MADdash (Moving Average Distance)
The idea behind the Moving Average Distance Dashboard stems from the fact that every currency pair is made up of 2 currencies - the base and the quote currencies. Sound basic rightA currency pair therefore moves because either (a) one of the 2 currencies is weak and the other strong or (b) one of the 2 currencies is very, very weak or very, very strong. This is the basic concept taught by Mark M of Forex Early Warning. Therefore to benefit from price movement, we want to match and trade a strong currency against a weak one as...
The next strongest is GBP and next weakest is NZD. See the resultant AUDUSD chart taken few minutes after I took the dashboard screenshot. You can also check the charts of NZDUSD, GBPAUD and GBPNZD. The advantage of the MADdash is that you can easily see and pick the strongest and the weakest. {image} If this looks impossible to you, check my folder directory for the time interval when these screenshots were taken - dashboard @ 9.06 pm and chart @ 9.11 pm{image} How do I use the Dashboard You have seen the example of how I use the dashboard above. A lot of traders have this wrong impression (IMHO) that moving averages lag. While this is true, we forget that nothing moves in a straight line, and every price movement must rest and retrace, during which it falls behind its moving average before continuing its original trend movement. This is the area or point of interest to me, where I turn a lagging indicator into a leading one as shown in the example below. {image} It is the same thing with the MADdash. I focus on the M5 to M30 time frames and wait for the M1 to diverge from them, which signifies the pullback I am waiting for. I therefore look for groups showing consistency of trend on 4 or more pairs and match the strongest with the weakest. I check the charts as soon as I see this, and like a sniper wait for the M1 TF to recycle into the M5 and HTFs, and join the trend as price breaks through S/R or PPT levels. This is the way I suggested the alert be coded - to alert us of possible setup when M5 and M15 are in agreement, so we can be proactive and start checking the charts; and a final alert when M1 recycles into M5 and higher. Warnings and Drawback of the Dashboard Until you get very accustomed to how the dashboard operates, you will likely be entering trends late - this is the drawback of the dashboard as well as other CSMs. This is why I believe in my humble opinion that the MADdash is superior to most CSM because you can adapt it to the moving average you use on your preferred time frame. You can also focus on few currency groups and only match them when they meet your benchmark and still make your pips. Another warning which you should also note on the attached dashboard is the low values on all the groups hinting that this movement will not last. We need total value above 10 for any sustained movement. Finally, the dashboard is not a standalone system; it is an entry and trade management tool. You need to have your own trading system and can plug in your preferred MA and get accustomed to how it works. From my folder directory, you can see that I take screenshots almost every 15 minutes when I'm trading and can go back to review what I could have done differently at the end of a trading day or week. And just for your information, I do not trade the one minute TF but trade the M30 candle on the M1 TF. And a final word of caution: The main goal of trading the strongest vs the weakest is to have a small edge with momentum and price movement following. If however price is not moving within 10 - 15 minutes of entry, there is no edge in that instrument again, and should be closed as fast as possible. I will rather sit on the sidelines and wait for another opportunity than nursing a good trade gone bad and in the process, miss other good trades that will eventually come along. Green pips and good trading to all, and I sincerely hope you find the dashboard useful in your trading. Shalom
, and God bless George
Although, I just had a problem with it when I made a new demo account for testing. It worked on my previous demo account but for the next/new demo accounts, it's kinda broken? It displays large values randomly on random timeframes?
Heya guys! Just saw this awesome indicator. This is amazing!
Thank you so much Shabs19! Yes am currently reading the faqs and finished almost half now. Probably missed it big time. Checking on the answer, it seems my new demo account with the MADdash applied downloads or reads larger timeframe slower? The screenshot I posted earlier have large values to m15 and m30, but now only m30 has it. It'll probably normalize later on. Thank you very much for the help and time!
how to add other pair ? seem pairs i want is not on the list
{quote} What alert method have you selected ? Edit : Check Pair Selection, in case NZDJPY is set to False.
