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.
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Download the “forex-trend-scanner.mq4” indicator for Metatrader 4
