Technical Indicators for MetaTrader 4
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MetaTrader 4
Top Rated Products MT4
Overview
This is a brand new trend scanner for all of us that love to use different kinds of moving averages to define a trending market. This scanner is very useful and saves you a lot of time when you want to look for trending markets.
In the scanner, you can choose to either use two different moving averages or three when defining a trend. Some like to use f. ex. the 50 EMA and the 200 EMA. If 50 is below 200 they will consider it a downtrend.
Others like to use three moving averages. This can be e.g. 18 - 50 - 200. So when these moving averages are aligned a trend is confirmed.
You decide what kind of moving averages to use for your trend criteria
In my example showed in the pictures below I use the 18 EMA + 50 EMA + 200 EMA.
Greed dot = 18 EMA is above 50 EMA which is above 200 EMA.
Red dot = 18 EMA is below 50 EMA which is below 200 EMA
Black dot = The moving averages are not in a clear sequence, so no clear trend.
Next to the dot, there is a number. This is equal to 1 ATR defined in "pips". Many traders use ATR when figuring out the stop loss distance. This makes sure you don't have to look at yet another indicator for this, it's all in the same place.
When it comes to which instruments to scan for you can choose to either scan all pairs visible in the market watch or predefined pairs you input in the settings section.
When you want to see what pairs are trending on multiple timeframes you just have to look for the same color across the panel. It cant be easier than this!
When using the indicator with default settings, make sure you only show symbols in your market watch that you are actually trading. In this way you dont overload the scanner with instruments you don^t trade.
