Forex MA Trend Scanner MT4 Indicator:
About the Forex MA Trend Scanner MT4 Indicator
This panel scans 3 moving averages in 28 configurable instruments and 9 timeframes for moving average alignment and moving average crossover.
MA Trend Scanner features:
- Customizable short-term, medium-term, and long-term MAs.
- Option to filter signals based on a minimum distance between moving averages to avoid premature MAs alignment.
- Option to show the number of the bar that short MA crossed medium MA on dashboard buttons.
- Optional Filter of signals with RSI indicator overbought/oversold levels.
- Optional Filter of signals with ADX indicator.
- Quick review of signals on the same chart by clicking on signal buttons.
- Easy setup and arrange of symbols in any order with any instrument that your broker provides.
- Popup, email, and phone notification alerts for selected symbols and timeframes.
- In the indicator settings window, set short, medium, and long MAs period, method, and applied price.
- In the MAs Distance Filter Setting, you can set a minimum distance between MAs with 3 modes: between all 3 MAs, between short and medium MAs, between Medium and long MAs. Set MAs Distance Filter to ‘None’ if you don’t want to use it.
- The default distance is the value of the ATR(20) indicator multiplied by 0.5. You can change the default ATR period and multiplier.
- By setting the RSI Filter to true the MA dashboard filters the signal when RSI is above 70 in an uptrend and below 30 in a downtrend.
- Set the ADX Filter to true if you want to filter signals using the ADX indicator main signal line value. Input the ADX period and ADX signal level values in their fields.
- Template name for new chart: Enter the name of the template you want to apply to charts opened by Open in new chart button.
- Signal after candle close: If true indicator waits until the close of the candle then checks the MAs order.
- Show number of MA crossover bar: If true the dashboard shows the number of the candle from right to left that short MA crossed medium MA, on dashboard buttons
- Popup Alert: To enable MT4 alert window informing potential trend on a symbol and timeframe. Select symbols and timeframes that you want to get alert for them by ticking their checkboxes on the panel
- Phone Notification: To receive indicator alerts on the cell phone. Enable and fill the MetaTrader push notification settings from the Notifications tab on the MetaTrader options dialog (ctrl+o)
- Email Alert: To receive indicator alerts via email. Enable and fill the MetaTrader email settings from the Email tab on the MetaTrader options dialog (ctrl+o)
- Panel Font Size: Change the font size of labels and buttons info with this
- Panel Scale: Choose between 4 scales to adjust the dashboard size to your screen
- The dashboard signals are based on 3 MAs alignment. Green color is for uptrend where short MA is above medium MA and medium MA is above long MA and red color for the downward alignment . Note that if you enable the distance or ADX filter, the dashboard might not give an immediate MA cross signal.
- The signals of this moving average scanner (Green/Red colors) are not Buy/Sell signals. They indicate a potential market trend that should be checked. The classic trend following approach is to find a strong trend then look at lower timeframes for a pullback or breakout trade setup in the direction of the main trend. If you have a particular MA trading system you can set up the indicator accordingly to get buy/sell signals.
- If you want 2 MAs setup, set the long MA period to zero.
- By default, the MA scanner monitors moving averages and doesn’t consider the current price position relative to MAs. If you want that set the short MA period to ‘1’ then it resembles the price.
- If you want to monitor more than 28 instruments you can load the indicator on another chart and set different symbols for it.
- The symbols that you want to add to the dashboard must be visible in the MetaTrader market watch window. The first time you run the indicator or load a new symbol in the dashboard it might take a few seconds to update its data and show signals.
Copy and paste the file 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)