Trend Finder Scanner for MT4/MT5
Info
The Trend Finder Scanner for MT4/MT5 is a Script for MetaTrader 5 that trend finder scannerscanner logic:the scanner retrieves all financial instruments available in the 'market watch' window. R² Trend Smoothness Filter:It calculates a linear regression over a user-defined number of bars (default is 50).
Usage
This tool is typically used for trend following strategies across multiple currency pairs.
Platform
This Script works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Scripts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Trend Finder Scanner for MT4/MT5
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
Trend Finder ScannerScanner Logic:The scanner retrieves all financial instruments available in the 'Market Watch' window.
Typical Use Case
This Script excels in trend following on MetaTrader 5.
Compatible Platform & Setup
This Script works on MetaTrader 5. Place the file in the MQL5/Scripts folder and restart the terminal.
Description & Settings
Related: l1 trend filter demonstration - another powerful script for MetaTrader 5 traders.
Trend Finder ScannerScanner Logic:
The scanner retrieves all financial instruments available in the 'Market Watch' window.
Also recommended: KeyFinder 2.0: Enhanced Demark Pivot Point Indicator - similar script with strong performance on MetaTrader 5.
R² Trend Smoothness Filter:
It calculates a linear regression over a user-defined number of bars (default is 50). If the price action is too volatile and the R² coefficient is below 0.70, the instrument is filtered out.
Trend Strength Filter (ADX):
The scanner retrieves ADX indicator values. If the ADX value is below 25.0, the instrument is excluded.
Data Output:
For instruments that meet the filter criteria, the trend direction (UP/DOWN), the precision of the movement, and the ADX value are displayed in the 'Experts' tab of the terminal.
Usage Instructions:
Attach the scanner script to any H1 chart. It will then scan the available instruments and list the identified trending pairs in the 'Experts' tab.
You may also like: Adjust Trend Line Position by Date and Price - excellent alternative for script users on MetaTrader 5.
Source Code
#property copyright "RobotFX"
#property version "1.00"
#property script_show_inputs
input ENUM_TIMEFRAMES InpTimeframe = PERIOD_H1;
input int InpBarsCount = 50;
input double InpMinRSquared = 0.70;
input double InpMinADX = 25.0;
void OnStart()
{
int totalSymbols = SymbolsTotal(true);.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.