Day Trading DashBoard indicator for market entry after consolidation
Any trend movement in the market is accompanied by periods of price consolidation. Sooner or later, the price breaks through one of the range boundaries and continues its movement in the direction of the trend, or changes it to the opposite. Consolidation can be used to successfully enter the market. In order to determine the optimal moment for this, you can use the indicator Day Trading DashBoard. That’s what I’m gonna tell you today.
Indicator setting and parameters
Indicator Day Trading DashBoard is installed in the MT4 terminal in the standard way. For those who are not familiar with it, I recommend reading my article “Metatrader 4 cheat sheet” .
In the chart it looks like this:
Now let’s go through the parameters. There are a lot of them, but we’ll focus on the most important ones.
Number of candlesticks to be used for analysis, specify with the parameter Max_History_Bars.
parameter sets the maximum and minimum amplitude of the correction motion
In order to choose the level of filtering by extreme values, you should use the High_Low_Filter.
Bull_Zone/Bear_Zone and Bull_Arrow_Color/Bear_Arrow_Color – these parameters determine the color of the rectangle that highlights the correction and the signal arrow.
In addition, you should pay attention to the following parameters in the settings:
Symbols is intended to indicate which currency pairs should be analyzed;
Is XX Timeframe_Enabled is a parameter that allows you to prohibit or allow analysis on this timeframe;
Sort_By and Sort_Type – specify the variant of ordering the table that is displayed under the chart.
Trading by Day Trading DashBoard indicator signals
I want to note that this indicator should be used only for trend movement. Its signals are generated by arrows. If the arrow is blue, it means that the indicator recommends buying. If the color of the arrow is red, you can sell it. However, in order to reduce the risks, one should also pay attention to the higher timeframe . If the direction of movement on the senior TF coincides with the signal on the working TF, then you can open a trading position. In the settings, you need to disable those timeframes that are not needed and leave those that are working.
Indicator Day Trading DashBoard can be used as one of the components of the trading strategy. His work should be checked on a demo account.