The main purpose of this blog is to describe and explain the input parameters of my Market analysis dashboard indicator (MT4 version / MT5 version).
Please check out my other dashboard productsfor MT4:
Divergence dashboard, Trend dashboard, Trend reversal dashboard
For MT5:
Divergence dashboard, Trend dashboard
This is an out-of-the-box product which will normally not be modified based on request from a single customer. Please therefore first read this blog to the end in order to understand what it can and cannot do.
Input parameters
Parameters marked with an asterisk (*) in the beginning are only available in the MT5 version and parameters marked with two asterisks (**) in the beginning are only available in the MT4 version.- GENERAL SETTINGS
- Scanning interval in seconds: Default is 15 for the MT4 version and 1 for the MT5 version. Can be set to a higher value in order to prevent possible performance issues on slower computers.
- Default time frame: The dashboard will be opened with this time frame.
- 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 trend moving average and a support/resistance indicator. The name of the template must be written without the .tpl extension.
- Enable sorting: Default is true. If It will then sort the symbols according to the highest trending at the top of the table. This is a simple sorting based on the color.
- Enable score ranking: If set to true the sorting will be based on a point system. The points will be calculated according to your Weight setting for each indicator. Please see below under the section RSI SETTINGS.
- Minimum score for alert (if set to True above): This value will be used if >0 and the 'Enable score 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 minimum xx indicators (0=all): This parameter will be used if the 'Enable score ranking' parameter above has been set to false. By default all indicators are visible. The alert will come when the color is the same on all indicators. Setting this value to for instance 4 will alert you as soon as the color is the same on at least 4 indicators.
- Show neutral values: True or False.
- Enable global variables (for EA): Set to True to enable writing of global variables which can be used by an own developed Expert Advisor for automatical trading. This option will only work if the value in the 'Enable score ranking' parameter has been set to True.
- SYMBOLS AND INDICATORS/OSCILLATORS
- 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. It could work with more symbols without issues on computers with a lot of RAM memory but more than 40 symbols will be unsupported from my side.
- Indicators/oscillators: Set to true for each indicator/oscillator you would like to monitor.
- * TIME FRAMES
- Select the time frames you would like to monitor.
- RSI SETTINGS
- Weight: The weight value of calculating the score ranking. Default is 1.0. If you have enabled score ranking and left the Weight value for all indicators to 1.0 then the highest total score value will be 6.0 (6 indicators * 1.0). If you for instance would set Weight for RSI to 1.5 and Weight for ADX to 1.3 then the highest total score would be 8.8. The reason for setting a higher Weight value is that you believe that one or more indicators give higher probability.
- Period
- Overbought/oversold area: Default is 30. This means that the dashboard will give show neutral (no signal) if RSI is lower than 0+30=30 or higher than 100-30=70.
- Neutral area: Default is 5. This value is used to set a neutral area (no signal) if the indicator middle value of 50 is between 45 and 55 (50+5 and 50-5).
- Apply to
- STOCHASTICS SETTINGS
- Weight
- K period
- D period
- Slowing period
- MA method
- Price field
- Overbought/oversold area: Default is 20.
- Neutral area: Default is 5.
- ADX SETTINGS
- Weight
- Period
- ADX level (neutral below): Default is 25. Must be above this value to give signal.
- Apply to
- CCI SETTINGS
- Weight
- Period
- Neutral area: Default is 50 (within +- 50 from the 0 line).
- Apply to
- MACD SETTINGS
- Weight
- Fast EMA
- Slow EMA
- Signal SMA
- Apply to
- WILLIAMS PERCENT RANGE SETTINGS
- Weight
- Period
- Overbought/oversold area: Default is 20.
- Neutral area: Default is 5.
- ROC (Price Rate of Change) SETTINGS
- Weight
- Period
- UOS (Ultimate oscillator) SETTINGS
- Weight
- Fast period
- Middle period
- Slow period
- Fast K
- Middle K
- Slow K
- Overbought/oversold area: Default is 30.
- Neutral area: Default is 1.
- ALERTS
- 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.
- Custom 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
- COLORS AND TEXT
- Bullish color
- Bearish color
- Neutral color
- Text color (None=automated): Default is None. In this case the text color will be black if you have a white chart background and white if you have a black chart background.
- Font size: Used for the symbol and time frame texts. Default is 8.
- Score offset: In some rare cases the score numbers are not visible. You can then try to set this value to for instance 100.
