The TrendScanner Forex indicator for Metatrader 4 gets displayed in dashboard format and reveals the trend for multiple currency pairs and time frames.
The indicator appears in the bottom chart of the trading platform as green/red/gray small bars (see chart below).
You can add/remove currency pairs by editing the indicator’s inputs and pressing OK to save the new configuration.
This is a powerful Forex indicator that you should try right away!
Buy & Sell Trade Example
- A green bar is a buy signal.
- A red bar is a sell signal.
- A gray bar indicates sideways price action.
Free Download
Download the “TrendScanner.mq4” indicator for MT4
Indicator Chart (EUR/USD H4)
The example chart below displays the TrendScanner mt4 indicator in action on the trading chart.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss, and take profit method when trading with this powerful 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: Trend
Does the indicator repaint? No.
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 Studies
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.
