New indicator day trading dashboard. How to download and use the Dashboard indicator for Forex trading without redrawing? How the DashBoard indicator works
The formation of a consolidation in the market, which is expressed in a sideways movement - a flat, is one of the signs of a subsequent impulse movement. It starts with a breakdown of the upper or lower border of the consolidation area. On this page you can Day Trading DashBoard indicator and learn about effective methods of working on it.
Since the operation of this technical tool is based on identifying the state of consolidation, which, in turn, is an integral part of the trend, it belongs to the category of trend indicators. Therefore, its use is advisable only in areas with increased volatility. It is typical for American and European sessions, as well as the first half of the Asian session.
How Day Trading DashBoard works
After being installed on the price chart, this indicator forms a basement window that has a tabular form (Fig. 1). It displays the results of the analysis of the current state of all available from the terminal financial instruments... The table has 6 columns, which indicate:
- asset name (Symbol);
- timeframe on which the signal was identified (Timeframe);
- the direction of the breakout of the consolidation (Direction);
- in which direction it is advisable to open a position (Pattern);
- how many periods ago the signal was generated (Age);
- link to activate the corresponding chart (Chart).
Such a display scheme provides very fast identification of trading signals on any timeframe of each financial instrument. At the same time, the efficiency of the used mathematical apparatus achieves a high speed of calculations and a prompt response to changes in market conditions.
An important advantage of the Day Trading DashBoard indicator is that it uses exclusively short-term price dynamics for analysis. Therefore, the reliability of its signals is very high. And the use of additional technical tools for filtering signals and determining effective entry points ensures a significant decrease in the number of unprofitable trades and an increase in the potential take profit of each profitable trade.
Each signal displayed in the table can be seen on the price chart. To go to it, just left-click on the corresponding link from the last column of the "Chart" table. On the generated chart, the area of the last consolidation will be highlighted and the arrow indicates the moment of its breakout:
- if the arrow is red and directed downward, then the breakout of the lower border of consolidation and the recommendation to sell the asset;
- if the arrow is green and directed upwards, then the breakout of the upper border of consolidation and the recommendation to buy the asset.
The consolidation area is also painted in the corresponding color (red - preceding the downward movement, green - preceding the upward movement).
The chart also displays the maximum take profit that could have been taken when opening a position based on the previous signal.
Day Trading DashBoard setup
When Day Trading DashBoard is activated, a setup window is displayed, in which you can change many parameters (Fig. 2). Among them, the most important are:
- Symbols - names of financial instruments that will be analyzed by the algorithm;
- Is M1 / 5/15/30 / H1 / 4 / D1 / W1 / MN Timeframe Enabled - this group of logical variables is used to specify the timeframes on which the analysis will be performed;
- SortBy - by what parameter to sort the rows in the table;
- SortType - how the table is sorted;
- MinRange - the minimum width of the identified consolidation;
- MaxRange - maximum width of the identified consolidation;
- HighLowFilter - the width of the time period for filtering highs and lows;
- MaxHistoryBars - the number of candles for which the analysis will be performed;
- BullZone - color of the consolidation zone preceding the uptrend;
- BearZone - color of the consolidation zone preceding the downtrend;
- BullArrowColor - color of the arrow indicating the breakout of the consolidation upwards;
- BearArrowColor - color of the arrow indicating the breakdown of the consolidation downward;
- FastPeriod - fast MA calculation period;
- SlowPeriod - slow MA calculation period;
- SoundAlert - whether to generate sound alerts for signals;
- EmailAlert - whether to send a notification about the generated signal to email.
Features of the application of the Day Trading DashBoard indicator
Of the recommended trading strategies using only this technical tool, trading can be distinguished binary options on the M1 period with an expiration of 10-15 candles and scalping on the M30 period. At the same time, an increase in the quality of signals is noted with an increase in the timeframe.
It is best to use Day Trading DashBoard with additional indicators, for example, with the Stochastic Oscillator, which is focused on identifying overbought and oversold conditions (Fig. 3). In this case, it is necessary to take into account some advance of the Stochastic.
