Trend Dashboard Indicator

The Trend Dashboard Indicator for MT4 displays BULLISH or BEARISH trend information as well as arrow signs pointing up and down. The trend data is based on the MetaTrader indicators MACD, Stochastic, Moving Average, and RSI. As a result, forex traders can incorporate them into any technical trading system to BUY and SELL depending on arrow signals.

What is the Trend Dashboard Indicator?

The Trend Dashboard Indicator is a technical tool that displays extra data about the Account name, Account number, Account equity, Current leverage, Account margin, Account balance, Free margin, Broker name, and Server time. The indicator also displays the trading instrument’s Last Price, Open Price, High Price, Low Price, and Spread. The indicator is suitable for both novice and experienced forex traders.

Setting up the Trend Dashboard Indicator
Setting up the Trend Dashboard Indicator

Trend Dashboard Strategy

Trend 1 refers to the MACD (Moving Average Convergence and Divergence) forex trading signals. Trend 2 displays technical trading indications from the Stochastic indicator, whilst Trend 3 displays BUY and SELL arrow signs from the Moving Averages. Finally, Trend 4 employs the RSI (Relative Strength Index) MetaTrader indicator to provide UP and DOWN arrow forex trading signals. The up-arrow indications are lime, the down arrow signals are red, and the account information are lime.

A way to trade with this indicator could be to place BUY or SELL positions based on the indicators’ convergence. Traders can begin by selecting their favorite trading time frame. A BUY trade could be placed with a stop loss below the previous low if at least three trend indicators are BULLISH. If more than three indicators indicate a BEARISH trend, a SELL position with stops above the previous high could be placed. The take profit position in this technical trading strategy is generally determined by the risk-reward ratio. Forex traders, on the other hand, can exit if the trend shifts from BULLISH to BEARISH or vice versa. The MT4 Trend Dashboard Indicator displays the trend in all timeframes. As a result, it is applicable to all intraday timeframes as well as daily, weekly, and monthly charts.

Buy Signal

The following could be your checklist for a buy trade:


  • When the asset being traded is up trending.
  • When the indicator displays an up arrow.

Once these events occur:

  • You could open a buy position after you confirm your entry with bullish candlestick patterns.
  • You could set your stop loss just below the nearest swing low.
  • You could set your take profit at the nearest resistance zone, or you could exit trade when the indicator displays a down arrow.
  • For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Trend Dashboard Indicator Buy Setup
Trend Dashboard Indicator Buy Setup

Sell Signal

The following could be your checklist for a sell trade:

  • When the asset being traded is down trending.
  • When the indicator displays a down arrow.

Once these events occur:

  • You could open a sell position after you confirm your entry with bearish candlestick patterns.
  • You could set your stop loss just above the nearest swing high.
  • You could set your take profit at the nearest support zone, or you could exit trade when the indicator displays an up arrow.
  • For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Trend Dashboard Indicator Sell Setup
Trend Dashboard Indicator Sell Setup

Trend Dashboard Pros & Cons

Pros

  • The Trend Dashboard Indicator displays additional information about the trader’s account.
  • This indicator may be used to identify the prevailing trend of the asset.

Cons

  • Applying the full functionality of the Trend Dashboard Indicator may require some level of experience.
  • This indicator may require additional knowledge of price action to use optimally.

Conclusion

The Trend Dashboard Indicator for MT4 displays a visual representation of the BULLISH or BEARISH market trend across all chart time frames. BUY and SELL forex trading signals are provided by the arrow signals. This indicator could be worth adding to your collection of trading tools but bear in mind that it does not guarantee profits.

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