The Trend DashBoard indicator for MT4 provides a bull or bear trend with up and down arrows. Information about the trend depends on the MACD, Stochastic, Moving Averages and RSI MetaTrader indicators. Thus, Forex traders can use them in any trading strategy, buying and selling according to the symbols of the arrows.
In addition, the indicator shows additional details about the account name, account number, account equity, current leverage, account margin and account balance, free margin, broker name, server time. In addition, information about last price, opening price, low price, high price and spread of the traded instrument is also displayed in the indicator.
The indicator is suitable for advanced and new Forex traders. It is free to download and easy to install.
Trend dashboard indicator for MT4 trading setups
The chart shows the movement of the Trend DashBoard indicator of the MT4 indicator. Trend 1 is those forex signals from the MACD (Moving Average Convergence and Divergence) indicator. While Trend 2 provides trading technical signals from stochastic indicators, Trend 3 shows buy and sell arrow signals using moving averages. In addition, Trend 4 shows up and down arrow forex signals made using indicators such as RSI (Relative Strength Index) MetaTrader indicator. The up signal is shown in lime, the down arrow signal in red, and the account details in LIME.
The most effective way to trade with this indicator is to put in a buy or sell position based on the convergence of these indicators. Investors should first choose their preferred time frame for trading. If at least three trend indicators are bullish, then a buy trade is put into place with a stop loss below that previous high. Conversely, if there are more than 3 indicators indicating a bearish trend, then the sell trade is placed with a stop loss above the previous high for the most efficient result. The profitable position for this trading strategy is determined by your risk-reward ratio. However, if the trend changes between BULLISH to BEARISH and reversal, the forex trader can exit.
The second trading strategy is to use a different time frame (mtf). Forex traders in this trading strategy will use a higher time frame to determine the direction of the trend. The lower time frame is then used to find the best entry point and minimize risk. Ultimately, forex traders are more likely to stick to the direction of the primary trend.
MT4’s Trend Dash Panel indicator illustrates trends for all time frames. This means it can be used for all intra-day time frames, as well as weekly, daily or monthly charts.
Summary
MT4’s Trend DashBoard indicator provides forex traders with a bull or bear trend chart for all time frames in the chart. Arrow signals are used to provide buy and sell forex trading signals.
