Forex Dashboard

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(This document is work in progress, typos and logical error and mistakes are possible! Please let me know of any updates)
Disclaimer: Forex Dashboard App spreadsheet comes with no warranty whatsoever. If you use it as an aid in your Forex trades, or elsewhere, you do so completely at your own risk.

If you have a professional Forex trading background like me, than you must be following a system, a plan or methodology for your trading. Two years back, when I started to trade Forex I was qualifying my trades manually, on paper. See, my following XAU/USD trade example:

To bring automation and accuracy to my screening and trading I started using Google Sheets for my repetitive trading tasks. I knew that, if I wanted to filter out High Probability trades quickly, then, one must rely on automation of AI. So I have been working on this Dashboard for two years.

In short, following is my mental process to engage in a Forex ‘SET-up’. Just a regular OTA core strategy with my own tidbits.

I started with manual process of looking at 28 cross pairs ‘baskets’, to qualify against Odds enhancers and choose best trades out of my screened and qualified candidates. It was a great learning experience, I felt like a professional price action Forex trader.

The ‘FX Dashboard’ has a Watch-list, Currency Strength, Trader’s log and Forex Analysis tools for Forex traders based on trend and momentum. The FX Dashboard’s AI will identify the best currency pairs, from 28 major pairs with the strongest trends and momentum as your Watch-list. 

You as a trader, will then run your ‘odds enhancers’ based on your trading system.

This is my poster! I am offering my ideas to interested Forex traders.

Why you should use FX Dashboard?

  • Quick mapping of all 28 pairs: high probability candidates are already on your Watch-list!
  • Makes Forex trading easier: AI helps in doing repetition of tedious job of filtering, and you do the trades.

Artificial Intelligence

Do you want to filter out High Probability trades quickly? Yes, then, you should rely on the automation of AI. This ‘FX Dashboard’ has a Watch-list, Currency Strength, Trader’s log and Forex Analysis tools for Forex traders based on trend and momentum.

The FX Dashboard’s AI will identify the best currency pairs, from 28 major crosses with the strongest trends and momentum as your Watch-list. You as a trader, will then run your ‘odds enhancers’ based on your on trading system and rules. Do Forex trading with ready analysis of 28 currency pairs simultaneously with currency strength, trend analysis, confluence, COT (Commitment of Traders) reports and TA (??? Technical Analysis???).

You can perform your Forex trade ‘decision making process’, with confidence.

Traders Log

Log your trades and analyse results to improve your trading.

Our capital is always at risk, so one of the best way improve trading performance is to track and log your trades. Professional traders keep a log and you should start tracking your trades. Dashboard has in built Forex trading journal. Be critical on your trades and learn from your decisions.

Trade Log (Trade History):
Whenever a trade is made, it is recorded under trade history. All info about the account is calculated from this trade history.

Logic Map

Components of the Dashboard App: ‘Logic behind Dashboard’

Dashboard ‘Model

Model is central component of the pattern for Forex Dashboard application’s knowledge base, business rules, database and dynamic data structures. ‘Model’ manages the data, logic and rules of the application directly independent of view and Controller. It receives user input from the controller. Some examples of model that is dictating Forex rules are; filter high probability trades, scoring of trades, Strength and weakness analysis, COT analysis, EMA calculations and High Impact News & Reports (HIN).

OTA recommends any three consecutive time frames from monthly M, weekly W, Daily D, 4 Hours 4H, Hourly 1H, 15 minutes 15M, and 5 minutes 5M.

Dashboard looks at the three time frames daily, weekly and monthly. At this time, no other time frame is available. If you are using other time frame, other than daily LTF, weekly (ITF) and monthly (HTF), your time frame analysis data is not suitable.

  1. High Time Frame (HTF)- monthly
  2. Intermediate time Frame (ITF)-weekly
  3. Lower Time Frame (LTF)-daily
Multi Time Frames

Time Frame Logic:

There are 250 trading days in a year of 365 (minus 115 days- 104 weekends and 11 holidays). To simplify broken down one year into 125 days per six months (half a year), 63 days per quarter and 21 days per month.

A trend reversal starts with the shortest time frame and gradually spreads to the other time frames. The Higher time frame trend is considered up when both the 250-day (i.e. yearly) and 125-day (i.e. 6 months) TA indicators like ROC (Rate-of-Change), CCI or High-Low are positive. Prices are higher now than compared to 12 and 6 months back.

