Market Trend Scanner: User Guidelines
This post is the user guidelines of Market Trend Scanner for both MT5 & MT4 versions.
Overview:
Market Trend Scanner is a trend analyzer or trend screener indicator that helps you know the trend in selected timeframe of all symbols you’re watching. This indicator provides clear & detailed analysis results on a beautiful dashboard, let you able to use this result right away without need to do any additional analysis.
How it works
Step 1: Calculate values of 23 selected & trusted technical indicators (Oscillator & Moving Average indicators)
Step 2: Analyze all indicators using best practices to find out component trends
Step 3: Combine all component trend signals using Safe Algorithm
Step 4: Provide final trustable signal
Why it works
- All indicators used to analyze are popular technical indicators that traders use and trust
- Signals are based on best practices that used and tested for a long time
- Signal from multiple indicators in difference types combined is always much more trustable than just 1 or 2 indicators
- Safe Algorithm is a smart trading algorithm that can use for rating final signal
How to use it
Market Trend Scanner indicator provides these main analyzed data:
- Safe Score: Trend score calculated by Safe Algorithm
- Safe Rating: Final signal by using Safe Algorithm. It can be Neutral, Buy, Strong Buy, Sell, Strong Sell
- Oscillator Rating (OS Rating) : Combination signal of oscillator indicators
- Moving Average Rating (MA Rating): Combination signal of moving average indicators
- Indicator Signals: Signal of component indicators
The way to use these analyzed data:
– When Safe Rating is Neutral => No clearly trend. Don’t be hurry! Keep monitoring
– When Safe Rating turns from Neutral to Buy/Strong Buy => It’s bullish now. Buy!
– When Safe Rating turns from Neutral to Sell/Strong Sell => It’s bearish now. Sell!
– If you want to enter a position earlier for better price but less reliable => Follow MA Rating
– If you want to trade on Overbought/Oversold events => Follow OS Rating
– If you are an experienced trader with lot of experiences and want to build complex strategies => More details provided in Safe Score & Indicator Signals
Who should use this indicator
– If you are a fundamental trader, this indicator is totally useless. It can’t help you. Please keep searching for other indicators.
– If you are a technical trader who believes on data, history and technical indicators, you have to own this indicator. Trust me, bro!
– If you are a new trader, this indicator is very strong and simple to use. No setup required. Using selected and trusted indicators. Using best practices…
– If you are an experienced trader, this indicator still be helpful. Are you able to monitor and combine many indicator signals quickly? Do you have a good algorithm to rate analyzed signals? Let this indicator saves your effort and helps you build more profit strategies.
1. Understand Market Trend Scanner dashboard
After downloading, click on Market Trend Scanner MT5/MT4 to attach indicator into chart. No setup required.
When the indicator loaded successfully, you will see a dashboard looks like this available on chart:
By default, it loads all symbols (in your watch list) of current chart timeframe, analyze trend and show on the dashboard. You can setup your preferred symbols on Settings later. However, please spend some time to understand the dashboard first.
- The left column is list of monitored symbols
- The top row is is heading row, it’s list of information for each symbol
- In the center is dashboard is analysis information. Values in number and signals in text. Colors present the Buy/Sell suggestion. Each row is information of a timeframe and it includes:
– Price change in percent
– Volume
– Safe Score calculated by Safe Algorithm. Value is between -100 and 100. 100 is supper strong buy signal and -100 is supper strong sell signal.
– Safe Rating is the Final Rating calculated by Safe Algorithm. Value can be Strong Buy, Buy, Neutral, Sell, Strong Sell.
– OS Rating is the rating calculated from Oscillator indicators. Value can be Strong Buy, Buy, Neutral, Sell, Strong Sell.
– MA Rating is the rating calculated from Moving Average indicators. Value can be Strong Buy, Buy, Neutral, Sell, Strong Sell.
