On the FXDatapanel platform, you can generate three types of trade signals. They are called grid signals, straight signals, and long-term signals. In this guide, we will discuss the grid signals.
What is the FXDatapanel grid signal?
FXDatapanel grid signal is a set of four trades. The platform generates four trades with different entry and takes profit levels, with one combined stop loss. The grid signals aim to spread the trades across different market levels and gain maximum benefit from the trending markets.
How to generate grid trade signals?
You can access the grid signals from the left toolbar by clicking on the default link underneath the grid signals. It will show you all the symbols added to your market watch list.
If you don’t see a particular symbol, you can add it from the watch list or use the shortcut icons at the top left corner of the screen. You can also filter the symbols by their asset class. You can do that by clicking on separate links for indices, commodities, forex, and cryptocurrencies.
The FXDatapanel platform shows the symbol tickets in the middle section of the page. The top part of the ticket displays the daily price change in numbers and percentages. In the middle part of the ticket, you can see the instrument symbol and the current price. At the bottom of the ticket, you can see the signal status.
There are a total of 5 signal statuses: waiting, buy zone, sell zone, buy and sell. The waiting status means the signal is yet generated. The buy zone or the sell zone status means the signal will likely be generated soon. The buy or sell status means the signal criteria have been met, and the signal is generated.
The platform can show a ticket background in three colors that are white, red, and green. The color is based on the daily percentage change that is defined in the settings. The white color indicates that the price is still within the defined daily percentage change. A red color ticket shows the price has dropped below the defined daily percentage change. Finally, the green indicates that the price has moved above the defined daily percentage change.
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Moving to the right-hand side of the platform screen, you have the information table and the settings button. The information table contains three sections that display current settings, symbol information, and trade signals.
You can click on any symbol, which will update the table accordingly. The table’s first section displays the currently defined settings to generate the signals. The second section displays the symbol information and the various price ranges. The third section shows the trade signals for the selected symbol. It’s important to know that this section will be empty if the system hasn’t generated the signals for the selected symbol.
Grid Signals Settings
Let’s now explore the settings panel. The settings panel takes the trade signals to a whole new level. Now you don’t have to use trade signals that don’t address your specific needs. The FXDatapanel signals platform allows you to define your parameters and generate signals according to your requirements. You can generate the signals for any timeframe and instrument you want. The trade signals are available according to your schedule. You can even set the quantity to manage the risk. Imagine having trade signals that are based on your desired timeframe, and they don’t just include the entry and exit levels but also the quantity for each trade. It’s unlike the trade signal that one can imagine. The FXDatapanel has made it simple for you.
Grid Signal Strategy
You can access the settings by clicking on the gear icon at the top right corner. Clicking on it will open up the settings window. You can select the strategy to generate the signals from the first option. We have two different strategies, and they are called STS and BB. You can choose either one of them, and the platform will use that strategy to generate the signals. Remember, both strategies have different criteria to generate the signals. So a signal generated with one strategy may not be generated with the other.
Grid Signal Time Frame
Next, you have the signal timeframe. This option gives you the power to generate signals according to your trading style. You can generate the signals on the 1-hour, four hours, one day, one week, and one-month timeframes. To generate signals on the 1-hour timeframe, select 1-hour from the drop-down menu and hit ok. It will display all the signals that are generated in a 1-hour timeframe. To generate signals on a daily or any other timeframe, select that timeframe, and the system will display all the signals on that chosen timeframe.
Grid Signal Strength Level
From the next drop-down menu, you can set the signal strength. We have three signal strength levels that are normal, average, and strong. The normal strength level has fewer parameters, while the average and strong strength levels have more parameters to generate the signals. The strength level has a higher accuracy rate than the normal and average strength levels.
Grid Signal Trend Timeframe
The next option in the settings is the trend timeframe. It’s one of a kind feature that will help you to achieve further greater accuracy. Generally, traders focus only on a particular timeframe and ignore the other timeframes. For example, you may have a buy signal on a 1-hour timeframe, but on the 4-hours timeframe, the signal direction is sell. This situation almost always results in a loss.
On the FXDatapanel platform, you can avoid this from happening. You can achieve this by setting a trend timeframe higher than the signal timeframe. This way, the signal will only be generated if its direction matches the timeframes. To achieve optimal results, we recommend setting the trend timeframe to the next higher timeframe. For example, if your signal timeframe is 1-day, the trend timeframe should be one week. If you want to ignore the trend timeframe, you can set the same timeframe for both options.
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Grid Signal Trend Strength Level
Moving on to the next option, you can also set the strength level of the trend timeframe. It is similar to what I explained earlier about the signal strength levels. You also have normal, average, and strong strength levels for the trend. The normal strength level has fewer parameters, while the average and strong strength levels have more parameters to generate the signals.
The signal timeframe, signal strength levels, trend timeframe, and trend strength levels are the actual options that allow you to make different combinations for generating the signals according to your requirements. There are facility make several combinations. You can set a shorter signal timeframe and yet make the criteria further strict by setting a higher trend timeframe. You can also use a combination of different strength levels for the signal and trend timeframes. The various combinations will help you generate the signals the way you like.
Grid Signal Lot Size Selection
The next option in the settings is the lot size. It is related to risk management. The quantity of the trade defines the risk level. And no other signals provider can give you signals with the quantity distribution. It’s only exclusive to the FXDatapanel platform. You can input the lot size, and the system will strategically distribute the quantity across all four trades.
The lot size option will distribute the quantity that you will input. But this brings us to the next challenge: finding the right amount to trade. The FXDatapanel platform even addresses this challenge. You can use our lot size calculator to determine the quantity. The lot size calculator has multiple options for calculating the quantity based on input. You can watch the lot size calculator video from the help section to learn more about it.
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Grid options
The next setting is the grid option. This option takes risk management into further depth. Its purpose is to decide how your lot size is broken down and distributed across all four trades. You have three options that are auto, pyramid, and linear.
The auto option will automatically break down and distribute the lot in a pyramid or linear structure. The system determines the structure based on pre-defined strategies.
The remaining two options are for the users to force the system to use either pyramid or linear structure for lot breakdown and distribution.
We recommend leaving the grid option to auto for optimal results.
Daily change % Highlight
The last option in the settings window is the daily change % highlight. This option is related to the visual appearance of the symbol tickets and is explained earlier in this video.