A Google Sheets spreadsheet based App to help visualize screening best Forex pairs, watch-list, spreads and margins for prospective FOREX trades.

Currency baskets, Forex Pairs and crosses :

8 Major Baskets and crosses

Configuration of ‘your’ dashboard:

Dashboard Config

Warning Levels
Choose the Config sheet and set the following values according to your own preferences based on your trading plan:

The most important configuration option is the ‘Base Currency’ which can be changed at any time, by default it is ‘USD’.
The warning and maximum thresholds are purely informational and not required.
Risk Warning (Account Currency): default amount is $300 Risk amounts greater than this level (in account currency) are highlighted in yellow
Risk Maximum (Account Currency): default amount is $500 Risk amounts greater than this level (in account currency) are highlighted in red
Margin Warning: default amount is $2,000 Margin requirements greater than this level (in account currency) are highlighted in yellow
Margin Maximum: default amount is $3,000 Margin requirements greater than this level (in account currency) are highlighted in red
Reward: Risk Warning: default value is 1.5 Reward to Risk ratios less than this level are highlighted in yellow. Set this to OTA recommended value of minimum 3 
Reward: Risk Minimum: default value is 1.0 Reward to Risk ratios less than this level are highlighted in red.
Account Currency: default value is USD Currency to calculate margins against and convert spreads, risks and rewards to.
An example using the value above could look something like this:
[ (example of Configuration) to be written]

As mentioned previously, these levels are completely optional. If you don’t wish to have highlighting, you can simply set them to arbitrarily high or low values. They are helpful however even as a typo-catching mechanism — it’s very easy to accidentally add an extra zero or reverse the stop loss and profit taking levels.
Trade Sizes:
Choose the Broker sheet to configure the standard lot sizes and margin requirements for each currency.

The minimum order size can be:
• The minimum your broker considers to be a lot. Trading less than this amount will usually mean you will not get filled at the market price.
• Your preferred lot size. There is a multiplier on the actual entry sheet. So if you define a lot size (minimum order) as 50,000 and you enter a trade as 3 lots, the sheet will use 150,000 as your trade size.
The margin requirement is used for margin calculations in the entry sheet. Note that depending on the broker and your particular account type and composition, the margin calculations can get quite complicated.

This spreadsheet uses a simple approach to give you a rough guide. The formula is:
(Trade Size) * (Margin Requirement) * (Account Currency Exchange Rate)

Operation
The ‘Orders’ sheet is where all trades are entered and analysed from. The important areas and functions are as follows:

Generate Watch list:

The ‘Generate Watchlist’ menu transfers your screened pairs from the ‘Watchlist’ to the ‘Orders’ sheet. The Watchlist sheet is an auto-generated spreadsheet via a SQL query that fetches results from the 28 pairs listed within the Dashboard’s master database. If you want to tailor your Watchlist query you have about 73 data fields available from master database called ‘back-end’.

The watch list sheet

Generate Basket Menu:
The Generate Basket button creates a CSV file, saved at your browsers’ defined download folder. This file can be uploaded into Interactive Brokers TWS platform.
The Archive menu will move all trade lines that are marked Expired, Cancelled, Closed, etc to the Archive sheet. This is not reversible.
The Live Chart menu will pop up a ‘Trading View’ chart of all the active trade lines.

Orders sheet and its ‘Trade Parameters’

The columns in the trade parameters section are the only ones editable (the rest are calculated). The columns are defined as:

Status: A fixed list of statuses used to separate trades. See below for the complete list.

Source: A key to segregate orders on the basis of your watchlist algorithms to generate trade ideas.

Date: The date of the trade idea, not necessarily the execution date.

Pair: The base currency — the first currency of the pair, eg. EUR.USD

Quote The quote currency — the second currency of the pair, eg. EUR.USD

Order: BUY or SELL

Lot: How many lots to trade. The lot size is defined in the Broker sheet.

Entry: Entry price

Stop Loss: Stop loss price

Target Price: Target (profit) price

Order Status: Can be archived? Can Add to Basket?

