In this post I will review the Divergence Scanner Dashboard which is built for the MetaTrader 4 (MT4) trading platform which is one of the most popular trading platforms used by millions of forex traders around the globe and free to download from most online forex brokers.
I always tend to use an ECN forex broker for the best possible trading conditions which includes low spreads, competitive commissions and reliable executions speeds. I find such brokers can save on trading costs in the long term.
With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs.
Divergence Scanner Dashboard Features
The Divergence Indicator and Divergence Scanner Dashboard can scan any trading instrument on any chart time frame for trading signals that are based on price divergence. I would prefer to use this tool on the long-term time frame charts as I find that they tend to filter out some of the noise that lower time frames can have.
Divergence can be hard to spot and take years of practice to master, thus this is a useful tool for traders of all experience levels. It can be used stand alone or as part of your own trading strategy that uses additional market analysis.
You also do not need to take every signal generated. I would make sure that I verify every signal with my own analysis before entering a position.
The Divergence Scanner Dashboard can be used by day traders, swing traders and position traders. It comes with entry points and gives you options of where you could consider placing your stop losses, as well as 3 exit points (Target Levels) ensuring adequate compensation for risk taken when held to maturity with average risk reward ratio of 3.35 for the 3 Target Levels. You can of course choose your own levels should you wish.
I would ensure that my money management is in check with a favourable risk to reward ratio where my winning trades outweigh the losing trades. There is nothing more frustrating than 1 loss wiping out a long winning streak. For that reason, I would shoot for a risk to reward ratio of at least 1:3 when using a manual trading system.
The Divergence Scanner Dashboard is very thorough, containing multiple instruments, multiple time frames, entry levels, stop loss levels, take profit levels and a button to open charts quickly.
Divergence Scanner Dashboard Summary
When it comes to a manual trading system based on divergence, the Divergence Scanner Dashboard and indicator can be a very useful trading tool. It does a great job at spotting divergence on multiple currency pairs and time frames all at once. This can save plenty of time and be useful if you do not know how to spot divergence yourself – although it would of course be useful if you learnt how to!
The Divergence Scanner Dashboard trading tool can be used as is or in combination with other analysis. It comes with instructions, videos, support, updates and a money back guarantee.