This is the first episode of a blog series on how to use the „Netsrac SR Dashboard“ to find trading opportunities. The SR Dashboard is designed to reduce your time in front of the monitor. It can find many setups for us. All we have to do is trade those setups.
I have been asked by some people how to operate the dashboard correctly. That's why I want to start this blog series. We will cover the following topics:
Let's take a look at what we are looking for.
We do not want to make it too complicated. So we keep off things like support&resistance or moving averages. We want to find the "PinBar after the Trend" with our Dashboard. So let´s ...
Setup "Netsrac SR Dashboard"
We need the sections TREND and PRICE ACTION / CANDLESTICKPATTERN. So choose "true" there.
We dont need the other sections (ADR, MOVING AVERAGES and PIVOT LEVEL). Choose "false" there.
Setting timeframes in trend section
In this case we trade M30 (short term), H4 (mid term) and D1 (long term). So let´s set these timeframes in Trend-Section:
Setting timeframe for PRICE ACTION / CANDLESTICKPATTERN
We want to find PinBars in our mid-term timeframe H4. So let´s choose "4 Hours" for our "TF1". (The second time frame "TF2" does not interest us right now.)
Setting Scores for PinBars
What comes next may sound a bit complicated, but if you get familiar to the principle, you will love it. Take a look at the picture below. We have set the Scores for bullish and bearish Pinbar in Timeframe 1 (H4).
What does this settings mean? It is easy:
- if the dashboard was found a "bullish Pinbar": Add +3 to the overall score
- if a "bearish Pinbar" was found: Add -3 to the overall score
We can say: a negative value means "bearish setup". A positive value means "bullish setup".
Setting Scores for Trend
We are searching pinbars in trends. So let's rate trends, because it is an entry criteria. For now, we are only interested in the mid- and longterm timeframe. Take a look at the picture below.
What does this settings mean? It´s easy:
- Downtrend in H4 : +3
- Uptrend in H4: -3
- No trend in H4: 0
- Downtrend in H4 AND D1: +6
- Uptrend in H4 AND D1: -6
- Downtrend in H4 and Uptrend in D1: 0
- ... and so on
Put it all together
Here are a few examples, which values the (overall-)score can reach:
- Downtrend in H4 AND bullish Pinbar (no setup!): +3 +3 = +6
- Uptrend in H4 AND Uptrend in D1 AND bullish PinBar (no Setup!): -3 -3 +3 = -3
- Downtrend in H4 AND Downtrend in D1 AND bullish PinBar (Bingo, it´s a setup!): +3 +3 +3 = +9
- Uptrend in H4 AND Uptrend in D1 AND bearish PinBar (Bingo, it´s a setup!): -3 -3 -3 = -9
What is the conclusion? We have a bullish setup, if the overall score is +9. We have a bearish setup, if the overall score is -9. The dashboard should inform us, if there is a bearish or bullish setup. So we have to setting alerts.:
We would rather spend our time with the family than in front of the monitor. So we use alerts.
We enter 9 and -9 as alert thresholds. The option "Text-prefix in alerts" is helpful, if you have more than one instance of the dashboard. So you can distinguish the different messages.
In this case, the dashboard has found a setup. We´ve got an Alert (and a message on smartphone), that we have a potential setup at EURAUD. Let´s klick at EURAUD and see the chart.
With the SR Dashboard you always receive the alerts immediately after a pattern is complete (at open of current candle).
This is what the dashboard shows:
Get the full version: https://www.mql5.com/en/market/product/34855
Get the lite version: https://www.mql5.com/en/market/product/34863
Good Luck and green pips to you!