– Values of up to 10 component indicators with the colors to show the buy/sell signal for that single indicator. White is Neutral, Red is Sell, Blue is Buy. - Click on the timeframe list on left top corner to switch to the timeframe you would like to analyze trend
- Click on the symbol name at the beginning of row to open chart in that symbol
- Click on the Refresh icon at the end of heading row to instance refresh data if you want
- Click on alert icon at the end of row to add alert for that symbol
- The first row on top is dashboard controls:
– Gear icon control opens Settings dialog
– Alert icon control opens Alert Manager dialog
– Save icon control opens Save Settings dialog
– File Open icon control opens Saved Setting dialog - The Clock next to control shows time of trading server or local time. Click on it to switch between these time modes
- The Light/Dark mode icon on the top-right corner to switch between light and dark mode
Important Notes:
– You can change list of indicators shown on the dashboard. However, list of indicators used to calculate final rating and signals are fixed and can’t be changed
– Although this indicator works with all timeframes, we recommend to take Safe Rating suggestion on M15 and up. Smaller timeframes should be used as references
– Safe Rating is stronger and more reliable than just OS Rating or MA Rating
List of 23 component indicators used to calculate Ratings & Signals:
– RSI(14)
– Stochastic %K(14,3,3)
– CCI(20)
– ADX(14)
– Awesome Oscillator
– Momentum(10)
– MACD Level(12,26,9)
– William %R(14)
– Ultimate Oscillator(7,14,28)
– Bull Bear Power(13)
– VWMA(20)
– Hull MA(10)
– Ichimoku Cloud(9,26,52)
– SMA(10)
– SMA(20)
– SMA(30)
– SMA(50)
– SMA(100)
– EMA(10)
– EMA(20)
– EMA(30)
– EMA(50)
– EMA(100)
2. Live Settings
Click on the Gear icon on controls row to open Settings dialog. From here, you can setup list of monitored symbols, indicators and behaviors of dashboard. It looks like this
Symbols tab
- Symbols tab shows symbols you can pick to analyze and monitor
- All symbols you are watching (in your watch list) are supported
- You can pick up to 20 symbols to monitor in the dashboard
- The “Clear all symbols” link button allows you to clear all selected symbols
Indicators tab
- Pick indicators you want to monitor values (and component Buy/Sell suggestion)
- Up to 10 indicators allowed
- The “Clear indicators” link button allows you to clear all selected indicators
Behaviors tab
- Auto update every X seconds: Calculate and update dashboard every X seconds
- Open Symbol on same chart: Behavior applies for action when you click on the symbol on dashboard. Change symbol of current chart or open it in a new chart
3. Alert Manager
There are 2 ways to add an alert for events you care:
- Click Alert icon on the right of symbol row to add alert for that symbol
- Click Alert icon on controls bar in top to open Alert Manager dialog and add alert
Add Alert dialog
Meaning of fields on add alert dialog as below
- Symbol: Select the symbol for alert. Alert condition will check on this symbol only. Pick “Anyone” to use alert for all symbols under monitoring
- Condition: Select condition to fire alert. Supported conditions are:
– Safe Rating: Check value of Safe Rating
– OS Rating: Check value of OS Rating
– MA Rating: Check value of MA Rating - Value: Value of condition above. Can be: Neutral, Buy, Strong Buy, Sell, Strong Sell
- Expiration: Expiration time of alert. It is trade server time. Alert expired will not shown in manager list
Alert Manager dialog
- List filters bar on top to filter alerts you created based on symbol and condition
- Active Alert list show active alerts. Expired alerts or fired alerts will be removed automatically and not shown here
– Hover each alert to see expired time and symbols that alert fired (if alert symbol is “Anyone”)
– Click on Cross icon to remove alert
– Click on Pen icon to edit alert - Click on Add Alert button to add new alert
- Click on Remove Alerts link button to remove alert shown in list (use filters to select alerts you want to remove)
- Click on Channels tab to select channels you want to receive alerts. There are 4 channels supported:
– Terminal message: A message box on MT5/MT4 terminal you are working
– Terminal sound: A sound on MT5/MT4 terminal you are working
– Mobile notification: A notification on your mobile (You need to setup you app notification. Guidelines here)
– Email notification: An email in your mailbox (You need to set up email notification. Guidelines here)
Alert Behaviors:
– Condition of alerts will be checked and fired (if matched) every second. It doesn’t depend on your update interval setting
– “Anyone” option is applied for all symbols under monitoring and shown in the monitoring list. If you update list of monitored symbols, it will be applied for the new list
– When you edit alert, list of fired symbols will be reset. If you just update expiration date, it will NOT be reset
– When you Save & Load settings, alerts will be saved /loaded but fired symbols (for “Anyone” option) will not be saved/loaded
4. Miscellaneous
4.1 Save Settings
Use Save Setting feature to save your setup and alerts for further use
- Click on Save icon in controls bar to open Save dialog
- Enter name you want to use
- Click Confirm to save
4.2 Load Saved Settings
Use Load Saved Settings feature to load setup and alerts you stored
- Click on File Open icon in controls bar to open Load dialog
- Select setting file you stored (if any)
- Click Confirm to load
Note: On load settings dialog, you can click on Cross icon to remove your saved settings file
4.3 Switch Clock Mode
- Click on the clock to switch between trade server time and load time
- If you don’t know what is the current time mode, hover the clock to see the tooltip
4.4 Switch Theme Mode
Click on the Light/Dark mode icon on top-right corner (next to minimize and close icons) to switch to the theme mode you prefer.
Thank you for reading! Be Safe & Happy Trading!
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