About the TrendScanner Forex Indicator MT4
The TrendScanner Forex Indicator MT4 is designed to help traders monitor trend conditions across multiple currency pairs and time frames from a single dashboard.
Instead of opening several charts, the indicator summarizes market direction in a compact and practical format.
The indicator appears in the lower part of the MetaTrader 4 platform and uses small colored bars to represent market conditions.
Green bars indicate bullish trends, red bars signal bearish trends, and gray bars show sideways or low-momentum price action.
Traders can customize the dashboard by adding or removing currency pairs directly from the indicator inputs.
After adjusting the settings and clicking OK, the dashboard updates automatically to reflect the new configuration.
The TrendScanner Forex Indicator MT4 is suitable for traders who want faster market analysis, better trade filtering, and improved trend alignment without overloading their charts.
Free Download
Download the “TrendScanner.mq4” indicator for MT4
Key Features
- Dashboard-style trend scanner for multiple currency pairs.
- Displays bullish, bearish, and sideways market conditions.
- Uses green, red, and gray bars for quick interpretation.
- Customizable symbol list through indicator settings.
- Updates dynamically as market conditions change.
Indicator Chart
The TrendScanner Forex Indicator MT4 chart shows a dashboard at the bottom of the trading platform with colored bars for each currency pair and time frame.
Green bars highlight buy conditions, red bars highlight sell conditions, and gray bars indicate ranging markets.
This layout helps traders focus on trending pairs while avoiding sideways price action.
Guide to Trade with TrendScanner Forex Indicator MT4
Buy Rules
- A green bar is visible for the selected currency pair.
- The higher time frame also shows a green bar.
- Price action supports bullish continuation.
- Enter the trade using a preferred confirmation method.
Sell Rules
- A red bar is visible for the selected currency pair.
- The higher time frame confirms bearish conditions.
- Market momentum favors downside movement.
- Confirm entries with price action or technical tools.
Stop Loss
- Place the stop loss a fixed number of pips beyond recent consolidation.
- Use the average true range to determine a volatility-based buffer.
Take Profit
- Close the trade when the bar color changes to gray.
- Scale out partial profits at predefined pip intervals.
- Exit fully when an opposite color signal appears.
Scalping Strategy MT4: TrendScanner Bars + Trend Predictor Arrows
This scalping strategy uses the TrendScanner Forex Indicator MT4 along with the Trend Predictor v1.0 Forex Indicator MT4.
The idea is to only enter when the trend bars indicate directional bias and the buy/sell arrows confirm timing.
Best used on 5‑minute or 15‑minute charts of major pairs.
It’s designed for scalpers who want clear, quick entries during intraday sessions.
Buy Entry Rules
- The TrendScanner bar turns green, signalling a buy trend.
- The Trend Predictor shows a blue arrow (buy signal).
- Enter a buy trade when both conditions align.
- Stop loss: a few pips below the most recent swing low or support level.
- Take profit: target 1.5× your stop‑loss risk or exit when the TrendScanner bar turns red.
Sell Entry Rules
- The TrendScanner bar turns red, signalling a sell trend.
- The Trend Predictor shows a red arrow (sell signal).
- Enter a sell trade when both conditions align.
- Stop loss: a few pips above the most recent swing high or resistance level.
- Take profit: target 1.5× your stop‑loss risk or exit when the TrendScanner bar turns green.
Advantages
- Combines trend‑direction filter (bar colour) with precise entry timing (arrow), reducing false entries.
- Simple, visual signals – easy to follow on short timeframes.
- Multiple intraday opportunities on 5‑minute and 15‑minute charts of liquid pairs.
Drawbacks
- Risk and reward are modest – many trades are required to build performance; discipline is essential.
Case Study 1: EUR/USD 5‑Minute Chart
The TrendScanner bar turned green, indicating a bullish trend.
Then the Trend Predictor displayed a blue arrow.
A buy trade was opened at 1.1005 with a stop loss at 1.0995 (10 pips risk) and a take‑profit set at 1.1015 (15 pips target).
The trade moved swiftly upward and hit the target, showing how trend‑bar + arrow alignment worked well on this pair.
Case Case Study 2: AUD/USD 15‑Minute Chart
The TrendScanner bar turned red, indicating a bearish trend.
Shortly after, the Trend Predictor showed a red arrow.
A sell trade was opened at 0.6700 with a stop loss at 0.6712 (12 pips risk) and take‑profit at 0.6682 (18 pips target).
Price followed downward momentum and reached the target, demonstrating that this scalping method works on another major pair.
Strategy Tips
- Use currency pairs (EUR/USD, AUD/USD, GBP/USD, USD/JPY) with tight spreads for best results.
- Stick to 5‑minute or 15‑minute charts during active sessions (London & New York overlap) for more opportunities.
- Only trade when both signals align (bar colour + arrow) — skip if they don’t match.
- Monitor the TrendScanner polarity: if the bar colour flips against you, consider exiting early to protect capital.
Download Now
Download the “TrendScanner.mq4” indicator for Metatrader 4
FAQ
What do the gray bars mean in the TrendScanner Forex Indicator MT4?
Gray bars indicate sideways price action where no strong trend is present. These conditions are often avoided by trend traders.
Can I customize the currency pairs shown on the dashboard?
Yes. You can add or remove currency pairs by editing the indicator inputs and pressing OK to apply the changes.
Is this indicator better suited for short-term or long-term trading?
The indicator works on all time frames. It can be used for intraday trading or higher time frame trend analysis depending on your strategy.
Summary
The TrendScanner Forex Indicator MT4 offers a simple and efficient way to scan market trends across multiple currency pairs.
Its dashboard format and color-coded signals reduce analysis time and improve focus.
With customizable settings, real-time updates, and clear trend indications, it supports both new and experienced traders.
While combining it with additional confirmation can further improve results, the indicator already provides strong value as a market scanning tool.
