The Forex Trend Scanner is a powerful tool designed to revolutionize currency strength analysis. It caters to traders of all levels, offering guidance on what to trade and in which direction. This versatile model allows users to include any currency-related symbol, such as Gold (XAU/USD), Silver (XAG/USD), and even Bitcoin (BTC/USD). With compatibility across all time frames and default settings covering 28 major pairs, it provides comprehensive insights for informed trading decisions. Whether you're a novice or seasoned professional, this scanner empowers you to navigate the forex market with confidence.
The scanner utilizes two crucial moving averages, a fast one (5) and a slow one (12), to determine the direction of a currency pair as bullish, bearish, or neutral. For instance, when assessing the strength of EUR, it evaluates all EUR-related pairs (like EUR/USD, EUR/CAD, etc.) to gauge trading dynamics and score the order flow of EUR against 7 other currencies. A score range of -7 to +7 indicates EUR's performance relative to other majors. A +7 score signifies robust order flow as EUR gains against all others, indicating widespread buying interest, while -7 indicates weak order flow as EUR depreciates against all majors, reflecting broad selling pressure. The scanner combines the strongest-performing currencies against the weakest ones to identify pairs with minimal resistance and optimal trading opportunities, which are then displayed on the dashboard. Users can open new charts by double-clicking on listed pairs, customizing chart templates via parameters.
Parameters
- Currencies: EUR,AUD,CAD,USD,NZD,GBP,CHF,JPY
- Suffix: (Write your brokers suffix here, if any)
- Template: --> Write your template name here <--
- Update Sound: tick.wav
