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Forex Scanner Pro Trend

Are you using regular moving averages to identify forex market trend? Forex Scanner Pro Trend MT4 indicator applies two different moving average shift values to identify bullish and bearish forex market trend direction. Best for intraday trend direction download NOW for free.

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Description

The Forex scanner pro trend MT4 indicator mainly uses the 200 period simple moving average to calculate the forex price trend. However, it applies a complex calculation to add a shift to the moving average. It uses two different shift values and provides bullish and bearish forex trading signals based on their crossover.

Features of Forex Scanner Pro Trend MT4 Indicator

The indicator plots a histogram with green bars. A histogram below zero line shows a bearish market trend, while histogram above indicates a bullish price trend.

The indicator works similarly to the classic moving averages. However, the main difference between the classic moving averages and this indicator lies in the moving average shift. Classic moving averages uses a shift value of 0; hence they use the price of current candle for calculation.

However, this indicator automatically calculates a shift value according to price changes. Moreover, it calculates two different shift values and the crossover of these two indicator values provide the trading signal. The signals are then displayed in the form of a histogram in a separate indicator window.

Traders can use the histogram to buy and sell once the histogram crosses the zero line.

Benefits of Forex Scanner Pro Trend MT4 Indicator

The main benefit of this indicator is to identify long term forex price trend direction. Since, it uses the 200 moving average with median prices it helps intraday forex traders, short and long-term traders. However, it may not be best suited for traders using scalping trading strategies.

Scalpers can use this indicator to identify the trend direction and use other technical indicators to identify the entry and exit points. Trading in confluence with other indicators enables them to stay in the trend direction.

Indicator Settings Description

The indicator does not provide any user input settings except the histogram bar color as the default settings work perfectly.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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