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How to use the currency dashboard for Tradestation Securities. The Currency Dashboard is an essential package for understanding currency flows and their associated strength and weakness, and you might be wondering why we have created this very special collection of four very powerful indicators for the MT5 platform? And the answer is simple.

The forex market is a complex one, and to succeed you need a fast and efficient way of identifying individual currency strength and weakness, and from there how this is then reflected in the many pairs across the timeframes.

Now with just four indicators, you will be able to monitor every major currency, and every one of the 28 currency pairs across all the timeframes, from just one screen. No constant chasing from one window to another, no multiple screens or crammed workspaces. With this unique dashboard of trading indicators you will be able to see instantly every aspect of currency strength and weakness for both individual currencies and currency pairs in all timeframes and at the click of a button.

This will not only help speed up your trading decisions but also ensure you are trading with the universal flow and sentiment of the market.

The four indicators that make up this unique bundle are the currency strength indicator, the currency matrix, the currency array and finally the currency heatmap, which together offer unparalleled insights into currency flows.

The currency strength indicator disassembles the forex world into the building blocks of the market itself – the eight primary currencies. The indicator then tells you instantly which currencies are rising strongly, which are falling strongly, and those which are moving in a range. In addition and equally important, the indicator also reveals when a currency is approaching an overbought or oversold state, with a possible reversal in trend. But that’s just part of the story.

The currency matrix indicator then steps in. Here you will see instantly those currency pairs which are rising, those which are falling, and those at the extremes of strength and weakness. In addition, by selecting one currency, the pairs in that currency’s complex are highlighted, which then confirms whether sentiment for the currency is universal.

And from sentiment on the complex we move to trend strength and momentum with the Currency Array indicator which takes you to the next level of your analysis and one step closer to a trading decision. The indicator reveals instantly, graphically and in all timeframes which currency pairs are trending higher and lower with the greatest speed and momentum. And as you might expect, it also displays those currency pairs which are currently in a congestion phase with little or no trend. In addition, as a currency pair approaches an extreme, the indicator signals a potential overbought or oversold state being reached. First with a darker color signal and then confirmed with a brighter color.

And finally to complete your dashboard comes the Currency Heatmap indicator which delivers a two dimensional global view of risk and sentiment on one chart. Vertically on the ranking table, and then horizontally across the horizon of time. The table displays whether a pair is bullish or bearish giving you an instant view of sentiment not only from the colour of the cell, but also from the associated reading which oscillates above and below zero which is the fulcrum.

The vertical table alongside then takes the data from all 252 cells, and with a weighting applied, delivers the ranking ladder. Here all twenty eight pairs are ranked by the weighting algorithm and so displays the relative nature of currency pair strength and weakness for all twenty eight pairs. At the extremes you find those pairs which are the most bullish at the top, and those which are most bearish at the bottom. It is important to understand that the data in the ranking ladder takes a more considered view over the longer term, and therefore this aspect of the indicator has been designed for longer term swing or trend trading. The currency pairs here will move up and down the ranking ladder in hours and days, and is an excellent way to identify those pairs which are at extremes and therefore likely to reverse the current longer term trend. This is immensely powerful as the weighting algorithm factors strength and weakness across multiple timeframes and provides a unique view as to when a currency pair is at an extreme.

Individually each indicator is powerful in its own right. Together they will give you an unparalleled forensic approach to understanding and leveraging this knowledge to your advantage in the forex world.

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