading style.

Minimum Deposit

• The minimum deposit to start using the Hop Lops Ultimate Plot Indicator is $200 USD. This ensures sufficient margin to trade all financial instruments offered on MT5.

Timeframe

• The recommended timeframe for using this indicator is H1 (1-hour). However, it can be applied to any timeframe higher or lower than the current chart’s timeframe.

Platform

• The Hop Lops Ultimate Plot Indicator is compatible with MetaTrader 5 (MT5), a powerful trading terminal with comprehensive features, including copy trading and algorithmic trading.

Lot Sizes

• The indicator does not directly determine lot sizes. However, traders can calculate their lot size based on risk percentage and stop loss using additional tools like position size calculators.

Currency Pair

• The recommended currency pair for using the Hop Lops Ultimate Plot Indicator is EUR/USD. However, it can be applied to other pairs, indices, commodities, and stocks on the MT5 platform.

Trading Strategy

• The Hop Lops Ultimate Plot Indicator does not follow a specific strategy like martingale, hedging, or scalping. Instead, it provides critical levels for traders to make informed decisions based on price action and support/resistance dynamics.

How the EA Takes Trades

• The indicator identifies key levels (HOPS and LOPS) based on historical session data.
• Traders can use these levels for potential breakouts or reversals.
• When price approaches these levels, consider entry, stop loss, and take profit placements.

Remember, trading involves risk, and past performance is not indicative of future results. This bot could be your ticket to success—so trade wisely and soar in the Forex world!

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Additional Resources :

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Happy Trading