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.
Savvy MACD Dashboard Features
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.
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.
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.
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!