Trend dashboard

26 March 2019, 15:55
Jan Flodin

The main purpose of this blog is to describe and explain the input parameters of my Trend dashboard indicator (MT4 version / MT5 version). Further below you will also find a list of known bugs and other shortcomings as well as a list of planned changes.

  • Template name: The purpose of this parameter is to make it easier for quick decision if to take the trade or not. Typically you would then use your own custom chart template (.tpl) which for instance could contain the MA line(s) and a support/resistance indicator.
  • Trend filter to use: Drop down list from where you can select from the following items:
    • Moving Average: With Double MA (MA crossover) enabled one or more rectangles will be blue blue if for instance the price is above both MA but the first (fast) MA is still below the second (slow) MA.
    • RSI (reversal):
    • Bollinger (reversal): Bearish signal if price is above upper band and bullish if below lower band.
    • Bollinger (trend): Bearish signal if price is below middle (base) band bullish if above.
    • ADX: Signal if ADX is over the level value you have set. Will only show green color (bullish) for signals. Else neutral (blue) color). Normally trades should be taken in the direction of the trend but could also be used as a temporarily trend pause tool for scalping. In that case a score value above for instance 150 (if all time frames are enabled) could be used to enter a trade (against the prevailing trend).
  • Enable sorting (ranking): Default is true. It will then sort the symbols according to the highest divergence trending at the top of the table. This is a simple sorting based on the color.
  • Use point ranking: If set to true the sorting will be based on a point system. The points will be calculated according to time frame and and RSI value (if RSI is selected). The value for the first time frame will be 1 and then accumulated by 1 for each visible time frame. If all time frames are visible the highest value will be 8.
  • Min. point value for alert (if set to True above): This value will be used if >0 and the 'Use point ranking' parameter above has been set to  true. If set to true but the value here is 0 then you will be alerted in the classical way, hence color count. Plese see the next parameter.
  • Alert if signal on xx TF:s (0=all visible TF:s): By default 8 time frames are visible (M5, M15, M30, H1, H4, D1, WK1 and MN). The alert will come when the color is the same on all time frames. Setting this value to for instance 5 will alert you as soon as the color is the same on at least 5 time frames.
    • Symbols to scan: Here you will put all symbols you would like to monitor. Every symbol must be entered in the exact way as it is visible in the Market Watch window and separated with a comma, without spaces. By design in Metatrader 4 the amount of character in a text (string) parameter is limited to 255. You can put more characters in the Symbols parameter but when reading the value, Metatrader cuts at 255. 255 characters will allow for 36 symbols and 35 commas (,) if the symbol length is 6 characters. If you need more symbols you can always drag the indicator with the remaining symbols to another chart. To come around this limitation you can set the value in the 'Use symbols from Market Watch window instead' parameter below to  true. By doing this the indicator will use the symbols visible in your Market Watch window instead. Please note though that depending on your screen size/resolution, having more then for instance 40 symbols might make the text of the symbols very small.
    • Use symbols from Market Watch window instead: With this option set to true all visible symbols in your Market Watch window will be scanned instead of the symbols above. Due to performace reasons it is not recommended to use more than 40 symbols.
    • Time frames: Set to true for each time frame you would like to monitor.
    • Period
    • MA shift
    • Method
    • Price type
    • Enable double MA: 2 MA:s in consecutive alignment and price above/below them.
    • Period
    • MA shift
    • Method
    • Price type
    • Period
    • Overbought level
    • Oversold level
    • Price type
    • Period
    • ADX level (signal if >= this value)
    • Period
    • Bollinger shift
    • Bollinger deviation
    • Apply to price
    • RSI slow period
    • RSI fast period
    • Momentum period
    • Average period 1
    • Average period 2
    • Price type
    • Step
    • Maximum
  • ALERTS (set to true to allow for alerts to be sent)
    • Enable alerts: Set to true to allow for alerts to be sent.
    • Alert interval (minutes): If you set this to 10, you will receive an initial alert when a symbol is in alignment and then again every 10 minutes as long as the symbol remains in alignment.
    • Customer alert text: If you write something here then the alert will have to following format: "Trend dashboard: [symbol] Bullish or Bearish - [your customized text]"
    • On-screen (pop-up) alert
    • Custom sound alert (if true then no pop-up alert)
    • Custom sound file
    • Mail alert
    • Push alert
    • Text color: Default is black but can be changed to for instance white in case you have black chart background.
    • Font size: Used for the symbol and time frame texts. Default is 8.
    • Score offset: In some rare cases the score number are not visible. You can then try to set this value to for instance 100.

Known bugs

  • Nothing reported or known at the moment. 

Planned changes

  • PSAR (Parabolic SAR) in the MT5 version

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