TrendFlow Scanner Pro [FxScripts]

The TrendFlow Scanner Pro measures price momentum and trend strength using a bespoke market-wide analysis. The unique TrendFlow algorithm enables users to identify high-probability directional setups and reversal zones.

Core Methodology

The scanner evaluates trend strength by comparing multiple metrics across multiple touchpoints filtering out weaker countertrend moves. This approach aims to distinguish genuine trends and reversals from isolated price movements.

Visual Data

The scanner displays up to four rows of trend strength and momentum sentiment, with configurable visibility for each. This level of data across multiple touchpoints helps reduce false signals thus strengthening trade setups.

Sensitivity Score

The scanner can be optimised for different timeframes and instruments by increasing or decreasing the Sensitivity Score. An auto-adjustment option exists for users who like to switch between multiple timeframes.

Trend Filter

An optional Trend Filter can be applied to the scanner with a scale ranging from 0-50 (0 = off). The higher the value, the longer term the filter that's applied. If downward momentum is detected during an uptrend, the scanner will show the filtered values in a lighter tone, vice versa for a downtrend. The Trend Filter also stops countertrend arrows from displaying. Both filtered and unfiltered colors can be adjusted.

Arrows

Arrows can be set to appear when any number of rows simultaneously show the same directional bias. They utilize the same shading gradient as the rows and can appear either above/below the standard scanner rows or on the main chart. To set up the latter, tap the three dots to the right of scanner settings, select ‘Move to > Existing pane above’, the scanner will now appear on the main chart. If you deselect ‘Display Scanner Rows’, the arrows will appear by themselves and can thus be used to show trend strength directly above/below price.

Infill Arrows

An additional set of arrows, known as ‘Infill Arrows’, can be configured to appear when the scanner isn’t registering strong momentum, however price is still above or below the Trend Filter. This is designed for periods of weaker momentum or pullbacks and allows traders to stay in a trade for longer. Backtesting this feature is advised to ensure the filter is set correctly for both price and timeframe.

Instruments

The scanner has an instrument-detection feature that allows it to automatically detect and scan the following currencies, metals, crypto and indices:

• Currencies - 7x Majors, 21x Minors [AUD, CAD, CHF, EUR, GBP, JPY, NZD, USD] (also works on currency futures - 6A, 6B, 6C, 6E, 6J, 6S, 6N)
  
• Metals - Gold and Silver (also works on GC and SI futures)
  
• Crypto - BTC, ETH, XRP, SOL, TRX, DOGE, ADA, LINK, XLM, SHIB, UNI
  
• Indices - DOW (US30/YM), NASDAQ (NAS100/US100/NQ/QQQ), S&P (SP500/US500/ES/SPX/SPY), DAX (DE40/GER40/FDAX), FTSE (FTSE100/UK100)
  

N.B. This list may change over time, always check the latest release notes.

Market Hours Detection (Indices Only)

The indicator automatically detects instrument type and applies appropriate session filters. US indices appear during NYSE hours, European indices during their respective sessions, while forex displays 24/5 and crypto 24/7. An optional "Show Out of Hours" toggle allows indices to be monitored outside of their respective trading sessions using a reduced set of data points, primarily one row instead of four. N.B. if arrows are enabled, they will display regardless of the number of rows available at the time.

Use Cases

Traders can use the scanner to identify market strength or weakness, confirm directional bias and time entries when strength alignment coincides with favorable trend structure. Like all indicators, the scanner should be considered a confluence as opposed to a signal generator.

Alerts

Configure alerts and receive notifications when all four rows (or all that are visible) start a bullish or bearish sequence. This feature is particularly beneficial for traders who like to monitor multiple instruments or prefer not to stare at a screen all day.

Performance and Optimization

Backtesting Results: TrendFlow Scanner Pro has undergone extensive backtesting across various instruments, timeframes and market conditions, demonstrating strong performance in identifying both trends and reversals. User backtesting is strongly encouraged as it allows traders to gain familiarity with the scanner and their preferred instruments and timeframes.

Optimization for Diverse Markets: TrendFlow Scanner Pro can be used on the aforementioned crypto, forex, indices and metal markets. TrendFlow Scanner Pro's algorithmic foundation ensures consistent performance across a variety of instruments. The lack of complex settings makes it easy for the trader to set up and go.

Educational Resources and Support

Users of the TrendFlow Scanner Pro benefit from comprehensive educational resources and full access to FxScripts Support. This ensures traders can maximize the potential of the scanner and other tools in the Sigma Indicator Suite by learning best practices and gaining insights from an experienced team of traders.