The free Nicholas Forex Trend Trading Dashboard indicator for Metatrader 4 follows the most profitable trend and consists of EMA, MACD and Stochastic.
The indicator appears in the main MT4 chart window as a typical buy and sell signal arrow indicator dashboard.
Buy & Sell Trade Example
- A buy signal occurs when the majority of time frames display a green box (strong buy trend).
- A sell signal occurs when the majority of time frames display a red box (strong sell trend).
Please note that you can add/remove currency pairs directly from the indicator’s inputs menu.
The indicator works equally well on all assets (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities,..) and shows promising results if used correctly.
Free Download
Download the “nicholas.mq4” indicator for MT4
Indicator Chart (EUR/USD H1)
The picture below shows the Nicholas Forex Trend Trading Dashboard mt4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Nicholas Forex Trend Trading indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Dashboard
Does it repaint? No.
Nicholas Trend Dashboard + Figurelli Series Forex Scalper Strategy
This scalping strategy combines the Nicholas Forex Trend Trading Dashboard MT4 with the Figurelli Series Scalper Indicator MT4.
The Nicholas Dashboard displays trend directions for multiple currency pairs using green for buy trends and red for sell trends.
The Figurelli Series Scalper provides precise entry signals with a red histogram above zero for buy signals and below zero for sell signals.
This strategy works best on M1, M5, and M15 charts for intraday scalpers looking to catch quick moves aligned with multi-pair trend strength.
Why This Strategy Works
By combining a broad market trend dashboard with a fast-reacting scalper, you can enter trades in the direction of strong momentum across multiple pairs.
The Nicholas Dashboard ensures you only trade with the dominant trend, while the Figurelli Series Scalper pinpoints high-probability entry points.
This reduces false signals and increases the likelihood of catching profitable intraday moves.
Buy Entry Rules
- Confirm that the Nicholas Dashboard shows a green trend for the currency pair you want to trade.
- Wait for the Figurelli Series Scalper histogram to rise above zero.
- Enter a buy trade at the next candle open after both conditions align.
- Set stop loss below the recent swing low or a few pips below the last consolidation zone.
- Take profit when:
- The Figurelli histogram drops below zero, or
- The Nicholas Dashboard turns red, or
- A short-term pip target is reached (10–25 pips depending on the timeframe).
Sell Entry Rules
- Confirm that the Nicholas Dashboard shows a red trend for the currency pair.
- Wait for the Figurelli Series Scalper histogram to drop below zero.
- Enter a sell trade at the next candle open after both signals align.
- Set stop loss above the recent swing high or a few pips above the last consolidation zone.
- Take profit when:
- The Figurelli histogram rises above zero, or
- The Nicholas Dashboard turns green, or
- Pip target is reached (10–25 pips for M1/M5, 20–35 for M15).
Advantages
- Combines multi-pair trend confirmation with precise entry signals.
- Reduces false trades by only following dominant trends.
- Works on very short timeframes for quick scalps.
- Clear visual cues from the dashboard and histogram make entries straightforward.
- Allows traders to quickly scan multiple pairs for opportunities.
Drawbacks
- Dashboard may lag slightly on fast-moving pairs.
- Requires constant monitoring on lower timeframes.
- Spread and slippage can affect profits on small targets.
Case Study 1: EURUSD M5
On the EURUSD 5-minute chart, the Nicholas Dashboard displayed a green trend.
The Figurelli Series Scalper histogram rose above zero at 1.0810.
A buy trade was placed at the next candle, stop loss below 1.0800.
Price climbed steadily, and the trade was closed when the histogram fell below zero, capturing +18 pips in 25 minutes.
Case Study 2: GBPJPY M1
On the GBPJPY 1-minute chart, the Nicholas Dashboard showed a red trend while the Figurelli histogram fell below zero.
A sell trade was taken at the next candle open at 149.42, with a stop loss above 149.50.
Price dropped quickly, and the trade was exited when the histogram turned positive, yielding +12 pips in 15 minutes.
Strategy Tips
- Only enter trades when both the dashboard and scalper align.
- Adjust stop loss and take profit based on the timeframe and volatility.
- Avoid trading during major news releases to reduce whipsaws.
- Use liquid currency pairs such as EURUSD, GBPUSD, and USDJPY for the best results.
- Consider partial exits for longer moves to secure profits.
- Monitor multiple pairs, but avoid overtrading to maintain discipline.
