Top 6 Forex Screeners
Best Forex Screener - TradingView
Top Forex Screeners:
TradingView - Best for comprehensive technical analysis
Interactive Brokers - Best for professional traders
MT4 Professional - Best for MetaTrader 4 enthusiasts and customizable screening
Lumens Trades - Best for real-time market scanning and trade alerts
Metatrader 4 - Best for the trading experience
Securities.io - Best for comprehensive market research and security token offerings
Trading is all about having all the right knowledge that enables you to make the appropriate trades. A forex screener helps traders find the information they need to make the best choices and thus get the best profits. Here is everything you need to know about forex screeners, and why every trader should use them.
What is a Good Forex Screener?
A forex screener is a software that allows you to find relevant trading information based on in-built or customized filters. It screens all the news related to forex and then filters out the most recent and relevant information for you. So, a good forex screener gets you the most relevant information to make the best trades.
Top 6 Free Forex Screeners
Here are our picks for the top 6 forex screeners:
TradingView
TradingView is well-known for a variety of reasons, including its excellent charting system, but did you know they also feature one of the best forex screeners available? This screener has all the bells and whistles you may want to improve your trading technique.
It can be used to filter currency pairs based on variables such as major/minor pairs, rising/falling pairs, volatility, oversold, outperforming SMA50, and so on.
The system's extremely quick refresh rate is the best feature. You can make use of the advantages of the bigger market right away thanks to this. Additionally, you can always add your preferred indicators to the system's advanced features for completely customized market assessments.
Among other things, TradingView allows you to filter currency pairs based on major/minor pairs, rising/falling pairs, volatility, and oversold. Under TradingView, the following significant pairings are available for analysis: GBP/USD, NZD/USD, AUD/USD, EUR/USD, USD/CAD, USD/CHF, and USDJPY. The minor pairs include, among others, AUD/CHF, CAD/CHF, CAD/EUR, CAD/GBP, CHF/JPY, and JPY/AUD.
The program offers hundreds of exotic currency pairs, in addition to more than 49 major and minor currency pairs. But the best feature is the majority of the tool's features don't require registration and can be accessed for free.
However, you can choose from the three premium tiers, namely the Pro, Pro+, and Premium packages, if you're searching for extra features and an ad-free experience.
👍 Pros
•Its mobile app has the best functionality among mobile trading options
•It has a wide variety of currency pairs
•It has excellent charting tools
👎 Cons
• The customer service is below standard
Interactive Brokers
Interactive Brokers is a well-known trading platform. The brokerage company has a significant global market presence and offers seamless integration with Trade Ideas, one of the top stock scanners available.
However, did you know that Interactive Brokers, or IB as it is frequently abbreviated, also provides an extremely advanced forex screener? This is located in the company's Trader WorkStation (TWS), which is also the location of several other market screeners. The built-in screener of the IB can be used to scan the market based on many different criteria, including percentage change, most active, volatility, and many more.
The Interactive Brokers system is so sophisticated that you can save your favorites and then construct bespoke scans based on them. The best aspect of this feature is that, in case you enjoy gap trading, you may even conduct scans after the market closes. Since IB has access to a wealth of market data, you will have a powerful trick up your sleeve.
👍 Pros
•It has sophisticated trading tools
•Extensive market data
•Amazing refresh rates
•Brokerage integration
•Effective filtering tools
👎 Cons
•It has a steep learning curve and requires diligence to operate, making it a challenge for novices.
MT4 Professional
MT4 Professional is an excellent choice for experienced traders. The software allows you to study the whole market condition at a glance for any symbol and period using your custom rules based on any standard or customized indicators. You are not obligated to understand or learn how to program. MT4Professional may be found inside MT4.
Mt4 professional is a market scanner with tools designed to help you manage your trading time. It helps you control risk by allowing you to time your activities based on your indicators. It recognizes market conditions rapidly and shows all currency pair symbols.
Mt4 Professional stock scanners may be used by a trader to detect and assess the whole market for trading situations based on unique techniques. The most important and helpful feature of the whole program is that you can do everything in a single tab. This helps with organization and relieves a lot of stress.
You won't need to use any other software, and the MT4Professional panel will automatically install on your MT4 without your intervention. You can scan hundreds of symbols and periods using your chosen criteria and open all charts for a given symbol with numerous timeframes and templates.