  1. Pending: No/Yes Only trades in Pending status will be selected to generate a TWS Basket Order.
  2. Submitted: No/No An informational status only. Has no effect.
  3. Working: No/No An informational status only. Has no effect within the spreadsheet
  4. Closed – Profit: Yes/No These trades will be archived when the Archive Inactive button is clicked.
  5. Closed – Loss: Yes/No These trades will be archived when the Archive Inactive button is clicked.
  6. Expired: Yes/No These trades will be archived when the Archive Inactive button is clicked.
  7. Cancelled: Yes/No These trades will be archived when the Archive Inactive button is clicked.

Order Size: Order sizes are calculated based on the broker minimums or lot sizes that you have configured (see above) and the Lot column from the trade parameters section (above). The formulas are as follows:

Base Size = (Broker Minimum Size) * (Lot)

Quote Size = (Base Size) * (Entry Price)

Account Size = (Base Size) * (Current Exchange Rate to Account Currency)

Margin Requirement: The margin requirement is an approximation bases on the following simple formula:

= (Broker Margin Rate) * (Trade Size) * (Current Exchange Rate to Account Currency)

Reward:Risk: Reward to risk ratios are simple calculations:

Reward Spread = (Target price) – (Entry Price)

Ratio = (Reward Spread) / (Risk Spread)

Risk Spread = (Stop Loss Price) – (Entry Price)

Note that all calculations use absolute values (no negatives).

Account Currency: The same calculations as above but expressed in the account’s currency. See configuration section.

Base Currency: The same calculations as above but expressed in the base currency (first currency in the pair).

Quote Currency: The same calculations as above but expressed in the quote currency (second currency in the pair).

Dashboard’s Archive, Watchlist and Orders modules are taken from Github’s Opensource Google Sheets App called ‘Forex Helper- IB‘ . It is a spreadsheet to help visualize spreads and margins for prospective FOREX trades and create TWS basket orders. If you are considering to create your own app I recommend this app.

Dashboard ‘View’

View or presentation layer means presentation of the model in a particular format for Forex Dashboard we are using Google sheets for visuals and for output representation of information. Major markets open and close, graphs, Watch-list, trade sheet are some examples of ‘view’.

Dashboard ‘the presentation’ at a glance!

(1) Price Chart: Fourteen days ( 2 weeks) showing daily candles for your ‘eye ball’ of ‘Price Action”.

 


(2) Multi Time Frame trend analysis on three time frames, with M,W and D trend combined- confluence.  Column G, top cells displays how many times price has made ‘new highs and lows’ for 5 days and one month duration in format ‘Hi10/Low5’. This means price has been 10 time on highs (Hi10) for last 5 days and 5 time on new lows (low5). Column H shows high or low volatility.

(3) EMA values respectively 200, 100, 50 and 20 days

(4) Monthly, weekly and daily % change performance of the pair. ( In decimal format) App score 0 to 1 with M,W,D trend combined- confluence)

(5) Multi Times Frames on yearly, monthly, weekly and daily 5 change of the pair, represented in form of graph. This is high and low price performance in a glance. Then We have Strength and weakness of the pair ( 1 to 28 values),. Column L and M in this example are showing hourly and daily ATR. 

6) Current price of the pair,  1D performance rank (1-to-8) and  Strength and weakness of the Pair (1-to-28)

7) GREEN or RED background color indicator that cell compares EMA 200 & 20. ( Updated to new signal green is uptrend and red is downtrend) 

8) Major currency strength and Forex index rank.

9) Number of high, medium and low impact and economic reports for today and whole week( click the cell notes for weekly reports).

HOW TO USE DASHBOARD TO QUALIFY TRADES?

1 Screening:

Select potential Forex pairs to start with analysis’, from following sources (all or any):

  • Prepare Charts for Multi-Time Frame MTF, Curve, Zones, Trend and SETUPs
  • Pro-Pick recommendations, if you have access to ‘Pro pick’ resources
  • Master Mind Community (MMC) recommendation, if you have access to MMC resource
  • Your own study to potential Forex pairs.
  • Dashboard’s ‘Watchlist’, if you access to this resource go to “TRADE-SHEET” tab

