Wondering which are the best forex screeners? If you’ve ever actively traded in any market, you probably know how important it can be to your bottom line to participate in the best trades. A forex filter helps you find viable trades in the forex market.
Are you looking for a stellar forex screener? Take a look at our list of the best forex filters to find one now.
Quick Overview: 4 Best Forex Filters
What You Want in a Forex Filter
A forex filter essentially scans the entire forex market to find trades based on a set of parameters. A set of default settings for trade setups usually comes with the filtering software which you can customize depending on the filter you choose to use.
A good forex screener will allow you to monitor the market for multiple currency pairs simultaneously. By default, most filters display all current information about each currency pair, including its current exchange rate, daily highs and lows for that pair, daily variation, and a buy or sell recommendation depending on the currency pair. software filtering algorithm.
Additionally, a good filter should include a comprehensive set of technical indicators to choose from, as well as the ability to customize the settings of these indicators for trade setup alerts.
Best Forex Screening Options
The best forex filters for your needs largely depend on your level of trading experience. For example, an inexperienced trader would not have the knowledge to customize their indicators like a more experienced trader, so they may not need to be able to do so in the forex filter they select. Benzinga’s picks for the best forex filters in 5 key categories appear below.
1. Best Overall: TradingView.com
TradingView is a research platform for traders that offers free filters on forex, stocks and cryptocurrency markets. TradingView’s online forex filter allows you to scan all major and minor currency pairs at a glance. You can also customize the filter with dozens of different filters and indicators to schedule alerts based on your trading plan and preferences.
TradingView offers the most comprehensive forex screener for traders at all experience levels. A widget of its forex filter is also available for the cTrader trading platform. Several online brokers, such as FOREX.com, Oanda, and FXCM link directly to the TradingView website and allow you to trade directly from the TradingView research platform.
2. Best for MetaTrader 4 users: Multi Forex Scanner
You can download this custom indicator from the MQL5.com website. It was written by Carlos Oliveira for MetaQuotes’ popular MetaTrader 4 (MT4) trading platform, which is available as a free download.
The indicator displays a list of currency pairs, cryptocurrencies and spot metals in the Market Watch window of forex platforms. The main benefit of this free custom indicator is having the ability to automatically execute trades based on the trading opportunities identified by the filter using an Expert Advisor (EA) written for MT4 that codifies your trading plan .
3. Ideal for advanced traders: MT4 Professional
MT4 Professional is a great option for advanced traders. The platform allows you see the whole market situation at a glance for any symbol and delay with your custom rules, based on any standard or custom indicator. No programming skills required from you.
MT4Professional is integrated with MT4. You won’t need to manage an external program, but the MT4Professional panel will be automatically added to your MT4 without any further action on your part. You can analyze hundreds of symbols and timeframes using your custom rules and open all charts with different timeframes and patterns for a selected symbol.
Up to 100 indicators are scanned per second, and you have unlimited scanning conditions and flexibility. Real-time MT4 snapshots and trade status on your phone means you’re always in the know. But don’t worry, security is a top priority: the cloud-based platform means you never have to worry about data loss.
4. Best for Professional Forex Traders: Interactive Brokers
With one of the most sophisticated trading platforms in the industry, Interactive Brokers deliberately caters to the highest level of a professional trader and accepts US-based clients. Interactive Brokers has a minimum deposit requirement of $10,000 and charges clients an inactivity fee for inactive accounts.
The main advantage of using Interactive is its presence in virtually all major global financial markets. Additionally, its brokerage and margin fees are among the most competitive in the industry, which large professional traders will find attractive. If your level of expertise and trading capital do not meet the broker’s minimum requirements, you may want to choose another broker.
Interactive’s Trader WorkStation (TWS) market scanners offer a comprehensive set of market indicators and allow you to access filters for a wide variety of global markets that include 23 currencies and their associated pairs. This range offers traders many choices.
Best Forex Brokers
If you are using the MetaTrader 4 trading platform with one of the best online forex brokers, a decent low cost option is to simply download the free Multi-Forex Scanner Indicator from Mql5.com which you can then use with your existing broker. Third-party market screening software like MarketInOut uses its own proprietary algorithms to give you trade setups, but it charges a substantial periodic membership fee for this service.
Online brokers like Interactive Brokers and FXCM offer their own forex filters. Other brokers like FOREX.com and Oanda will accept US clients and connect directly to the TradingView research platform which offers a very comprehensive forex filter.
You can check out Benzinga’s in-depth FOREX.com review for more information on this best forex broker, as well as the table below for a detailed broker comparison.
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Frequently Asked Questions
questions and answers
Should I use a screener?
An experienced forex trader who trades in multiple currency pairs, as well as a novice looking for good setups, could benefit significantly from using a forex filter. Although you may find that the current choices for forex screeners are limited, TradingView, one of the best options, can be integrated into the accounts of a number of brokers, including FOREX.com.
The MetaTrader Mql5 option for MetaTrader users can be integrated with other EAs, which is ideal if you want to integrate the filter results into your automated forex strategy. MarketInOut and Interactive Brokers Options would likely be well suited for well capitalized traders, fund managers and other professionals operating in multiple markets.
What are forex screeners used for?
Forex filters allow you to do in-depth analysis of moving currencies. This allows you to find trading and investment opportunities. Additionally, filters allow you to spot trends by sorting asset classes.