In addition, you can scan up to 100 signs per second and have complete control over scanner conditions and flexibility. On your phone, you'll always be up to current with real-time MT4 snapshots and transaction progress. But don't worry: security is a top priority, and the cloud-based platform reduces the chance of data loss. We must keep time in all we do.
One unique feature we must emphasize about this platform is that it allows you to code. If you like to program your trading strategies, MT4 is the trading platform for you. MT4 is a MetaQuotes Language 4 (MQL4)-based electronic trading platform that allows you to create trading strategies.
👍 Pros
•It is supported by all major operating systems
• It has a wide range of indicators
•User-friendly interface
•Excellent for trading CFDs in all currency pairs
👎 Cons
•Automated trading is not available on the online trading platform
LumensTrades
Since its inception in 2004, LumensTrades has focused on offering brokerage services. They continue to offer their screener to their target market as one of the free resources.
Although the tool is free to use, it nonetheless has high-quality features designed to help you more easily recognize high-potential trading chances.
Although LumenTrades may not be well-known in the forex industry, its screener is excellent. 28 well-known currency pairs are included in the screener, of which 6 are the key pairs: NZD/USD, USD/CHF, AUD/USD, USD/JPY, EUR/USD, and GBPUSD. But in total, the database contains 906 pairs, including uncommon pairs like BRL/CLP in BRL/ZAR among others.
The LumenTrades screener has several interesting features, including the Major/Minor/Exotic filter, percentage change, and rising/falling pair filters, among others. To top it all off, the platform offers the most recent market data and has an excellent refresh rate.
Pro trader mentorship is one of the options available to you if you're interested in using any of the premium features provided by this platform.
LumenTrades has an amazing alerts system. You can receive pertinent alerts and trading tools via the LumenTrades app, which is available for both Android and iOS smartphones.
👍 Pros
•It has an exceptional customer support
•A wide selection of currency pairs
•Trader mentorship is available for those interested
•Sophisticated filtering tools
👎 Cons
• It is not as widespread as other platforms and as such, has very few reviews
MetaTrader 4
MetaTrader 4, also known as MT4, is a sophisticated trading platform that allows users to plan and execute complex transactions. Customers can also access a range of market custom indicators through it, which they can use to place trades.
Although it can be applied to a variety of marketplaces, it is especially helpful for foreign exchange (forex) trading. MetaTrader may be downloaded and used without spending any money.
If you're interested in learning more about the advanced data available through MT4, you can consider seeking professional financial advice for the finer details. There is a lot that this platform offers so you need to navigate your options carefully.
Since 2005, MetaTrader has gained popularity in the trading community. As part of its mission to make trading resources available to the average person, the software company MetaQuotes founded MetaTrader.
The most common version of the platform is MetaTrader 4, which is available in several variations. Despite the 2010 debut of Metatrader 5, the majority of users have stuck with MT4 because it is so effective.
The only noticeable downside is that for all its features, it lacks appropriate customer support. So your only option is to be sure about what you are doing or search for solutions online.
Enjoy complete control over your trading account thanks to the mobile MetaTrader 4 application, which is accessible from any location at any time. The free chat feature makes it easy to communicate with other traders as well.
In MetaTrader 4, computerized trading robots, also known as expert advisors, are used to provide precise, automated functionalities. This could explain why they do not have many customer care agents. Expert advisors can accurately analyze quotes and place trades.
👍 Pros
•It is easy to use
• It is supported by all major operating systems
•It is not power-intensive
👎 Cons
•Execution is too slow for intense trading
Securities.io
Securities.io is a forex and stock news platform built to provide detailed analyses and updates on different securities. The main feature of this website is a comprehensive forex screener that has all the data you require to make a selection. So, Securities.io has you covered whether you want to choose currencies to trade based on percentage change or you just want to find obscure pairs for your unique strategies.
The best thing is that this tool is freely accessible; you do not have to sign up and pay to use it. Additionally, it is supported by numerous reliable news sources, forex heat maps, an economic calendar, and other potent features. This is without a doubt one of the greatest FX screeners currently available, boasting a respectably quick refresh rate and user-friendly UI.
Securities.io is also the most flexible and inclusive platform we could find. Its database comprises 1800+ currency pairs, including less known, but profitable ones such as AED/GBP and AED/KRW. So you will not have to struggle to find news about any pair you would like to try, since other platforms only focus on major pairs.
