How ForexScanner PRO Works

How ForexScanner PRO Works

“As a forex trader, complicated things that we have to spend huge amounts of time learning are just not practical.”

ForexScanner PRO is a universal trading system built for Metatrader 4, which contains three high quality custom indicators, one template, profiles and an alert system. ForexScanner PRO provides real-time buy/sell signals without depending on curve-fitting and is dynamic and progressive adaptive to the ever-changing forex market.

Unlike most strategies and systems which require complex indicators and multiple analysis tools, we strongly believe that in Forex: the simpler, the better.

Here’s a picture of ForexScanner PRO attached to a Metatrader 4 chart. To make this simple, I have labeled the main parts that we will take note of. Below the chart I will explain these parts and what they mean when it comes to reading ForexScanner PRO charts.

Components Of The Trading System:

A. Analyze Trend: shows the current market trend

• Analyze Trend: — (no trend)
• Analyze Trend: Green Arrow (bullish trend)
• Analyze Trend: Red Arrow (bearish trend)

B. 10-Day ATR: calculates the currency pair’s average daily range and displays the ATR (daily high – daily low) in pips for any currency pair measured over a 10-day period.

C. Real-time trading signals: green arrows for buy signals; red arrows for sell signals. Arrows may or may not be an entry signals depending on the other indicators.

D. Pivot Points: the gray line represents the pivot point. The green lines are resistance levels R1,R2 and R3. The red lines are support levels S1,S2 and S3. Pivot point levels are automatically updated every day.

E. ForexScanner PRO Filter: uses a proprietary algorithm to track overbought and oversold market conditions.

F. ForexScanner PRO Trend: uses a proprietary algorithm to track price movement on several time frames and determine the strength and direction of the current trend of a currency pair. A green bar for bullish markets, a grey bar for range-bound markets and a red bar for bearish markets.

ForexScanner PRO Trading Rules:

All trading rules can be applied to any currency pair, Gold, Oil and Stock Indices on any timeframe, or literally anything that can be displayed as a chart in Metatrader 4 platform.

A. Buy Rules:

All buy/long trade rules must be met at the bar with green arrow or one after!

• BUY ARROW: Buy signal “green arrow” appears on the chart.
• PRO TREND + ANALYZE TREND: Both green (bullish trend)
• PRO FILTER: Filter line must cross the 0.15 from below and head back above 0.15

B. Sell Rules:

All sell/short trade rules must be met at the bar with red arrow or one after!

• SELL ARROW: Sell signal “red arrow” appears on the chart.
• PRO TREND + ANALYZE TREND: Both red (bearish trend)
• PRO FILTER: Filter line must cross the 0.75 from above and head back below 0.75