Forex Trend Scanner Indicator – Spot Trend Continuations and Reversals Instantly
Are you a beginner struggling to identify market direction? Or an experienced trader missing key trend reversals? The Forex Trend Scanner Indicator makes it simple to spot Trend Continuation and reversals at a glance.
What is the Forex Trend Scanner Indicator?
Candlestick Patterns are essential for trading, but predicting market moves can be challenging without experience. The Forex Trend Scanner simplifies this by using four colors of candlesticks instead of the usual two:
Lime Green – Strong bullish trend
Dark Green – Bullish trend weakening
Red – Strong bearish trend
Maroon – Bearish trend weakening
This visual cue allows traders to quickly assess whether to hold or close positions, making trading decisions faster and more precise.
How to Use the Forex Trend Scanner Indicator
The indicator can help you identify new trading opportunities or manage existing positions. For example:
Long Position: If candles start turning dark green after a bullish run, it signals weakening momentum. Close your current position or open a new one depending on candle colors.
Short Position: If candles start turning maroon after a bearish run, it signals weakening bearish momentum.
Trading Strategies
Buy Setup:
After a bearish run of 15–20 candlesticks, wait for red candles to turn maroon.
Look for a new lime green candle to appear.
Enter a long position when the bullish candle closes.
Place stop-loss near local lows.
Close the trade when dark green candles appear or set a take-profit 1.5× the stop-loss.
Sell Setup:
After a bullish run of 15–20 candlesticks, wait for lime green candles to turn dark green.
Look for a new red candle to appear.
Enter a short position when the bearish candle closes.
Place stop-loss near local highs.
Close the trade when maroon candles appear or set a take-profit 1.5× the stop-loss.
Conclusion
The Forex Trend Scanner can be used as a standalone indicator or alongside other tools to enhance your trading strategy. Keep in mind that entry signals may appear after some price movement has already occurred, which could slightly limit potential profit.
With this indicator, beginners and experienced traders alike can quickly recognize trend continuation and reversals, making trading more confident and efficient.
