Advanced Dashboard for Currency Strength and Speed – A Comprehensive 3000 Word Review
The Advanced Dashboard for Currency Strength and Speed is a powerful trading indicator for MetaTrader 4, created by expert trader Bernhard Schweigert. This dashboard provides an overview of the entire forex market by analyzing 28 currency pairs across all timeframes.
In this review article, we will take an in-depth look at how this indicator works, its key features and benefits, setup and configuration, integration with other indicators, trading strategies, and more. Whether you are a novice just starting out in forex trading or an experienced trader looking to improve your edge, this review aims to provide all the information you need to determine if the Advanced Dashboard for Currency Strength and Speed is the right tool for your trading arsenal.
How The Advanced Dashboard Works
The Advanced Dashboard for Currency Strength and Speed is based on two proprietary indicators – the Advanced Currency Strength 28 (ACS28) and the Advanced Currency Impulse. By combining these two indicators into a single dashboard, traders get a snapshot of the forex market’s current strength and momentum.
The dashboard analyzes the 28 major currency pairs on all timeframes from M1 to Monthly. For each currency pair, it shows the real-time strength rating and speed of movement. The strength rating uses a color-coded system from strong extreme to weak extreme. The speed rating indicates if momentum is increasing or decreasing.
Additionally, the dashboard identifies the strongest and weakest currencies and can alert traders to trading opportunities on specific pairs and timeframes. An integrated pattern recognition engine generates alerts for high probability trades based on the currency strength analysis.
Key Features and Benefits
Here are some of the standout features and benefits of using the Advanced Dashboard for Currency Strength and Speed:
- Get an overview of the entire forex market – With a single indicator, you can monitor the strength and momentum of 28 pairs simultaneously. This allows you to easily identify the strongest and weakest currencies.
- 7-color coded strength rating – The strength rating uses seven colors to indicate the currency’s current condition – strong extreme, strong, neutral, weak, weak extreme. This makes it easy to visualize strength at a glance.
- Trade signals and alerts – The indicator identifies profitable trade setups based on strength and momentum divergences. You can configure pop-up, email or push alerts so you never miss an opportunity.
- Click to open charts – With one click, you can open a chart for any currency pair in a new window or same window. This allows for seamless analysis of emerging trends.
- Automatic chart updates – All 28 pairs are continuously updated so you always have the latest price data without having to refresh the charts manually.
- Customizable parameters – You can tweak the indicator settings to match your trading plan. For example, adjust strength and speed levels, set alerts, and change colors.
- Works for all trading styles – The dashboard can be used for trend trading, pullback trading, scalping, and more. Both novice and expert traders can benefit from the invaluable market insights.
Setup and Configuration
The Advanced Dashboard for Currency Strength and Speed is available for purchase on the MetaTrader Marketplace. It currently costs $199 for a 1-year rental license.
Once you have the license, the indicator can be easily added to your MT4 platform by following these steps:
- Download the ex4 file from your MT4 account on the MetaTrader Market.
- Open your MetaTrader 4 platform and click on File > Open Data Folder. This will open the folder containing your custom indicators.
- Copy the ex4 file into the Indicators folder.
- Restart MT4 and the Advanced Dashboard will now be available in your Navigator panel.
- Drag the indicator onto your chart and configure the settings according to your preferences.
Some of the key settings you may want to adjust include:
- Timeframe settings for strength and speed
- Extreme strength levels
- Alert options
- Color customization
- Auto chart open
- Currency characteristics
Be sure to read the detailed user manual to understand all the options.
Integration With Other Indicators
A key benefit of the Advanced Dashboard for Currency Strength and Speed is that it integrates seamlessly with other technical indicators.
According to the developer, the dashboard is designed to work as part of a complete trading system along with the ACS28, Impulse, and Supply and Demand indicators.
Here are some ways you can combine the dashboard with other indicators:
- Use ACS28 to drill down on specific currency pairs after identifying opportunities on the dashboard
- Add the Impulse indicator to your chart to check momentum
- Use the Supply and Demand indicator to identify key zones for entry, stop loss and take profit
- Combine with other indicators like Moving Averages, RSI, MACD for additional trade confirmation
The developer provides recommended templates that have the dashboard and other indicators pre-configured for seamless usage.
