The Forex Pattern Scanner is an ultimate Forex trading tool designed to help traders swiftly react to market changes and spot high-profit opportunities without constantly monitoring numerous charts. This tool runs discreetly in the background on one chart and tirelessly scans the markets for the best setups based on specific entry signals.
Unlike manual analysis, which can be time-consuming and prone to human error, the Pattern Scanner efficiently and accurately identifies potential trading setups. It offers not just time-saving benefits but also gives traders the confidence that they are making decisions based on comprehensive market analysis.
The Pattern Scanner MT4 can scan up to 40 currency pairs and 6 timeframes concurrently. It checks these for up to 5 distinct entry signals, ensuring a thorough scan for potential trading opportunities. This feature significantly reduces the time and effort required to monitor and analyze multiple charts, allowing traders to focus on executing trades and making profitable moves.
The Forex Pattern Scanner has an interactive feature whereby a chart loaded with a user’s template will be displayed with a simple click. This allows traders to visualize the identified setup swiftly, which can be particularly useful when responding to alerts. It also displays current spreads and Average Daily Range (ADR), giving traders a comprehensive overview of the market situation.
Besides identifying entry signals, the Pattern Finder also shows the strength of each currency pair. Doing so helps traders make informed decisions by assessing the relative strength of different currencies and, hence, more accurately predicting market trends.
Ultimate Forex Trading Tool does give standalone signals, but it can be very useful for your trading as additional chart analysis, to find trade exit position(TP/SL), and more. While traders of all experience levels can use this system, practicing trading on an MT4 demo account can be beneficial until you become consistent and confident enough to go live. You can open a real or demo trading account with most Forex brokers.
How this Ultimate Forex Trading Tool Looks
One of the standout features of the Forex Pattern Scanner MT4 is its instant alert system. The scanner identifies potential entry points and sends immediate notifications via audio alerts, pop-up messages, push notifications, or email. This means traders can swiftly take action whenever a good entry signal is found. Moreover, the tool allows traders to set the time of day when these audible alerts are issued, preventing any disturbance during non-trading hours like midnight.
Information Shown on Forex Pattern Scanner
Besides showing the current spread, ADR, and currency pair strength of all included currency pairs. It shows,
- The trend (Strong Up, Up, Natural, Down, and Strong Down) of all included pairs on 6 different timeframes.
- Inside bar, Pin bar, Spike bar, Reversal ba, and Outside bar Candlestick pattern on all included pairs on 6 different timeframes.
- Broker Time and Trading Session
In conclusion, the Forex Pattern Scanner is an invaluable tool for any novice or experienced trader. Automating the time-consuming process of chart-checking and alerting traders in real time to potential trading opportunities enhances trading efficiency and possibly profitability. Allowing traders to focus on what they do best: making successful trades.