Forex indicator time frame

Forex Dashboard Multiple Time Frame Indicator for MT4.

In this material I will meet you with a very interesting custom indicator used to spot current trends. This is the forex Dashboard indicator that goes on your chart and signalizes about the trending status of forex pairs. Here you will learn the details around this indicator and you will also be able to Download the Trading Dashboard for free!

Forex Dashboard.

A forex dashboard makes it easier for a trader to manage his account, trades, and strategies. It works in any form the trader needs it, and it can display any data. As a multiple time frame indicator, as a trading dashboard, etc.).

A graphical summary of various pieces of important information used to give an overview. This is one of the definitions of a dashboard. So, you can operate with a dashboard in many fields, including forex. It gives the user what information he needs and thinks is most important.

Trend Analysis.

The general direction of a market or the price of an asset and its trend can vary in length. This is how Investopedia defines a trend.

We, as traders, know that “trend is your friend” and we want to take advantage of it. So, in most cases, we will trade with the trend to maximize our profits.

We can also trade against the trend, but that requires a little more experience and practice.

Defining a Trend.

The easiest way to define a trend technically is by using moving averages. A trader can define a trend by using only one moving average, or several different moving averages.

If the price moves above the average, we have an ascending trend. If it moves below, we have a descending trend.

The indicator we have created for you uses two moving averages with different periods. You can change the settings which best fit your needs.

If you need more information about how to trade using moving averages, you can check our article about the Best Moving Average Strategies for Day Trading.

Multiple Time Frame Analysis.

Multiple time frame analysis, as the very term implies, means to perform the same analysis on different time frames. There is no predefined limit to the number of time frames on which the analysis should be performed, or which ones to choose. Most traders use three-time frames when making this analysis. For example, you can use 15 minutes, 1-hour and 4-hour chart.

This type of analysis helps traders to understand the forex market better than a single time frame analysis. It gives us a better chance of success when all time frames give us the same trade signal.

Multiple Time Frame Indicator.

A forex multiple time frame indicator can perform the analysis on different time frames. They can be offline charts, and you do not need to open them. It will give the result on your current chart.

For example, you have the 5-minute chart open to observe the small changes in the market. You want to enter a trade, and you need to know the direction of the market. The indicator will give you the information in your current chart. You will not need to open the chart or change the time frame to see it. This type of indicator will do this for you. So you do not have to check everything manually. It makes your trading easier.

Trading Dashboard Indicator.

A forex dashboard indicator will show you the information you want to know from all the time frames on your current chart. For example, it can show you the trend on all time frames for the selected currency pair.

In this example, I have created a multiple time frame trend indicator. It is a simple moving average based dashboard which defines trend by comparing the averages.

If the short period moving average is above the long period moving average, the trend is bullish. Conversely, if the short period moving average is below the long period moving average, the trend is bearish. If the moving averages have the same value, the trend is neutral.

You can play with the inputs to fit it for your needs.

How to Use the Dashboard.

It is a day trading dashboard, mostly used for short-term intraday trades. I like to use this type of dashboard to get the general direction of the market. After I do it if at least three consecutive time frames have the same direction I’m in luck. I will make the technical analysis on the highest time frame.

Look for support and resistance lines and chart patterns if there are any. After the confirmation of one of the lines, I will enter the trade in the direction given by the indicator on those time frames.

In the following example, I had four consecutive time frames which showed a downtrend. From 1 minute to 1 hour. Waited for the confirmation and entered the sell trade.

After the entry, the 4 hours also showed a change in the trend. Therefore, I kept the trade. Now the averages cross back up on the 4-hour chart. I will wait and see if my trade will be closed or if it will continue to make a profit.

The right way to close the trade is when the moving averages cross in the opposite direction. You should look for the exit cross of the day trading dashboard indicator on the same time frame you used to open the trade.

Forex Dashboard Download.

Below you will find a form to download the forex dashboard indicator. Enter your and you will get the indicator for free. It is a. rar file that contains the indicator under the name “My Forex Dashboard” and its source code so you will be able to modify the Forex Dashboard widget the way you want. Simply enter your and click “Download”.

