What is a MetaTrader Market Scanner?
MetaTrader Market Scanner is a program for MetaTrader 4
and 5 (MT4 and MT5) platforms, used for automatic and continuous search for trading signals based on user rules and indicators, on all symbols and time-frames available in the trading terminal.
In one window, the scanner monitors up to 270 different graphs: 30 characters for 9 separate time periods.
The use of automated market monitoring for technical analysis of a trading strategy simplifies the time-consuming task of finding new trading opportunities, saves countless hours of analysis time and accelerates the response to trading signals.
Advantages of Market Scanner usage
The main advantage of using the scanner is the instant technical analysis and search of trading signals overall the market in the context of any symbols, time-frames and indicators.
A trader using a scanner significantly increases the efficiency of his trading, saving time on a monotonous search for trading opportunities among many tools and timeframes, constantly switching from one chart to another.
In this search mode, the trader misses the best moment to open positions and loses the potential profit from trading. The constant search for signals takes a lot of time and effort. Lost time can be used on effective analysis and trades management.
The scanner is especially effective when using complex trading strategies, in which large mathematical calculations are performed and dozens of additional factors are taken into account
Full coincidence of conditions in such strategies is rare, but when this happens, it is a reliable signal of a potential profitable trade.
A quick response to the detection of such signals comes to the forefront, which without automation of scanning becomes a difficult task. Using a scanner minimizes the chance of skipping and losing a potentially profitable trade.
Market Scanner interface and functionality
For the scanner, only one chart is used, which presents all the information about the current status of the detection of trading strategy signals. Using one chart to visually present the situation on the market eliminates the need to switch between charts over and over again. Thus, the trader gets the opportunity to evaluate and control all trading signals in the market at once.
When the scanner detects a signal, the trader has the opportunity to immediately, in one click, open the chart with the asset and time-frame for more detailed consideration and decision-making on trade opening.
In a standard implementation, the program includes functions for notifying of the occurrence of trading signals. Notifications can be a sound or a text (sent to an email and to a mobile phone).
The trader independently determines the list of symbols and time-frames on which trading signals will be searched for according to a pre-programmed strategy.
MetaTrader Market Scanner: case studies
The most popular types of scanners are:
Trend scanner allows you to determine the current trend based on the most popular trend indicators:
- Moving Averages
- Bollinger Bands
- Parabolic SAR
Using these indicators, the trader can quickly determine the direction and strength of the trend movement.
Candlestick scanner scans the market for Candlestick Patterns
- Bullish Engulfing
- Morning Star
- Three White Soldiers
- Three Black Crows
Advantages of development your own custom Scanner
The main advantage of creating your own scanner is full adaptation to your requirements and the accuracy of signal calculations. On the Internet, you can find many special services that perform the functions of scanning the market.
The functionality of such products is significantly limited. They include only a basic set of functions for implementing very simple strategies using only a few standard technical indicators. Such programs cannot be adapted to use custom indicators, special conditions for calculating trading signals and creating your own unique trading strategy.
Only you can determine the exact, most optimal moment to enter the trade. In your own scanner, you get the opportunity to adjust the sequence of calculations, combinations of indicators and conditions exactly as you want it. The speed and convenience of scanners make them a must-have tool for all traders and investors.
If you need your own scanner designed for your individual requirements, make a request for a free consultation with our team of professional MQL4 developers
and find out the cost and terms of developing your project. Our solutions are recognized by competent software architecture and high quality code. You will receive a product that simplifies technical analysis and improves your trading efficiency.
Try our MT4 Candlestick Patterns Indicator (Scanner)
Candlestick Patterns Indicator is used to identify common candlestick patterns (formations) based on Japanese candles chart. The candlestick chart is the most popular way of representing a price of an asset. During the time, traders have identified some common formations of candles that signal about trend continuation and reversals, support and resistance levels, imbalances between bulls and bears. There are a lot of candlestick patterns known and used in trading and we have prepared an indicator that gathers them all together in one tool and allows you to visualize these patterns on the chart.