The Forex Trend Scanner was developed for Metatrader 4 and follows the major currency trend with the help of colored candlesticks.
The indicator pops up in the main MT4 chart window as green and red colored candlesticks.
Buy & Sell Trade Example
- A green colored candlestick is a buy signal.
- A red colored candlestick is a sell signal.
For scalping and day trading, the indicator tends to work the best during the London and American trading sessions.
The Forex Trend Scanner indicator can be used for both trade entry and exit, or as an additional confirmation filter for other strategies and systems.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “forex-trend-scanner.mq4” indicator for MT4
Indicator Chart (EUR/USD M5)
The picture below shows the Forex Trend Scanner 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 Forex Trend Scanner 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: Candlestick
Does the indicator repaint? No.
Forex Trend Scanner + 4 MA Strength MT4 Day Trading Strategy
This MT4 day trading strategy combines the Forex Trend Scanner and the 4 MA Strength Indicator to capture intraday trends.
The Forex Trend Scanner signals trades with colored candlesticks: green for buy and red for sell.
The 4 MA Strength Indicator confirms trend strength with green histogram bars for bullish trends and purple bars for bearish trends.
This strategy is suitable for 15-minute to 1-hour charts, aiming for consistent intraday profits.
Buy Entry Rules
- Confirm the 4 MA Strength Indicator shows green histogram bars, indicating a bullish trend.
- Wait for a green candlestick from the Forex Trend Scanner.
- Enter a buy trade at the close of the green candlestick.
- Set a stop loss below the recent swing low.
- Set take profit between 20–50 pips, depending on market volatility.
Sell Entry Rules
- Confirm the 4 MA Strength Indicator shows purple histogram bars, indicating a bearish trend.
- Wait for a red candlestick from the Forex Trend Scanner.
- Enter a sell trade at the close of the red candlestick.
- Set a stop loss above the recent swing high.
- Set take profit between 20–50 pips, depending on market volatility.
Advantages
- Clear entry and exit rules with candlestick and trend confirmation.
- Captures strong intraday trends effectively.
- Reduces false signals by confirming trades with the 4 MA Strength Indicator.
- Flexible for multiple currency pairs and timeframes.
Drawbacks
- Requires patience, as trades may take longer to reach take profit compared to scalping.
- Stop losses must be monitored carefully to avoid large drawdowns.
- Performance may vary across different currency pairs and session volatility.
Example Case Studies
Case Study 1: EUR/USD H1 Chart
The 4 MA Strength Indicator showed green histogram bars, indicating a bullish trend.
A green candlestick appeared on the Forex Trend Scanner.
Entered a buy trade at 1.1050 with a stop loss at 1.1035 and take profit at 1.1080 (30 pips).
Price moved upward, reaching the take profit within 3 hours.
Case Study 2: GBP/JPY H1 Chart
The 4 MA Strength Indicator showed purple histogram bars, indicating a bearish trend.
A red candlestick appeared on the Forex Trend Scanner.
Entered a sell trade at 159.50 with a stop loss at 159.80 and take profit at 159.00 (50 pips).
Price declined, hitting the take profit within 4 hours.
Strategy Tips
- Use 15-minute to 1-hour charts for effective intraday trading.
- Trade during high-volume sessions like London and New York for stronger trends.
- Always wait for both indicators to align before entering a trade to improve accuracy.
- Adjust stop loss and take profit levels based on current volatility.
- Maintain discipline and avoid overtrading, especially during low volatility periods.
Download Now
Download the “forex-trend-scanner.mq4” indicator for Metatrader 4
