Overview:
Target Finder is a Trade Management enhancement tool which automates your exit strategies to help you get the most out of your trades. Market structure swing points form important levels of support and resistance but are sometimes difficult to identify. It is important to know where these levels are so that you don’t cut your profits short. The software makes it easy to locate these levels taking the guesswork out of target placement, thereby improving trade expectancy and performance.
Purpose:
Traders need the Target Finder in order to get the most out of their trades by using key support and resistance levels when placing trade targets. Many traders plan their trades by first setting the amount of risk and then placing targets based on a risk reward profile. This approach may leave money on the table by not recognizing how much room a trade has to run. Knowing where the important pivot levels are can help maximize the potential of each trade.
Elements:
- Customizable Lookback accommodating any trading style
- Up to 3 potential Targets (Long and Short)
- Globalization of Targets across multiple charts
- Customizable visuals for both native and global levels
- Directional Bias Filter
- Customizable distance limits between targets
- Low High Filter for extra refinement
- Swing Structure (Zig Zag) overlay
Functions:
The Target Finder is best used by taking the displayed target levels into account when setting up trade plans. The Lookback FIlter can be adjusted so that only the relevant market swings are included when finding potential target levels. Once the levels are found, using the Globalization feature makes it easy to find the target levels on other charts of the same instrument. This makes it easy to implement a multi timeframe approach to trade management and exit strategies.
Problem Solved:
- Stops traders from second guessing their exit strategies
- Stops traders from giving back their profits
- Stops traders from missing fills on their exits due to incorrect target placement
- Stops traders from failing to adjust to changing market conditions
- Stops traders from cutting their profits short
- Stops traders from missing hidden levels when managing their trade positions