How to trade with iPanel_Indicators.ex4
iPanel indicator scans signals from several Forex indicators across multiple time frames and transforms everything in a neat box with up and down arrows. Up - buy, down arrow - sell.
The information box can be moved to any of the 4 chart corners by changing the settings parameter "Corner" from 1 to 2, 3 or 4.
What Indicators traders monitor with iPanel?
Stochastic 8, 3, 3 - iPanel shows position of 2 Stochastic lines %K and %D (on the screen shot above they would correspond to %K - red and D% - blue).
When red is above blue - iPanel will show a red arrow, sell.
When red is below blue - green arrow, buy.
RSI 14 - When RSI reads above 50, it'll be an uptrend and a
green arrow up, RSI below 50 - downtrend and the red arrow on iPanel
pointing down.
CCI - (settings for CCI are unknown, unfortunately; my guess it might be 14 or 20.
Either way this doesn't prevent us from simply reading CCI signals on iPanel: green arrow up - buy. Red arrow down - sell.
On iPanel, CCI has a special status - it has an additional set of arrows
- inclined up and inclined down arrows). These arrows have the
following meaning:
Inclined arrow up (green) - CCI is against Selling.
Inclined arrow down (red) - CCI is against Buying.
MACD 12, 24, 6 - remember you can change indicator settings, on the screen shot I put MACD back to standard 12, 26, 9 settings.
MACD signals are the same as for Stochastic - simple lines crossover. On
standard MT4 MACD it'll be a crossover of MACD signal line (in red) and
MACD histogram.
When MACD histogram is above zero and MACD signal line is hovering above the histogram - Sell.
When MACD histogram is above zero and MACD signal line is trading inside the histogram - Buy.
When MACD histogram is below zero and MACD signal line is hovering below the histogram - Buy.
When MACD histogram is below zero and MACD signal line is trading inside the histogram - Sell.
When MACD histogram is below zero and MACD signal line is trading inside the histogram - Sell.
EMA1 - is a crossover signal from 2 MAs: 5 EMA and 8 EMA
5 EMA above 8 EMA - buy, opposite - sell.
EMA2 - is a crossover signal from 2 other MAs: 26 EMA and 52 EMA
26 EMA above 52 EMA - buy, opposite - sell
What time frames are displayed on iPanel?
That shouldn't create difficulties, we have: 4 hour, 1 hour, 30 min, 15 min, 5 min and 1 minute charts.
How to use iPanel signals
As you can see, iPanel creates aggregated reports across multiple
time frames and it sends lots of signals from a set of indicators.
Taking all those signals into account when entering a trade would, most likely, be impractical - there is too much information to digest.
An ideal case is when across multiple time frames you have the same
signal for any particular indicator: for example, all green arrows for
MACD across all time frames. You don't want to sell when you see this
signal.
Forex traders can develop some easy visual strategies based on this indicator, while for the rest
your best bet is to use it as a navigator whenever a quick reference is
needed to confirm a trade or double check if "anyone" [indicators] is
against your decision.
How to use iPanel_Trend.ex4
iPanel_Trend indicator speaks for itself, it suggests a current trend and tells how strong this trend is.
Unfortunately, it is unknown what formulas and indicators are involved in trend evaluation.
Download indicator: iPanel_Indicators.ex4
Download indicator: iPanel_Trend.ex4
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