The Forex Donchian PRO Trend Scanner Indicator is a forex indicator developed for the MetaTrader 4 platform that can be used to conduct technical analysis on any currency pair and chart timeframe. The main purpose of this forex trading tool is to try and automatically detect the direction of the trend and provide you with optional entry and exit signals. In this Donchian PRO review, we will cover exactly what the Donchian PRO Indicator is and how it works, to hopefully help you decide if it is something that you would want to include in your forex day trading strategy.
What Are Donchian Channels?
Donchian Channels are three lines generated by moving average calculations that comprise an indicator formed by upper and lower bands around a midrange or median band. The upper band marks the highest price of a security over X periods while the lower band marks the lowest price of a security over X periods. The area between the upper and lower bands represents the Donchian Channel. Career futures trader Richard Donchian developed the indicator in the mid-20th century to help him identify trends. He would later be nicknamed “The Father of Trend Following.”
What is the Forex Donchian PRO Trend Scanner Indicator?
The Donchian PRO Indicator scans charts for buy and sell signals based on the Donchian Channels principle. It is a multi-function indicator that includes the Donchian Channel, entry & exit signals, statistical dashboard panel, and a trend-detection scanner. It is designed to provide you trading signals and save you hours analysing the charts. The indicator can be used on all timeframes, forex pairs, indices, stocks commodities, precious metals, energies, cryptocurrency, etc.
How to use the Forex Donchian PRO Trend Scanner Indicator?
You simply attach the Forex Donchian PRO Trend Scanner Indicator to any chart within your MT4 platform and it will automatically scan the market for signals on your behalf, using its built-in algorithm. This is good because it can save a vast amount of time from learning how to find Donchian Channels and manually searching for them.
However, keep in mind that you do not have to blindly take each Donchian PRO signals as it is. I would most certainly conduct my own market analysis prior to taking a trade from a signal that the Donchian PRO Indicator finds. I believe that forex systems should combine various types of analysis, rather than relying on one principle.
The Forex Donchian PRO Trend Scanner Indicator can show the trend on multiple timeframes from the same dashboard. This can give a quick and easy to interpret overview of various currency pairs and timeframes. Some traders may argue that confirming a signal on multiple timeframes could increase reliability.
Forex Donchian PRO Trend Scanner Indicator Features
By now, you should have a basic understanding of Donchian Channels and how the Donchian PRO Indicator works. Here we will take a look at some of the key features of this particular forex indicator.
Automated entry & exit signals
The Donchian PRO Scanner can detect trading opportunities and provide you with optional take profit & stop loss levels. You then have to decide if you would like to take the signal as is or trade according to your own trading strategy and money management principles.
Trend Scanner
The trend scanner is a multi-symbol and multi-timeframe scanner that shows the possible direction of the trend along with a strength rating according to the Donchian PRO Indicator. This is only to be used as a guide, you can verify it with your own market analysis.
Statistical Dashboard Panel
This shows the historical entry signal, and total profit/loss of each currency pair so you know exactly the result. Of course, historical results are by no means any guarantee of future performance. You should understand all of the significant risks involved with trading any forex system.
Alerts, Email, and Push notifications
The Forex Donchian PRO Trend Scanner Indicator can send you notifications when a new buy or sell signal is identified. The alerts can be sent via SMS, email and platform pop-ups.
Customizable and non-repainting
The Forex Donchian PRO Indicator can be fully customized so that the look and feel of the scanner is suitable for your preferred platform layout. The indicator is non-repainting, which means that signals should not change after they have occurred.
This is a good thing, because some indicators can look fantastic over historical data when they are only adapting to past history. The story in real time may have been a lot different.
What is included with the Forex Donchian PRO Trend Scanner Indicator?
When you purchase the Forex Donchian PRO Indicator for just $37, you get the following:
- Donchian Trend Pro Indicator
- Lifetime license and unlimited activations on any computer
- Lifetime support & free updates
- PDF Instruction Manual
Forex Donchian PRO Trend Scanner Indicator Conclusion
Overall, I think this can be a very useful forex indicator to be used as an additional trend filter within a more complete trading strategy. Whilst it can show the market trend over multiple timeframes and on any trading instrument, I think it requires the user to do some further analysis before taking a trade. This could be price action analysis, fundamental analysis and sentiment analysis. I wouldn’t want to take the signals as they are without confirming them myself. That being said, you can use the Forex Donchian PRO Trend Scanner Indicator as is, straight out of the box.
The indicator is very easy to use, with an intuitive and user-friendly dashboard. The alert notification feature can save us from chart watching all day. You can quickly and easily analyse multiple instruments and timeframes from one chart window.
Of course, this is not the holy grail. You should make sure that you have good money management and trading discipline if you want to get the most out of the Forex Donchian PRO Indicator. It is one of the more unique forex trading tools that I have reviewed and certainly something I would consider using on a demo account to gauge the quality of the trading signals that it generates before potentially switching over to a real live trading account.
If you want to give it a try or find out more, please feel free to visit the official Forex Donchian PRO Trend Scanner Indicator website by using the link below.
Forex Donchian PRO Trend Scanner Indicator
$37
Pros
- Donchian Channel Analysis
- Manual forex trading tool
- Intuitive dashboard interface
- Easy to use forex indicator
- Any chart timeframe
- Any trading instrument
- Versatile trading strategies
- Buy & Sell signal alerts
- Detailed instructions included
- Full support
Cons
- MetaTrader 4 platform only
- Takes some time to learn
- Requires some user initiative
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