Important for a trader is the direction of not only exiting the consolidation area, but also entering it:
- if the price entered the consolidation from below and exited from the top, then such consolidation is a correction on an uptrend;
- if the price entered the consolidation from above, and exited from the bottom, then such consolidation is a correction on a downtrend;
- if the entry and exit of prices are at the lower border of the consolidation, then this indicates the formation of a maximum (peak);
- if the entry and exit of prices are at the upper border of the consolidation, then this indicates the formation of a minimum (trough).
Peaks and troughs indicate the formation of levels, respectively, resistance (Fig. 4) and support.
Depending on the identified state, an appropriate trading decision is made:
- the asset is bought if the consolidation is a low or a correction on an uptrend;
- the asset is sold if the consolidation is a high or a correction in a downtrend.
Watch the video review of Day Trading DashBoard
In the Forex market, there are several speculative tricks based on proven patterns that will always be relevant. One of them involves the analysis of divergences, and today we will just look at a useful thematic Divergence Dashboard indicator.
Divergence Dashboard indicator is an analytical module for the MetaTrader4 terminal that recognizes divergences between price dynamics and major oscillators.
You can download Divergence Dashboard for MT4 right here:
It differs from other similar experts in that it displays research results in a pivot table.
Note that the full version of this algorithm costs $ 200, but you can download working ex4 files for free. Perhaps, in the future, they will stop working due to updates to MetaTrader4 itself, but the likelihood of such an outcome is extremely low, since the terminal developers decided to abandon the development of MT4 and concentrated their efforts on MT5.
Installing and configuring the divergence Dashboard indicator
The divergence Dashboard indicator is set according to the standard scheme:
- At the first stage, you need to download the Divergence Panel_v1.4.ex4 and DivergenceSolution.ex4 files to your PC;
- Then we launch the trading terminal and execute the "File - open data directory" command;
- Find the "MQL4 - Indicators" directory in the opened folder and copy the loaded indicators into it;
- Next, go to the settings trading platform, enable DLL import and restart the terminal.
As you can see, the analytical module consists of two algorithms, the first of them is called Divergence Panel_v1.4. This is the dashboard that displays the following information:
- Symbol - the ticker of the asset under study (CFD or currency pair code);
- TimeFrame - analyzed timeframe;
- Direction - direction of the signal (bullish or bearish);
- Age - how many bars ago the last pattern appeared;
- Entry - signal quote;
- SL and TP are the recommended stop loss and take profit, respectively.
As for the settings of the Divergence Dashboard, the basic divergence indicator, they are intuitive, although they are presented on English language... However, let's take a quick look at them.
Symbols - in this line, separated by commas and spaces, the user lists the assets to be examined. Please note that there should be no errors in the ticker, i.e. if you specify not EURUSD, but EURGSD here, for example, the lines None will appear in the panel opposite the corresponding code.
The block marked "Timeframe Enabled" is designed to enable / disable specific timeframes (TF). These are probably the most important settings, so here I will give two tips:
- Do not use too many TFs, as in this case the terminal will freeze even on powerful PCs;
- Taking into account the specifics of divergence (as a signal), it is advisable to work only with large time frames - H4, D1 and W1 (but MN is already overkill).
The next important setting of the Divergence Dashboard divergence indicator is called Lookback Period - the depth of the analyzed history. It does not affect the quality of signals, but it can be used to adjust the speed of the terminal and check the quality of patterns in the past (they are displayed on the main chart as lines).
Divergence Dashboard Graphics Options
- SL detection distance (days) - for what period (in days) to calculate the stop loss;
- ATR period for SL shift - ATR period for taking volatility into account when calculating a stop;
- SL shift coefficient - the coefficient by which the ATR is multiplied when calculating the above correction;
- TP coefficient - how many times the take profit should exceed the stop loss.
Perhaps someone will find something useful in these automatic takes and stops, but it's more comfortable for me to determine them on my own just by ATR without unnecessary complications.
An interesting fact is that the table is built in such a way that the main chart can be switched right in the current window. This can be done using special buttons.
Separately, I would like to note that it is impossible to influence the algorithm of the Divergence Dashboard divergence indicator, i.e. it will recognize signals strictly according to the parameters of the basic indicators that are "embedded" in its source code.
For more flexible analysis, there is a second indicator that comes with the panel - DivergenceSolution. It is displayed as an oscillator.
