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Forex Trend Scanner Indicator For MT4

The Forex Trend Scanner indicator for MT4 follows the overall Forex trend and draws red and green signal candlesticks on the charts.

Green for a bullish trend and red for a bearish trend.

Interpretation

  • Lime colored candlesticks: strong up trend
  • Green colored candlesticks: weak uptrend
  • Red colored candlesticks: strong down trend
  • Maroon colored candlesticks: weak down trend

Forex Signals

Buy: Lime candlestick

Sell: Red candlestick

Trading Tip

Always trade in agreement with the overall trend.

For example, first define the trend on the higher time frame with a moving average then use the lower time frame to enter the trade with the Forex trend scanner indicator.

Examples

Trend up on the 15 min chart ==> Lime colored bullish candlestick on the 5 min chart ==> Go long.
Trend up down on the 5 min chart ==> Red colored bearish candlestick on the 1 min chart ==> Go short.

Indicator Preferences

Currency pairs: Any

Preferred Time frames: Suitable for 1 min charts and higher.

Sessions: any

Download

Download the forextrendscanner.mq4 indicator.

Configurable Indicator Options

Colors, sensitivity

EUR/USD H1 Chart Example

forex-trend-scanner-indicator

How to install the Forex Trend Scanner custom indicator in Metatrader 4?

  • Download the forextrendscanner.mq4 indicator to your computer.
  • Open your Metatrader 4 platform.
  • Open the data folder from the top menu.
  • Open the MQL4 folder.
  • Open the indicators folder.
  • Paste the indicator file in this folder.
  • Restart the trading platform.
  • Open any trading chart.
  • Attach the indicator to the chart.