Now that you have your own trading Dashboard, it is time to proceed with some technical details regarding this very powerful indicator.

Dashboard MT4 Inputs.

I will now name all the inputs of the indicator so you will know what is behind this wonderful tool:

X-Axis defines the distance between the selected corner on the X-axes and the dashboard. Y-Axis defines the distance between the selected corner on the Y-axes and the dashboard. TextColor defines the color of the time frame text. UpTrendColor defines the background panel color for the time frame text when the moving averages determine an uptrend DownTrendColor defines the background panel color for the time frame text when the moving averages determine a down trend UpTrendColor defines the background panel color for the time frame text when the moving averages have the same value Width defines the background panel width. Text size defines what size the text will be. Corner defines the position of the Forex dashboard on the chart.

The rest are the parameters for the two moving averages.

You can see in the next image the multiple time frame trend indicator MT4 inputs:

Conclusion.

As traders, our aim is to trade consistently and to minimize the personal interpretation of charts. The use of indicator based strategies is part of that. If you manage to do it right, you will be surprised by the results. Our trading results improve, and we are more relaxed during trading hours.

Multiple time frame analysis is a must during day trading. Placing it into an easy to use dashboard, saves a lot of time previously spent on interpreting charts. By using dashboards, you minimize the time that can be now used on finding other trade opportunities.

If you ran out of ideas for new dashboards, just Google for forex dashboard download. It will give you a lot of suggestions.

Keep in mind that there are three ways to win in this business: be first, be smart, or cheat. Choose wisely.

GET STARTED WITH THE FOREX TRADING ACADEMY.

Damyan is a fresh MSc International Management from the International University of Monaco. During his bachelor and master programs, Damyan has been working in the area of financial markets as a Market Analyst and Forex Writer. He is the author of thousands of educational and analytical articles for traders. When being in bachelor school, he represented his university in the National Forex Trading Competition for students in Bulgaria and got the first place among 500 other traders. He was awarded a cup and a certificate at an official ceremony in his university.

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Forex Trend Indicators Free, Easy Setup, 9 Time Frames.

Here are the instructions for setting up the free forex trend indicators on any metatrader platform. The indicators are great forex trading tools and can be used to conduct multiple time frame analysis, follow the trends of the market and our trend based trading plans. The indicators are adaptable to most forex trading and charting systems. These indicators are quite simple but very effective for market analysis.

Instructions For Setup.

These instructions are for setting up the forex trend indicator on a Metatrader platform, however experienced traders can set up these simple exponential moving averages on almost any good quality forex charting platform.

1. Open up a Metatrader platform from any broker you wish. A Metatrader platform from any broker is fine.

2. Open up a chart on one pair. One way to do this is to right click on a pair in the quote window and symbol area and click on "chart window" in the drop down menu. The chart will be added to the platform.

3. Go to the top tool bar and there is an icon that looks like a magnifying glass with a + sign. You can click on the + sign twice to magnify the chart. Some personal choice is involved here but if you do this the charts will match the setup we use every day. There are images of this exact setup all over our website to check against so you know you have set the charts up correctly.

4. In the "Navigator" area under "Indicators" right click on "moving average", then click on "attach to a chart".

5. Fill in the fields like this:

Period: 5, ma method: exponential, apply to: close, style: green, line thickness second one from the top.

6. Repeat step number 5 and fill in the fields like this:

Period: 12, ma method: exponential, apply to: close, style; red and line thickness second one from the top.

7. On the "visualization" tab check "all time frames" then click OK.

You now are finished with the setup on one pair for all 9 time frames. Repeat the process for each successive currency pair. It takes about 30 minutes to set up all 28 pairs we follow. If you do this once all of the settings will be saved automatically for all of the pairs.

Forex Trend Indicator Videos.

We have a few short videos to show traders how to set up the indicators, if the written instructions above are not clear. The videos will show you the basic setup and some variations of the basic setup including setting up the indicators by individual currency, or using Metatrader profiles. Check out our forex videos page for these short videos.