By default, all DivergenceSolution variables correspond to the markup used by the main table, but if desired, the user can configure the oscillators based on his understanding of the market.
In particular, the divergence itself is always determined using the MACD, so the leading role belongs to the parameters "MACD Inputs".
The rest of the indicators (RSI and EMA) in the Divergence Dashboard are used as filters, so the corresponding variables will not affect the shape of the main MACD oscillator. Their influence is noticeable only when constructing the final signals, i.e. tangent lines and arrows.
Summing up, I want to note that the indicator reviewed today is one of the best of its kind, since it works without errors. Other similar algorithms often misidentify divergences and redraw the markup. In addition, the panel significantly saves time on analyzing the situation.
The vast majority of instruments technical analysis focused on working on a limited number of currency pairs. This is due to the fact that their algorithm operates efficiently either with high or low volatility of the quote. but indicator Day Trading DashBoard (Free Download ) is able to generate profitable trading signals for many assets in almost any market conditions.
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Initially, it was a paid technical analysis tool that cost several thousand rubles. Subsequently, its price dropped to hundreds of rubles, and now it is possible to download Day Trading DashBoard for free and use without any restrictions.
How Day Trading DashBoard Works
Its algorithm is based on a method for identifying periods of consolidation during a trend. It represents stopping the trend movement of the quote. As a result, a flat appears that is within certain boundaries, which always ends with a breakout of one of them:
- upper - in an uptrend;
- lower - in a downtrend.
As a result, the price continues to move in the direction of the trend until the next correction level. It is on such movements from one correction to another that the trader makes a profit.
In fact, Day Trading DashBoard belongs to the category of arrow indicators - arrows appear when the quote breaks the flat border in the direction of the trend. The direction of the position to be opened is indicated by the color and direction of the arrow:
- blue up - buy;
- red down - sell (Fig. 1).
At the moment the arrow is formed, a position should be opened (in addition, at this moment, an alert is generated using one of the methods selected by the trader in the settings). In addition, the area identified by the consolidation indicator is indicated by a colored rectangle (by default):
- blue - consolidation, foreshadowing the growth of quotations;
- pink - consolidation, foreshadowing a drop in quotations (Fig. 1).
Day Trading DashBoard also displays a six-column table below the chart (Fig. 1):
- Symbol - the designation of the asset on which the signal is detected;
- Timeframe - the period during which the signal was detected;
- Direction - signal type (Up - buy, Down - sell);
- Pattern - direction of the identified pattern (Long - buy, Short - sell);
- Age - how many candles ago the signal was identified;
- Chart - buttons for switching to a chart defined by the Symbol and Timeframe parameters.
Day Trading DashBoard setup
In the setting window (Fig. 2) all input parameters are grouped. First comes the table variables (DashBoard Settings):
- Symbols - enumeration of the symbols of the assets being checked;
- Is XX Timeframe_Enabled - whether it is necessary to analyze this timeframe (true - yes, false - no);
- Sort_By - column for ordering the table;
- Sort_Type - ordering method (Ascendent - decrease, Descending - increase).
Then comes the indicator variables:
- MinRange / MaxRange - minimum / maximum correction amplitude;
- High_Low_Filter - degree of filtration by extreme values;
- Max_History_Bars - the size of the analyzed period (in candles);
- Bull_Zone / Bear_Zone - the color of the rectangle foreshadowing the rise / fall of the quote;
- Bull_Arrow_Color / Bear_Arrow_Color - color of the arrow, foreshadowing the rise / fall of the quote.
Then there are the variables of the trend filter based on two movings: Fast_Period / Slow_Period - fast / slow moving period.
And the list of input parameters is completed by variables that determine the alert mode (have the Alert suffix):
- PopUp - popup window;
- Email - an email message;
- Sound - sound (from the file specified in SoundFile);
- Push is a system message.
How to trade the Day Trading DashBoard indicator
It can be categorized as trending technical analysis tools because it detects corrections that are an integral part of any trend. Therefore, trading on the signals of this indicator is advisable only during periods of a pronounced trend - when the price is clearly and steadily moving up or down. Such periods include the first 2 ÷ 3 hours of any trading sessions (in this case, only currency pairs containing currencies of states lying in the time zone of the started trading session should be analyzed).