The Advanced Dashboard for Currency Strength and Speed can accommodate many different trading strategies and styles. Here are two of the most common ways traders are using the indicator:
For trend trading, traders look to enter trades in the direction of the higher timeframe trend. The steps for this strategy are:
- Identify the strongest and weakest currencies on the dashboard that align with higher timeframe trends
- Look for extreme strength and speed levels to signal exhaustion
- Enter trades in the direction of the trend on pullbacks when strength starts moving back out of extreme zones
- Use ACS28, Moving Averages or other indicators to confirm the trend
- Set stop loss below near-term swing points and take profit at next key level
For scalping, traders look for short-term overbought and oversold conditions using the dashboard:
- Find currency pairs with strength and speed in extreme zones
- Wait for strength and speed to invert as an early signal of reversal
- Enter counter-trend trades on lower timeframes (M1, M5)
- Use tight stop loss of 10-20 pips and target quick 10-30 pip moves
- Close partial position at 1:1 risk-reward ratio and move stop loss to breakeven
Benefits for Beginner Traders
While the Advanced Dashboard for Currency Strength and Speed is a tool used heavily by experts, it can also provide tremendous value for traders just starting out. Here are some of the key benefits for beginners:
- Gives new traders an easy way to analyze the entire forex market from one chart
- Color-coded strength levels make it easy to see which currencies are strongest
- Alerts help identify low-risk, high-probability trades even if you lack experience
- Clicking currency pairs to open charts provides a simple way to do further analysis
- Pre-built templates allow beginners to get up and running quickly without complex configuration
- Seeing strength and momentum divergences clearly helps new traders better understand price action
- Provides a structured framework for analyzing 28 pairs without being overwhelmed
Limitations to Keep in Mind
While the Advanced Dashboard for Currency Strength and Speed is an invaluable trading tool, traders should be aware of some limitations:
- It is only available as a rental with limited-time access unless you renew
- The dashboard shows a lot of information which can seem complex for absolute beginners
- There is a learning curve to interpret strength and speed divergences
- The indicator should be combined with other analysis to avoid over-reliance
- It works best for the 28 major pairs, not necessarily exotics or minors
- Traders still need to have a robust risk management plan for using signals
- Like all indicators, it is not a crystal ball and could lag price moves
Customer Reviews and Scores
The Advanced Dashboard for Currency Strength and Speed scores an impressive 4.7 out of 5 stars on the MetaTrader Marketplace, with over 220 reviews at the time of writing.
Here is a sampling of positive customer reviews:
- “This is a very good indicator. It gives you an overview of the whole forex market in terms of currency strength and speed.” (5 stars)
- “Good product to predict which currencies to trade.” (5 stars)
- “It’s an excellent indicator, very useful for seeing the overall forex market situation.” (5 stars)
- “It has become an integral part of my trading. I do not think I could be nearly as successful without it.” (5 stars)
- “Awesome indicator! It’s really helping me trade better.” (4 stars)
The main complaints about the product are regarding the pricing model being a subscription rather than one-time purchase. However, most reviewers agree the dashboard adds significant value to justify the annual fee.
Conclusion and Final Verdict
The Advanced Dashboard for Currency Strength and Speed is one of the most complete currency analysis tools available for MT4 traders. The combination of real-time strength ratings, speed of movement, pattern recognition, and integrated alerts provides an invaluable edge for forex trading.
While the dashboard has a steep learning curve, the developer provides ample training resources and support. For traders willing to master this tool, it can significantly improve win rates and risk management.
Overall, the Advanced Dashboard for Currency Strength and Speed receives a 5 out of 5 star rating. The hundreds of positive reviews and popularity amongst professional traders is a testament to its capabilities.
If you are looking for the ultimate currency strength analysis tool for spotting high-probability trade setups across 28 forex pairs, the Advanced Dashboard for Currency Strength and Speed is highly recommended.