Forex Trend Indicator Screenshots.

After you have installed the trend indicators on Metatrader you can check them against the image below to see if they match. We also have various chart examples all over our website and a chart library on our forex blog, to run further side by side checks. This is what they look like.

Setting Price Alerts.

The Metatrader platform has free desktop price alarms built into the platform, these are audible alerts that sound when price levels are breached. You can set them on all 28 pairs we follow. Our forex video library shows you how to set up the audible price alerts. The daily trading plans that we issue work extremely well with the price alarm system. Each trading plan we issue contains specific alarm points across several of the pairs we follow, to monitor for breakouts in the direction of the major trends of the market. Traders can check with your broker on how to get these price alerts delivered to your cell phone.

When the price alarms hit, just check the smaller time frames on the trend indicators along with The Forex Heatmap® for trade entry verification into the major trend or oscillation cycle. Following the trends of the forex market, along with a well prepared trading plan, when combined with good money management, will guide you through the trade entry process into the larger trends of the forex market. These forex trend indicators and audible price alerts are important components of our trading system.

What is the ’Best’ Time Frame to Trade?

Price action and Macro.

Traders should look to utilize time frames based on their desired holding times and overall approach. New(er) traders should begin with a longer-term approach, and longer-term charts. Traders can look to move to shorter-term charts as experience, and success allows.

Regardless of how great a trader you ever become, you can always get better.

One of the most important aspects of a trader’s success is the approach being utilized to speculate in markets. Sometimes, certain approaches just don’t work for certain traders. Maybe its personality or risk characteristics; or perhaps the approach is just un-workable to begin with.

In this article, we’re going to look at the three most common approaches to speculate in markets, along with tips for which time frames and tools can best serve traders utilizing those approaches. In each of these approaches, we’re going to suggest two time frames for traders to utilize based around the concept of Multiple Time Frame Analysis .

When using multiple time frame analysis, traders will look to use a longer-term chart to grade trends and investigate the general nature of the current technical setup; while utilizing a shorter-term chart to ‘trigger’ or enter positions in consideration of that longer-term setup. We looked at one of the more common entry triggers in the article, MACD as an Entry Trigger ; but many others can be used since the longer-term chart is doing the bulk of the ‘big picture’ analysis.

The Long-Term Approach.

Optimal Time Frames : Weekly, and Daily Chart.

For some reason, many new traders do everything they can to avoid this approach. This is likely because new, uninformed traders think that a longer-term approach means it takes a lot longer to find profitability.

In most cases, this couldn’t be further from the truth.

By many accounts, trading with a shorter-term approach is quite a bit more difficult to do profitably, and it often takes traders considerably longer to develop their strategy to actually find profitability.

There are quite a few reasons for this, but the shorter the term, the less information that goes into each and every candlestick. Variability increases the shorter our outlooks get because we’re adding the limiting factor of time.

There aren’t many successful scalpers that don’t know what to do on the longer-term charts; and in many cases, day-traders are using the longer-term charts to plot their shorter-term strategies.

All new traders should begin with a long-term approach; only getting shorter-term as they see success with a longer-term strategy. This way, as the margin of error increases with shorter-term charts and more volatile information, the trader can dynamically make adjustments to risk and trade management.

Traders utilizing a longer-term approach can look to use the weekly chart to grade trends, and the daily chart to enter into positions.

Longer-Term a pproaches can look to the w eekly c hart for g rading t rends, and the d aily c hart for e ntries.

Prepared by James Stanley.

After the trend has been determined on the weekly chart, traders can look to enter positions on the daily chart in a variety of ways. Many traders look to utilize price action for determining trends and/or entering positions, but indicators can absolutely be utilized here as well. As mentioned earlier, MACD is a common ‘trigger’ in these types of strategies and can certainly be utilized; with the trader looking for signals only taking place in the direction of the trend as determined on the weekly chart.

The ‘Swing-Trader’ Approach.

Optimal Time Frames : Daily, and Four-Hour Charts.

