Market Scanner Pro Indicator

The Market Scanner Pro Indicator displays all the forex pairs’ trends on the chart. In this guide, we’ll mention the indicator and how you can trade it.

What is the Market Scanner Pro Indicator?

As the name suggests, the Market Scanner Pro scans the market to show the chart’s forex pairs (majors, crosses, and gold).

Regardless of your chosen pair, the indicator illustrates forex pairs as blue and red. The blue color suggests an uptrend, while the red color shows a downtrend.

The Market Scanner Pro determines the signals from 1M to 1D for every timeframe. The indicator also signals whenever any forex pair changes trend at any timeframe.

Market Scanner Pro
Market Scanner Pro

Market Scanner Pro Strategy

There are multiple ways to trade with the Market Scanner Pro. The first is to choose a single pair; when the indicator shows the pair in blue, you can take a long position. Conversely, you can go short if the indicator shows the pair is red.

The second way is to look at all the forex majors, and you can trade on all of them. For instance, if the Market Scanner Pro highlights a stronger USD, you can take multiple positions on the forex major pairs accordingly.

You can also combine the Market Scanner Pro signals with other forms of technical analysis to confirm the trend. For example, if the Market Scanner Pro is red and the price is below the Moving Averages, it suggests a downtrend.

The key point is that the Market Scanner Pro may not work sideways or in choppy markets. So, as the indicator only projects an uptrend/downtrend, it may be prone to false signals.

Although you can look for the trend on all timeframes with Market Scanner Pro, it’s best to look for it on longer.

Buy Signal

  • The Market Scanner Pro must highlight the pair in blue and alert when the trend changes.
  • Wait for the price to go above and then enter.
  • Place a stop-loss at the recent swing low.
  • Set take-profit at the previous high or exit the Market Scanner Pro highlights the pair in red.
Market Scanner Pro buy signal
Market Scanner Pro buy signal

Sell Signal

  • The Market Scanner Pro must highlight the pair in red and alert when the trend changes.
  • Wait for the price to go down and then enter.
  • Place a stop-loss at the recent swing high.
  • Set take-profit at the previous low or exit the Market Scanner Pro highlights the pair in blue.
Market Scanner Pro sell signal
Market Scanner Pro sell signal

Market Scanner Pro Pros & Cons

Here are the pros and cons of the Market Panel Display Controller:

Pros

  • You can look for the overall forex market trend.
  • You can use it on multiple timeframes.
  • The indicator is easy to use.

Cons

  • The indicator can be prone to false signals.
  • You may have to combine it with other technical indicators for signal detection.

Conclusion

The Market Scanner Pro highlights forex majors and crosses uptrend and downtrend. The indicator can be helpful when looking at multiple pairs trend.

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