DOTS Method Indicator is an intraday price-based trading strategy that displays market entries, exits, and target levels at the beginning of each trading session. Also known as Daily Open Trading System (DOTS), the indicator can be used by every trader to know where to enter and exit the market regardless of their experience or trading style.
How to trade with DOTS Method indicator?
Following are the seven pre-established rules when trading with DOTS Method indicator:
1. The DOTS levels are calculated from a selected Daily Open of either Australia, Tokyo, US, Midnight New York, London, or Europe.
2. Open trade at either Buy Entry or Sell Entry levels.
3. Close trade at Stop Loss level.
4. Consider a partial or full open order close at Target 1.
5. Consider closing a full position at Target 2.
6. If price retraces back towards the Daily Open but bounces in the original direction, consider re-entering the market in the original direction when either the Buy Entry or Sell Entry is reached.
7. Use other indicators such as the Trader Dynamic Index to confirm trend and market direction.
Try the DOTS Method indicator with AtoZ Markets approved forex brokers:
How to allow .DLL imports on MT4?
You might be asked to allow to import .DLL files to your MetaTrader 4. To do so, go to Tools>>Options>> Expert Advisors tab on the platform menu and tick the “Allow DLL imports” field.
Lastly, Broker GMT time difference needs to be set manually. To do so, note the difference between GMT time and Broker time found on the top left corner of the chart and set it by going to indicator settings and selecting Broker_GMT_offset.
How to download and install an indicator?
In order to install the indicator on your MT4 platform, you need to follow these steps:
- Click on “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into MT4>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select “DOTS Method indicator” template to apply it on the chart.
Note: DOTS Method indicator was developed by CompassFX and was sent by an AtoZ Markets follower from Romania. AtoZ Markets does not carry any copyrights over this trading tool.
Should you use the DOTS Method indicator on your own at all?
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