In this post I will review the Savvy MACD Dashboard which is a useful trading tool developed to assist traders with manually trading the forex market.
This software runs in the MetaTrader 4 (MT4) trading platform which is used by millions of forex traders around the globe and is free to download from most online forex brokers.
I always like to use an ECN forex broker as I find that they tend to have preferable trading conditions which includes reliable execution speeds, plenty of liquidity and low spreads/commissions.
With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs.
The Savvy MACD Dashboard is from the team over at Trading Strategy Guides who have developed over 200+ trading systems, 30+ indicators and 10+ trading tools, some of which I have previously reviewed and found to also be very useful for manual trading online. You can see more in my forex trading system reviews.
What is the Savvy MACD Dashboard?
The Savvy MACD Dashboard can scan every single instrument within the MT4 terminal in just a few seconds. This is not limited to forex currency pairs but also other instruments that your broker offers in MT4 which can include stocks, commodities, cryptocurrencies, etc.
I always prefer to trade on major currency pairs such as the EURUSD and GBPUSD as I find they tend to have enough liquidity to catch some moves and also lower spreads which can save on my trading costs in the long term. IC Markets are one of my top broker choices if you are looking for tight spreads, low fees and quick execution. They also have excellent customer support and a great selection of account funding options.
Savvy MACD Dashboard Features
The primary purpose of the Savvy MACD Dashboard is maximise the potential of using the MACD indicator in your every day trading. The dashboard displays:
- Symbol: The current pair
- TF: The time frame the MACD is reading from
- Value: The main MACD line
- Signal: Signal MACD line
- Cross: How many bars the last cross occurred (nearest cross)
- Price: Price distance to the slow EMA (basement of triangle figure)
- Dvg: Price and MACD divergence signal
The MACD is one of the most commonly used technical indicators. It can be used standalone or as part of an overall trading system that combines other indicators.
The general consensus of the MACD is that positive growing MACD means strong uptrend whereas a negative falling MACD means strong downtrend. If MACD is positive but lowers or negative but rises, then there can be a reversal of the trend.
The dashboard shows multiple different MACD signals that can help to pinpoint the strongest and weakest signals for you to choose from.
It can send alert and notification when it finds signals so you do not always need to sit at your desk chart watching. You could always setup the MT4 app on your mobile phone to send you an alert when there is a possible trade setup, then place and manage the trade from the comfort of the MT4 app.
With this dashboard, you can look for possible: trend reversals, major trends, new trends, and sideways markets, by interpreting the data you get real-time on the dashboard.
It also comes with a MACD beginners’ course that can be very useful for those new to MACD trading and help everyone to get the best out of the Savvy MACD Dashboard.
As with any manual trading strategy, it may be a good idea to have a favourable risk to reward ratio so that winning trades outweigh losing trades. You would not really want one bad trade to wipe out a good run of winners. Too many trading strategies use poor risk to reward ratio which try to rely on high win rates for long term success. The problem is that we cannot avoid losses in trading so eventually when a losing trade does happen, it can cause large drawdowns if the profit factor is not that great.
Trading with the MACD Dashboard
The moving average convergence divergence (MACD) indicator can identify opportunities across financial markets. Learning how to implement the tool is crucial to a trader’s success. Whilst anyone can learn how the MACD works, learning how to implement it within your trading strategies can take lots of practice.
The Moving Average Convergence Divergence (MACD) is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price. Traders use the MACD to identify when bullish or bearish momentum is high in order to identify entry and exit points for trades.
The MACD indicator works using three components: two moving averages and a histogram.
The two lines within the indicator may look like simple moving averages (SMAs), but they are in fact layered exponential moving averages (EMAs). The main, slower line is the MACD line, while the faster line is the signal line.
If the two moving averages come together, they are said to be ‘converging’ and if they move away from each other they are ‘diverging’. The difference between the two lines is represented on the histogram. If the MACD were to be trading above the zero line, it would confirm an uptrend, below this and the indicator would be used to confirm a downtrend.
If the market price was found to be trending upward – reaching higher highs and higher lows, as well as breaking key levels of resistance – traders might enter long positions. While traders might opt to enter a short position if the asset was in a downtrend, characterised by the lower highs and lower lows, or breaks in support levels.
Savvy MACD Dashboard Summary
Overall, when we are talking about MACD analysis and signals on MT4 charts, then Savvy MACD Dashboard is very useful. It makes everything much faster and convenient. It can be used as is and includes a useful course to help user interpret the signals.
In addition to that, it is very flexible as you can incorporate it with your own preferred method of market analysis.
Furthermore, the dashboard can send you alerts on any instrument or time frame whilst being extremely user friendly.
Savvy MACD Dashboard includes support, instructions, updates and a money back guarantee. Certainly, a trading tool worth exploring for the manual forex traders out there!
Savvy MACD Dashboard
$47
Pros
- Comprehensive MACD Analysis
- Manual Trading Signals
- Versatile Trading System
- MACD Trading Course
- Any Forex Broker
- Easy To Use
- Any Trading Instrument
- Full Support
- Detailed Instructions
- Money Back Guarantee
Cons
- MetaTrader 4 Only
- Quite Basic Forex Strategy
- Requires Some User Initiative
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