2 Trade Decision Making Process:

  1. Open ‘your favorite Forex charts’ (preferably Trading View)
  2. Use the ‘Decision Matrix’
  3. Start ‘Curve Analysis’ to find ‘Bullish’ or ‘Bearish’ levels on HTF
  4. Perform ‘Trend Analysis’ to find ‘Direction’ on ITF
  5. Draw Optimized Trade ‘Zones’ for Supply (to sell) and Demand (to buy) Zone
  6. Distal and Proximal lines of both Demand and Supply Zones are reference points for SETUP
  7. Note down the values from line#3-curve, line#4- trend and line#5- Optimized Trading zones

3 SETUP (Trade Parameters):

  • Open ‘Trade-Sheet’ tab from Dashboard, Fill in the parameters:
  • Supply your inputs in ‘Yellow’ areas from ‘Trade Decision Making’ process Color Codes:
  • ‘Target-Price (TP)-green’, ‘Stop Loss (SL)-light red’ and ‘Entry in pink color
  • ‘Select Currency Pair (B1) to populate Technical Analysis, Macro, Price charts and High Impact News
  • Input the Entry type : ‘Long or Short’ – based on ‘Decision Matrix’ (F3) Identify Curve Location: Enter Demand zone Distal & Prox levels at HTF (E-F5)
  • Identify Curve Location: Enter Supply zone Distal & Prox levels at HTF (E-F6)
  • Enter Proximal and Distal Price for Supply Zone – (E7 & F7)
  • Enter Proximal and Distal Price for Demand Zone – (E8 & F8)
  • Input the Entry (E) Price (Line 18)
  • Input the Stop Loss (SL) Price (Line 17)
  • Input the Target Price (TP) (Line 19)Add wiggle room/ buffer: Use 10% of DAILY ATR or 10 pips (B18)
  • Auto Calculated Values: ‘Grey areas are calculated automatically’Risk, Reward and Ratio will be automatically calculated

4 Work out and enter ‘Odds Enhancers’ (Line 10-15) Score 

Risk to Reward Ratio RRR Profit Zone – (Max score 2)

Zone Structure

  • Freshness of zone scoring (OTA max score 2, dashboard max 1)
  • Strength (Leg-out)- Momentum (OTA Max score 2, dashboard max score 1)
  • Time Spend Inside Zone (max. score 1)1cContext 0
  • Curve Analysis High, Low or middle (max score 2)
  • Trend Analysis M | W | D → (max score 1)
  • Candles (Body Size)- Price strength big bodies =good (max score 0.20)0.25
  • Wick Sizes- (large wicks=Volatility(poor) & small/no wicks =good- max score 0.20)0.25
  • Gaps Analysis if gaps (max score 0.25)0.25
  • Pullbacks stronger or weaker (max score 0.10)0.25
  • Micro Channels in pull backs (max score 0.10)0.15
  • Dashboard app score (max 1)0.15
  • Zone on Zone present? good (max score 0.15)0.15
  • High Impact Report/ news in favour of pair’s trend (max score 0.15)0.2
  • Monthly Macro Economic data in favour / against Quote /base currency Max score 0.200.2
  • Location of Zone (max core 0.15)0.15
  • Total ‘Odds Enhancer’ score 10.005

5. Information

  • pip’ $ value (B7) – (to be auto populated, but not yet) 
  • Spread of pair (auto and rounded Up to whole number)
  • EMA20/EMA50 crossover and Price vs. EMA20
  • Slope Up or Down? (second confirmation)up or down
  • EMA 20/50 Distance wide=strong trend is good (confirmation)wide or narrow

Adjust Account Balance to match current Balance (n/a with Public Dashboard)

Adjust Risk Value (n/a with public dashboard) – No More then 2% per trade, also default Reward / Risk Ratio is not proper Reward not good!

6 Odd Enhancers Score calculation and Trade Status flag

  Score Type of Entry
1 Score is greater than or equal to 9 Limit Entry at Proximal
2 Score is between 7 and less than 9 Confirmation Entry
2 Score is less than 7 Do not trade

7. Trade Management

If, Trade status flag is green/yellow (i.e. score above 7) then, open up your trade platform

  1. Open trading window of trading platform, Enter your trade parameters from Trade sheet
  2. Select Buy (Long) or Sell (Short)
  3. Adjust scale out position for T1 & T2? default is 1 target TP 100%, or use T1 75% & T2 25(%)
  4. Get Values for Order from TP1 and TP2 Summaries in line #17,18 and 19
  5. Place Order by Right Clicking the chart and Select Create Entry Order
  6. Select trade duration: GTC (Good till Cancel)
  7. Enter Stop Loss Price Trade-sheet
  8. Enter Entry price (Limit or confirmation) trade-sheet

Dashboard ‘Controller’

Controller takes care of actions, accepts input and converts it to commands for the model or view.
Controller responds to the user input and performs interactions on the data model objects. The controller receives the input, optionally validates it and then passes the input to the model.