👍 Pros
•It has more diverse screening options
• It is free to access
•It is easy to use
• Exceptional refresh rates
•It has a beginner-friendly UI
•Backed by numerous related tools for the best user experience
👎 Cons
•Little is known about who is behind the company
How Does Forex Screener Help?
In essence, a forex screener searches the whole forex market for transactions based on a set of criteria. Depending on the screener you choose to use, the screener software typically includes a preset set of criteria for trade configurations that you can modify.
An effective forex screener allows you to monitor the market for numerous currency pairings at the same time. Most screeners, by default, display all current information on each currency pair, including the current exchange rate, the pair's daily high and low, the daily change, and a buy or sell suggestion based on the screening algorithm being used by the software at the time.
Finally, a decent screener should also have a broad selection of technical indicators from which to choose, as well as the ability to adjust the settings of those indicators for trade setup signals. In simple terms, the best screeners make it easier to find what you’re looking for, not harder.
How to Choose a Forex Screener
How do you find a forex screener that suits your specific needs?
First, always prioritize a screener that screens for multiple currency pairs and commodities. You want a platform that will give you all the information you need in one place.
You then need to make sure it is easy to use. Even if you are a professional, it is always wiser to choose something that will increase your agility and proficiency. The few nano-seconds you spend trying to figure out a poorly designed interface could cost you everything. After all, you are already tired of getting information from millions of headlines, why make your search any harder?
Another thing to look for is the refresh rate. You need a platform that gives updates as fast as possible so you do not miss anything important. Finally, check the price. You do not want to spend more on your screener’s subscription than your budget allows.
3 Best Forex Brokers for TradingView
Tickmill
Tickmill was established in 2014, but its services on TradingView became available only in 2021. If your focus is trading futures, this is easily the best broker for TradingView currently available. You get access to six international Futures exchanges, ranging from EUREX and NYMEX to CBOT and CME.
You’ll find regular promotions on Tickmill, so if you are a new user, certain bonus funds that enable risk-free trading could be a welcome incentive. You can pick between three account types based on your trading preferences.
Pepperstone
Pepperstone won the trophy for the best TradingView Broker of the Year in 2022, so it’s hard to imagine many better options than this brokerage company. The broker provides access to trading over 1,200 instruments, ranging from cryptos and commodities to ETFs and Forex.
As for stocks, Pepperstone supports the UK, US, Australia, Germany, and Hong Kong markets. You get access to leverage since CFDs are how the available assets are traded. Spreads are surprisingly tight, which is another reason why Pepperstone is worth trying.
FXOpen
FXOpen is licensed by the FCA and meets all regulations and industry standards to ensure users are protected when trading on their platform. The brokerage company supports Forex, index, stock and commodity CFDs. Partnered with TradingView, it’s a great option to receive detailed analytics on a single page to make an informed trading decision.
The company has two decades of tradition, considering it was founded in 2003. And partnering with TradingView was a smart move for FXOpen since its platform integration made it even more popular.
How to Use Your Screener Effectively?
Harnessing the power of a forex screener can change the game for your trading approach. Think of this tool as your key to unlocking a vault of relevant market data, which can help you spot lucrative trading opportunities with speed and precision.
Defining Your Trading Strategy
Embarking on your trading journey starts with defining a clear strategy. Are you one for high-risk, high-reward situations, or are you leaning towards the safer side of the spectrum? Do you aim for quick returns, or are you ready for patient investing for the long term? Answering these questions can help shape your trading strategy, providing a roadmap for your financial decisions.
Setting Your Screening Criteria
To leverage your forex screener fully, it's crucial to align it with your trading strategy. This might mean setting your screener to follow certain currency pairs, flagging notable price movements, or spotting emerging market trends. When you hone in on specific criteria, you can sift through the market noise and spotlight the opportunities that matter most to you.
Analyzing the Results
Once your screener fetches a list of potential trades, pause and analyze. Assess price patterns, study trading volumes, and discover other information relevant to your strategy. This process helps validate whether these opportunities align with your strategy and risk parameters.
Conducting Further Research
While a screener is a powerful ally, it shouldn't be your sole source of insight. Deep dive into each potential trade opportunity. Examine economic indicators, track news events, and understand market sentiment. A well-rounded research approach will improve the quality of your trading decisions.
Refining and Adjusting
The dynamic nature of the market necessitates constant adaptations. Periodically review and fine-tune your screener settings to ensure they reflect market changes and continue to support your strategy.