One of the trading strategies involves determining the global trend on a higher timeframe and looking for the moments of making deals on a lower (working) timeframe. To do this, in the settings, only two variables Is XX TimeframeEnabled are assigned the value true, and the rest are assigned false. For example, if a trader uses a 15-minute TF as a working one, then the global trend can be defined on a 4-hour or daily TF, so the true value is assigned to the Is M15 TimeframeEnabled and Is H4 TimeframeEnabled or Is D1 TimeframeEnabled variables. A buy is made when a red arrow appears on a working TF, if a downtrend is also identified on a higher TF (Fig. 3). Accordingly, the asset is sold when a green arrow appears on the working TF and an uptrend is identified on the older TF.
On a higher timeframe, it is necessary to take into account the age of the trend signal (the Age column in the table) - if it appeared more than 10 candles ago, then it is better not to enter the market, since the trend impulse is most likely already significantly weakened and a correction will begin soon or a reversal will occur.
It should be noted that it is possible to enter the market using signals from the working timeframe directed against the global trend (Fig. 4). In this case, trading on pullbacks is implemented, which also regularly occur on trends.
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Not so long ago, the Dashboard Forex indicator appeared on the Internet without redrawing, and it became possible to download it for free. The developers position this tool as a multicurrency indicator that makes it possible to work with three dozen currency pairs at once. How true is this statement?
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The instrument's algorithm is based on the idea of detecting market consolidation zones. The indicator gives a signal when the boundaries of the consolidation are broken, when the market exits the flat.
The consolidation area is highlighted on the indicator panel with a colored highlight. The arrow indicates the direction of the breakdown. In addition, the tool shows the estimated number of profit pips based on the previous signal.
The algorithm for introducing the indicator into the trading terminal is standard for all technical instruments and is carried out according to the following scheme:
- It is copied from the downloads folder to the Indicators MT4 folder.
- It is necessary to restart the terminal and drag the instrument to the chart field.
In the MT4 terminal, the toolbar looks like this:
Day panel trading dashboard in the window of the MT4 trading terminal.
Practical application of Day trading dashboard
This tool belongs to trend algorithms, so all the features of trading on them are applicable to it. Judging by the recommendations of users posted on the Internet, it is recommended for day trading during the first three hours of all three trading sessions, that is, during periods of the greatest market stability.
At the same time, the accuracy of signals from this indicator increases with an increase in the time interval.
Trading options with this panel are:
- Trading binary options with an expiration date of 10-15 minutes on a 1-minute timeframe.
- Scalping on a half hour interval.
- Dashboard strategy using certain additional indicators.
In the first two cases, data from the toolbar itself is used. The third option involves the use of filtering tools.
Dashboard strategy with Stochastic
One of the overbought-oversold condition indicators can serve as an additional confirmation signal.
One of the best options for such an indicator is the popular Stochastic.
As an example, consider the AUD / USD currency pair on the daily timeframe.
On the instrument panel for the daily chart of this pair, the green arrow indicates a buy, which is confirmed by the crossing of the buy curves of the oscillator.
To determine the target levels of making a profit and exiting the market, you can recommend building Fibonacci levels on the chart.
Dashboard Strategy with Stochastic and Fibonacci Levels
Having built a Fibonacci grid on the daily chart of the Australian dollar, we will see that the nearest target for us is price level equal to 0.8035 - 0.8056. Having bought this currency at the current price of 0.7924, it is worth setting the Take Profit indicator at the level of 0.8035, and the Stop Loss below the entry level, gradually moving it into the profitability zone. The resulting profit will depend on the size of the position and the trader's compliance with the money management rules.
Any trading system, in addition to positive characteristics, carries certain disadvantages. Although the indicator is presented by its developers as a system that does not redraw data, such cases still take place. So, when the direction of the price movement changes, the signal arrows disappear or change to the opposite. The second unpleasant moment is the fuzzy recognition of consolidation zones, which is reflected in the generation of false signals by the instrument.
Such shortcomings were identified in the course of working with this system by practicing traders. The only way to minimize them is to change the indicator source code. This code, being open, allows you to make any changes to its algorithm, but such work can only be available to users with programming skills.