If you trade on Interactive Brokers TWS platform you can creates a basket of trades for importing into your Basket Traders tab.

Getting Started

These instructions and information will get you ‘up to speed’ for trading in Forex with Dashboard. You will start with opening the Dashboard App spreadsheet up and running in your own Google account. At present, I am planning to run Dashboard on Google Sheets. 

Prerequisites

  1. You need a Google account to access this spreadsheet App.
  2. An Interactive Brokers account is not required, but for Trading you must have a Forex Trading platform. However I trade on IB platform, I found it convenient to upload your final trades on IB platform and execute I one go.  However If you are a novice trader than consider Forex Trading with a paper trading account. Of course, experienced traders can trade with real account.
  3. You must know rudiments of Forex Trading with, like Currency pairs, Charting, Price action, SETUP and so forth.

In fact, the OTA rationale of Forex trading is behind Dashboard. 

Dashboard Features list
Placing Trades
1) Identify Forex Pair to trade.
2) Select Lot size to trade.
3) Confirm the trade action (Buy or sell)

Monitoring Accounts:

Installing:
1. Send me an email (mailto:jsmahay@gmail.com?subject=Access to the FX Dashboard) from your Gmail account. When you receive the email notification, Open link in your browser.
2. Google will ask for your authorization the first time you open the sheet. This is normal and nothing to be worried about. The sheet cannot modify your Forex account in any way.

Other Notes:

Limitations of Google Sheets (free version vs GCP)

Google Spreadsheets limitations:

  • Up to 5 million cells for spreadsheets , this is all of the cells that are empty and non-empty if added together.
  • 40,000 new rows at a time
  • maximum number of columns of 18,278 columns
  • Number of Tabs: 200 sheets per workbook
  • GoogleFinance formulas: 1,000 GoogleFinance formulas
  • ImportRange formulas: 50 cross-workbook reference formulas
  • ImportData, ImportHtml, ImportFeed, or ImportXml formulas: 50 functions for external data
  • Maximum string length is 50,000 characters

Google Spreadsheets user limitations:

Number of users less than 50: When sharing a Google Sheet to less than 50 users who can edit and comment at the same time. More than 50 people can view a file, but they won’t be visible.

Number of users 50 to 200: If 50 or more people need to view a file, publish the file to create a new link. You can only share a file with up to 200 people or groups.

More than 200 users: If you need to share a file with more than 200 people, you can add them to a Google Group, then share the file with the group.

If you share a folder with a lot of people, it may take some time before everyone can see it. 

Ref: File sizes https://support.google.com/drive/answer/37603?
Because of these limitations I might have to expand to Google Cloud Service.

Using G Suite to Create a Multi-User Dashboard Project:
G Suite has many features that make it a good candidate for a range of users. Initially version of Dashboard is being tested for nine months. The main objective is to set up a App for Forex Traders.

G Suite cloud package has services like Gmail, Docs, Drive, and Calendar. G Suite accounts are free to create with <your-name>@gmail.com as the domain address, and give access to all the basic G Suite functionality, with
15GB of free cloud storage in Google Drive.

G Suite has a wide range of services which can be combined in order to provide the functionality of a basic trading platform, including linking individual trading interfaces together and general automation of the system in a format encouraging users to compete for returns.
Google Sheets provides great generic functionality through having a back-end and front-end easily accessible through a cloud hosted document.
The complexity of Dashboard is limited by the finance API, and by the speed of the servers hosting G Suite.

Google Sheets is essentially a cloud hosted version of spreadsheets like ubiquitous Microsoft Excel. In fact Google sheets are databases on steroids! .

Google Forms are used to get responses from users are submitted to sheet database. 
Google Apps Script (GAS) can access everything in G sheets, as GAS makes it possible to reference and modify properties by GAS methods. GAS is similar to Javascript.

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