Utilizing Additional Tools
A forex screener is a valuable asset, but it's not the only tool in your arsenal. Embrace additional tools such as charting software or trading indicators to enrich your insights. These tools can offer a more comprehensive market view, empowering you to make informed and strategic trading decisions.
Forex Screeners Types
Forex screeners serve as indispensable tools for traders. They provide a quick and efficient way to sort through a sea of currency pairs to identify potential trading opportunities. There are various types of Forex screeners, each catering to different trading strategies and preferences. Understanding their unique functionalities can enhance your trading experience.
Currency Strength Screeners
Traders use currency strength screeners to measure the relative strength of each currency against other currencies in the forex market. These screeners provide a holistic market view, highlighting which currencies are strengthening or weakening. This feature is especially useful for traders eager to take advantage of significant price movements and volatility in strong or weak currencies.
Trend-Following Screeners
For traders who adopt trend-following strategies, trend-following screeners are essential. These screeners identify and highlight trending currency pairs, either upward or downward, over a specified period. Traders can use this information to initiate long positions in upward trends or short positions in downward trends, following the 'buying high and selling higher' or 'selling low and buying lower' principle.
Volatility Screeners
Volatility screeners measure the extent of price fluctuations in currency pairs over a given period. High volatility implies a greater price range in which the currency pair has been traded. This scenario can be attractive to traders who thrive on high-risk, high-reward trades. Conversely, lower volatility suggests less price movement, appealing to traders who prefer steadier, less risky trades.
News-Based Screeners
Traders utilizing news trading strategies often rely on news-based screeners. These advanced tools use algorithmic scanning to identify and highlight currency pairs that could be affected by breaking news or upcoming economic events. This capability allows traders to react swiftly to market-moving news and make trades accordingly.
Pattern Recognition Screeners
Pattern recognition screeners automate the task of identifying common technical analysis patterns, such as triangles, wedges, or head and shoulders patterns. These screeners can save substantial time and effort for traders who use technical analysis in their strategies. They achieve this by identifying these patterns and providing real-time alerts.
Summary
Behind every successful trading strategy is a proficient scanner. Trading success depends a lot on the information driving your decisions. You need to have the most recent and relevant information at your fingertips, at all times. Proficient scanners help you do just that.
If you already have a scanner, make sure it works for you and is market standard. If you are a beginner, the best time to start is now! And if you have never considered using one but have been wondering how to boost your profits, a scanner could be the answer you have been looking for.
FAQ
What is the best forex scanner?
Traders Union analysts have shared a list of the best forex scanners. This includes Interactive Brokers, TradingView, MT4 Professional, LumensTrades, MetaTrader 4, Securities.io.
How do I monitor forex?
Follow this algorithm: figure out the drivers, use the index chart and choose the trading time, look for consensus in other markets.
What are the 3 types of analysis in forex?
There are three types of analysis in Forex: fundamental, technical and sentiment analysis.
How do I verify a forex trader?
To do this, you need to request the RFED number from the brokerage organization.
Do I Need a Forex Scanner?
Yes. Forex scanners help you get the most recent and relevant information you need to make good trading choices.
Should Beginners Use Forex Scanners?
Yes, beginners can start using forex scanners in their demo phase. However, they must make sure they study how exactly to use scanners and master them before they start using them in live trades.
How Much Should You Pay For Forex Scanners?
You can use free forex scanners. If you must pay, make sure it is not the most expensive item in your trading software budget.
Which is The Best Forex Scanner?
The best forex scanner will always depend on your specific needs. Look for reliability, refresh rates, ease of use, and inclusivity, then narrow these down to your specific needs.
Methodology for compiling our ratings of Forex brokers
Traders Union applies a rigorous methodology to evaluate brokers using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
Regulation and safety. Brokers are evaluated based on the level/reputation of licenses and regulations they operate under.
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Brokers are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
Trading platforms. Brokers are assessed based on the variety, quality, and features of platforms offered to clients.
Other factors like brand popularity, client support, and educational resources are also evaluated.
Find out more about the unique broker assessment methodology developed by Traders Union specialists.
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Team that worked on the article
Oleg Tkachenko is an economic analyst and risk manager having more than 14 years of experience in working with systemically important banks, investment companies, and analytical platforms. He has been a Traders Union analyst since 2018. His primary specialties are analysis and prediction of price tendencies in the Forex, stock, commodity, and cryptocurrency markets, as well as the development of trading strategies and individual risk management systems. He also analyzes nonstandard investing markets and studies trading psychology.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.