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
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.