This is an indicator that will provide logical entries, stop loss and targets.
The entry logic is based on MA crosses, which can be best optimized as per the traded stock/currency.
This system can be used for day trading or scalping on M1 to M15 charts as well as swing or positional trading.
Trend dashboards are of 2 types - one is a multitimeframe indication of the trend and the other a detailed multi-period MA and multitimeframe analysis of MA, color-coded for easy visual display. The digital dashboard for the MA gives a quick preview of the current market movement.
The trend filters can be used for final entry - the dashboard displays the trend for all timeframes - M1 to MN - indicated by colored up or down arrows. When a trade entry comes, the trend of the higher timeframes should also confirm the direction in favor of the entry. This will provide a filtration of trades.
Moving Average settings
- period1 = 21 - the fast moving average adjustment for entry signals settings
- period2 = 34 - the slow moving average adjustment for entry signals settings
- AlertsOn = TRUE - set pop up alerts
- MA_Period = 13 - parameter of trend study on dashboard (the up and down triangles for multitimeframe trend)
- MA_Shift = 0 - same as above
- MA_Method = 0 - same as above
Dashboard and lines display settings
- DashboardOn = true - switch dashboard feature on charts
- Dashboard_Bg_Color = Black - dashboard colors
- LinesOnCharts = true - switch on the targets and stop loss levels
- LinesLength = 50 - make targets and stop loss line shorter or longer
- SmallSL=true - intraday stop loss
- BigSL=true - positional stop loss
Target and stop loss lines colors
- TP_Color = Green - target line colors
- TP_BG_Color = White - highlight color for the labels
- color SL_Color = Red - stop loss colors
- color SL_BG_Color = White - highlight color for the labels
Target and stop loss line thickness and style
- LineThikness = 1 - lines thickness
- LineStyle= STYLE_DASH - line style
Setting to make targets and stops big or small
- TP_Multiplier = 1 - increase or decrease the indent of the targets
- SL_Multiplier = 1 - increase or decrease the indent of the stop loss
- Include_Filter = true - allow filter of signals