Trade Smarter with a Forex Trend Scanner
In any market, going against the trend is rarely a smart move. In a fast moving market like Forex, timing is also important. Because of that, identifying trends early and accurately is critical to have profitable trades. That's why Forex Trend Scanner is built - a powerful tool that empowers traders to detect market trends of multiple currency pairs with speed and precision. No matter your experience level, integrating a trend scanner into your trading strategy can offer powerful advantages and help you make more informed trading decisions.
What is Forex Trend Scanner?
Forex Trend Scanner is an analytical tool that automatically scans the market to identify the direction of price movement: uptrend, downtrend or sideway of different currency pairs. Instead of manually switching through charts and performing technical analysis for each pair, Market Trend Scanner analyzes and composes all these data into a simple and easy to read dashboard.
The Forex Trend Scanner stands out for its ability to scan multiple currency pairs simultaneously. For each pair, it performs intensive calculations using the Safe Algorithm, which combines and rating data from 23 widely trusted technical indicators to determine the overall strength and direction of the trend. Finally, providing a simple and easy to read dashboard to help traders can make faster and more informed trading decisions.
How does it work?
Forex Trend Scanner analyzes signals from 23 carefully selected and trusted technical indicators for each currency pair. Then it uses a secret and advanced Safe Algorithm to combine and scoring the signals from these indicators to deliver a final, reliable trend signals.
Here's a summary of the simplified process:
- Pick trust indicators, including both oscillators and moving averages.
- Calculate all component indicators.
- Analyze the signal of component indicators using best practices to identify component trends.
- Combine and scoring all component trend signals through our Safe Algorithm.
- Provide the final realiable trend signals.
Use with understanding what you are seeing:
- When analyzing component signals, our algorithm takes a conservative approach to reliably confirm potential trend reversals. This approach may slightly delay the detection of trend reversals, but it significantly enhances reliability and reduces false signals.
- Our algorithm's scoring process is designed to prevent the need for all component indicators to align perfectly in the same direction to determine the final trend. This ensures a balanced analysis and helps avoid situations where no signal is generated at all.
- We source data from trusted provider and update the measurement results automatically every minute to ensure accuracy and reliability without the delays.
- Measurement results are not updated when 4 main markets are all closed.
- Because of intensive calculations and complex algorithm, the web version of this tool is currently for demo purpose only with dummy data. Please check back later or using our MetaTrader version for yor trades.
How to interpret data from the tool?
Our Forex Trend Scanner offers a user-friendly interface, displaying the trend score and direction for each currency pair:
- Safe Score: The trend score, calculated by our Safe Algorithm.
- Safe Rating: The final signal generated by the Safe Algorithm, can be Neutral, Buy, Strong Buy, Sell, or Strong Sell.
- Oscillator Rating (OS Rating): The combined signal from oscillator indicators.
- Moving Average Rating (MA Rating): The combined signal from moving average indicators.
How to use it effectively
Your trading style and preferences will determine the best approach, but here's a general guideline:
- When Safe Rating is Neutral: No clear trend. Don't rush! Keep monitoring.
- When Safe Rating changes from Neutral to Buy/Strong Buy: Bullish trend. Consider buying.
- When Safe Rating changes from Neutral to Sell/Strong Sell: Bearish trend. Consider selling.
- For earlier entry with a potentially better price but less reliability: Follow the MA Rating.
- For trading on Overbought/Oversold conditions: Follow the OS Rating.
If you're an experienced trader and prefer complex strategies, our Forex trend scanner can offer more advanced setups. You can combine trend signals with other indicators or your own strategies to identify the best entry and exit points.
Why use a Forex Trend Scanner?
A Forex trend scanner offers several key benefits:
- Real-time market monitoring: A trend scanner automatically monitors real-time data of multiple currency pairs and let you know when a new trend is forming, helping you stay ahead on the market.
- Improved trading accuracy: By using multiple technical indicators and intelligently combining their signals, this tool minimizes guesswork and eliminates the limitations of relying on a single indicator
- Time efficiency: Don't need to look at every single currency pairs and do analysis work anymore. With this trend scanner, this process becomes significantly faster, allowing you to focus more on execution rather than manual analysis.
Who should use this trend scanner?
- New traders: If you're new to forex, this trend scanner helps you learn trend-based trading faster, reducing emotional decisions.
- Technical traders: Those who rely on indicators and chart patterns will benefit from automated trend confirmation.
- Swing and day traders: Save time by identifying market trends without manual scanning.
- Algorithmic traders: Use scanner data as a trigger for your bots or EAs.
Conclusion
This Forex Trend Scanner is a powerful tool that watches the market for you, gives you accuracy insights, frees up your time so you can focus on strategy and execution. It can dramatically improve your trade timing and consistency.