After a trader has gained comfort on the longer-term chart they can then look to move slightly shorter in their approach and desired holding times. This can introduce more variability into the trader’s approach, so risk and money management should absolutely be addressed before moving down to shorter time frames.

The Swing-Trader’s approach is a happy medium between a longer-term approach, and a shorter-term, scalping-like approach. One of the large benefits of swing-trading is that traders can get the benefits of both styles without necessarily taking on all of the down-sides.

Swing-Traders will often look at the chart throughout the day in an effort to take advantage of ‘big’ moves in the marketplace; and this affords them the benefit of not having to watch markets continuously while they’re trading. Once they find an opportunity or a setup that matches their criteria for triggering a position, they place the trade with a stop attached; and they then check back later to see the progress of the trade.

In between trades (or checking the chart), these traders can go about living their lives.

A large benefit of this approach is that the trader is still looking at charts often enough to seize opportunities as they exist; and this eliminates one of the down-sides of longer-term trading in which entries are generally placed on the daily chart.

For this approach, the daily chart is often used for determining trends or general market direction; and the four-hour chart is used for entering trades and placing positions.

Th e Swing-Trader can look at the d aily c hart for grading trends, and the four-hour chart for entries.

Prepared by James Stanley.

We looked at an approach exactly like this in the article, The Four Hour Trader , centered on the daily and four-hour charts using price action as the predominant mannerism for entry.

But indicators can absolutely be used to trigger positions on the four-hour chart as well. MACD , Stochastics , and CCI are all popular options for this purpose.

The Short-Term Approach (Scalping or Day-Trading )

Optimal Time Frames : Hourly, 15 minutes, and 5 minutes.

I saved the most difficult approach for last.

I’m not sure of exactly why, but when many traders come to markets – they think or feel like they have to ‘day-trade’ to do so profitably.

As mentioned earlier, this is probably the most difficult way of finding profitability; and for the new trader, so many factors of complexity are introduced that finding success as a scalper or day-trader can be daunting.

The scalper or day-trader is in the unenviable position of needing the move(s) with which they are speculating to take place very quickly; and trying to ‘force’ a market to make a move isn’t usually going to work out that well. The shorter-term approach also affords a smaller margin of error. Since less profit potential is generally available, tighter stops need to be utilized; meaning failure will generally happen quite a bit more often, or else the trader is opening themselves up to The Number One Mistake that Forex Traders Make.

To trade with a very short-term approach, it’s advisable for a trader to first get comfortable with a longer-term, and swing-trading approach before moving down to the very fast time frames. But, once a trader is comfortable there, it’s time to start building out the strategy.

Scalpers or day-traders can look to grade or evaluate trends on the hourly chart; and can then look for entry opportunities on the 5, or 15 minute time frames. The one minute time frame is also an option, but extreme caution should be used as the variability on the one-minute chart can be very random and difficult to work with. Once again, traders can use a variety of triggers to initiate positions once the trend has been determined, and we showed how to do this with MACD in the article, Scalping with MACD.

Scalpers can look to the hourly chart to grade trends, and the 5 or 15 minute charts for entries.

Prepared by James Stanley.

An example of a strategy using these time frames can be found in the article, Short Term Momentum Scalping in the Forex Market .

For further reading, the article series ‘The Definitive Guide to Scalping,’ by Walker England can be a great supplement. There are 8 parts, and you can access the first of these at this LINK .

---Written by James Stanley.

James is available on Twitter JStanleyFX.

To join James Stanley’s distribution list, please click here .

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Multi Timeframe Mini Chart Forex Indicator.

This trading indicator draws 3 timeframe’s (TF1, TF2, TF3) of your choice below the main chart. It’s easy to keep up with long and short trends without the need to switch the main timeframe.

You can choose timeframe’s from 1 minute up to the monthly (M1, M5, M15, M30, H1, H4, D1, W1, MN).

Buy: No buy signals from this indicator.

Sell: No sell signals from this indicator.

Currency pairs: any.

Time frames: any.

Trading sessions: any.

Configurable Indicator Options.

Colors, TF1, TF2, TF3, Bars per timeframe…

Example: EUR/USD 1-Hour Chart.

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