Matrix Dashboard EA – A Powerful Tool for Forex Traders
The Matrix Dashboard EA is a powerful and versatile software tool designed specifically for Forex traders using the MetaTrader platform. In this comprehensive review, we will explore the key features and benefits of this expert advisor (EA) and examine how it can help traders manage multiple currency pairs from a single intuitive dashboard interface.
Overview and Key Features
The Matrix Dashboard EA essentially functions as a trade management panel that allows traders to monitor and execute trades across up to 28 currency pairs simultaneously. The key value proposition offered by this EA is convenience and efficiency – instead of having to manually monitor and manage each currency pair independently in separate chart windows, the dashboard neatly consolidates relevant trading information into a single graphical interface.
Here are some of the standout features offered by the Matrix Dashboard EA:
- Consolidated view of up to 28 currency pairs – All open trades, pending orders, account statistics, news events etc. are neatly organized into different sections/widgets on the dashboard for easy monitoring.
- One-click trading – Opening, modifying and closing trades is made simple with single-click buttons rather than having to manually place orders on charts. Partial close functionality allows traders to close portions of a position.
- Customizable trading conditions – Traders can define parameters like which currency pairs to include, trading sessions, position sizing rules, reversal trading modes etc. This allows creating automated strategies tailored to one’s preferences.
- Detailed reporting and statistics – Essential account metrics like floating PnL, drawdowns, winning percentages, risk profiles etc. are displayed in real-time to help traders evaluate performance. Trade logs also allow drilling down into specifics of each trade.
- Auto-optimization – The EA can cycle through indicator settings, stop losses, take profits etc. automatically to determine which parameters result in the best risk-adjusted returns. This takes the guesswork out of strategy optimization.
In addition to the above, the Matrix Dashboard EA also includes features like automatic stop loss calculation, trailing stops, hidden stop loss orders, news trading, multi-account copying, robust error handling via notifications etc.
Benefits for Forex Traders
The Matrix Dashboard EA offers several advantages that directly translate into benefits for Forex traders:
1. Saves Time
Manually monitoring multiple charts and keeping track of different order types can be extremely time-consuming. The dashboard condenses all this information thus saving precious time. The one-click trading buttons also accelerate order placement.
2. Prevents Over-Trading
By providing an aerial view of all open positions and pending orders, the dashboard reduces the chances of over-trading due to lack of visibility across currency pairs. This helps prevent revenge trading and over-leveraging – common pitfalls for traders.
3. Enables Strategy Automation
The ability to translate custom indicators and trading rules into automated strategies makes it easy to backtest ideas, identify viable setups, and execute trades consistently without emotions. This can significantly improve win rates over manual trading.
4. Simplifies Trade Management
With all key account metrics consolidated into one interface, traders can easily track floating PnL, monitor margin usage, update stop losses, close partial positions etc. without having to jump between multiple charts and order windows. This simplifies the overall trade management process.
5. Improves Risk Management
By displaying real-time performance statistics, the dashboard enables traders to quickly gauge the risk profile of their strategies. This allows making timely adjustments to rebalance risk, preventing account blow-ups due to excessive leverage or position size.
Matrix Dashboard EA Pricing and Availability
The Matrix Dashboard EA is available for purchase directly from the developers at RunwiseFX. They offer customized programming services to build dashboard EAs based on one’s unique trading system or indicators.
Pricing depends on the complexity of the required customizations. Those simply looking to purchase an existing dashboard EA built on proven Forex trading strategies can expect to pay around $200. More complex programming involving translating custom indicators into auto-trading logic or linking multiple EAs can cost between $400-$800.
In addition to the initial purchase price, RunwiseFX also offers annual maintenance plans starting from $99 per year. This provides access to updates and enhancements for improved performance.
Matrix Dashboard EA Verdict
The Matrix Dashboard EA offers tremendous convenience for Forex traders through its innovative single-screen interface to monitor and manage multiple currency pairs simultaneously.
By condensing a wealth of trading and account data into an intuitive dashboard, it helps overcome many inefficiencies typically associated with manual trading across individual charts. One-click order placement further accelerates trade execution while extensive customization options allow tailoring automated strategies to suit personal trading styles.
Despite its relatively steep pricing, the Matrix Dashboard EA delivers immense value in terms of the sheer time savings and risk management benefits it confers. For serious traders making dozens of trades daily across currency pairs, the efficiency gains and potential performance improvements easily justify the investment into this expert advisor.
Overall, the Matrix Dashboard EA is an indispensable tool that belongs in every Forex trader’s arsenal. Its ability to streamline previously labor-intensive trading workflows allows focusing mental bandwidth on devising profitable strategies rather than manual chart monitoring. This alone can give traders a vital edge to boost profitability over the long run.