The Multi Forex Scanner dashboard indicator gives you a quick overview of the best currency pairs to trade.
The indicator provides a lot of useful data.
It displays the server time, time until candle close, price, spread, ATR value, Volume, RSI, Stochastic, ADX, Pivots and moving average.
Selecting good pairs to trade:
Look at both the ADX value and MA.
The ADX must display ‘Strong Trend” and the moving average “MA” gives the trend direction, either “UP” or “DOWN”.
Buy trade: ADX strong trend + Moving Average UP
Sell trade: ADX strong trend + Moving Average DOWN
Confirm the trade with additional indicators or with price action.
The EUR/USD M5 chart below displays the Multi Forex Scanner dashboard Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Open buy position when ADX displays a strong trend and “MA” signals a buy trend. Confirm the buy trade with other indicators or analysis methods.
Sell Signal: Open sell position when ADX displays a strong trend and “MA” signals a sell trend. Confirm the sell trade with other indicators or analysis methods.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (update interval, ATR, volume, RSI, slow Stochastic, ADX, Pivots, MA), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the FXTT FX Scanner.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)