Traders use multi-time frame chart analysis all the time. The goal is to find a strong trend to enter into a trade or some real breakout. It is hard to monitor several assets simultaneously and check trends in various time frames.
Metatrader indicators can create a dashboard and an easy way for traders to monitor trends in different time frames.
What is Trend Dashboard Indicator MT4?
The trend dashboard indicator is an MT4 indicator that will draw the dashboard section below the main chart where the trader can monitor several time frames and trends in each time frame. Indicator plots trend information for MACD, Stochastic, Moving Average, and RSI MetaTrader indicators.
Below is presented my trend dashboard video review:
In the video above, I presented my personal opinion and provided tips on installing trend dashboard indicators and using them in real trading.
Trend Dashboard Indicator MT4 download
Below you can download the fx dashboard indicator and see how it works. Forex Dashboard free download link (zip file) is presented below:
Dashboard Mt4 indicator
Please copy the ex4 file into the Indicators directory.
As we can see in the image, the fx dashboard indicator represents trends as “up” or “down” for timeframes such as 5 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, daily, and weekly. Users can choose several times frames. In addition, the indicator will show all details regarding the currency pair or any other MT4 asset.
What are the disadvantages of the trend dashboard indicator?
The advantage is the lack of indicator setting modification opportunities and too much information on the dashboard screen.
Personal opinion about Dashboard Indicator
The trend Dashboard indicator is useful for all traders who like multi-time-frame analysis. However, in real live trading, most traders determine Daily, Weekly, or Monthly trends as major trends and try to follow them in their strategies. Evan, you are a short-time trader (day trader); dashboards can be annoying if you have a lot of unusable data. Day traders usually pick major trends and try to follow that big bullish or bearish trend creating several short-time trades in major trends. That’s why these kinds of indicators can not be useful. Additionally, dashboard indicators can spend a lot of CPU resources and slow down your MT4 platform.