If you’ve ever traded actively in any market, you probably know how important getting in on the best trades can be to your bottom line. A forex screener helps you find viable trades in the forex market. If you trade forex and want to learn more about forex screeners, read on.
What You Want in a Forex Screener
A forex screener basically scans the entire forex market to find trades based on a set of parameters. A default set of parameters for trade setups generally comes with the screener software that you can customize depending on the screener you choose to use.
A good forex screener will let you monitor the market for multiple currency pairs simultaneously. By default, most screeners display all current information on each currency pair, including its current exchange rate, the daily high and low for that pair, the daily change, and a buy or sell recommendation according to the software’s screening algorithm.
Additionally, a good screener should include a comprehensive set of technical indicators to select from, as well as the option to customize the parameters of those indicators for trade setup alerts.
Best Forex Screeners
The best forex screeners for your needs depend in large on your level of trading experience. For example, an inexperienced trader would not have the background to customize their indicators like a more seasoned trader, so they may not require the ability to do that in the forex screener they select. Benzinga’s picks for the top forex screeners in 5 key categories appear below.
1. Best Overall: TradingView.com
TradingView is a research platform for traders that offers screeners free forex, stock and cryptocurrency markets. TradingView’s online forex screener lets you scan all major and minor currency pairs at a glance. You can also customize the screener with dozens of different filters and indicators to program alerts according to your trading plan and preferences.
TradingView offers the most comprehensive forex screener for traders at all experience levels. A widget of its forex screener 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 the popular MetaTrader 4 (MT4) trading platform by MetaQuotes, which is available for download free of charge.
The indicator displays a list of currency pairs, cryptocurrencies and spot metals in the forex platforms’ Market Watch window. The main advantage of this free custom indicator consists of having the ability to automatically execute transactions based on trading opportunities the screener identifies using an expert advisor (EA) written for MT4 that codifies your trading plan.
3. Best for Forex Beginners: FXCM
Forex beginners can take advantage of FXCM’s basic forex screener that also lets you screen several other markets based on the contract for differences (CFDs) the broker offers that includes gold, silver, stock indices and oil. Nevertheless, the UK-based broker does not accept U.S.-based clients due to strict U.S. regulations.
The FXCM screener allows you to input up to 5 currency pairs or CFDs. You can also select from 3 popular time frames of 15 minutes, 1 hour and 1 day to review a choice of 7 technical indicators that include:
- 200 period exponential moving average (EMA)
- 30 period EMA
- Moving Average Convergence Divergence (MACD) indicator
- Relative Strength Index (RSI)
- Stochastics Oscillator
- Commodity Channel Index (CCI)
- FXCM Speculative Sentiment Index (SSI)
The screener then scans the market and provides a list of the 5 strongest trading signals you can take advantage of. The interface for the FXCM screener is intuitive and perfect for novice forex traders, although its options seem rather limited for more experienced operators.
4. Best for Advanced Traders: MarketInOut
MarketInOut has one of the most comprehensive screener packages on the market, although the software service doesn’t come cheap since membership subscriptions cost $149 for 6 months, $229 for 1 year and $339 for 2 years.
In addition to forex and cryptocurrencies, the MarketInOut software screens U.S. stocks and exchange-traded funds (ETFs) on the New York (NYSE), Amex (AMX) and NASDAQ stock exchanges. It also screens listings on international stock exchanges like the London (LSE), Toronto (TSX), Hong Kong (HKSE), Singapore (SGX), Australian (ASX) and Indian (NSE) stock exchanges.
MarketInOut’s forex screener supports the most common and advanced technical indicators. It also lets you set trading alarms for forex currency pairs based on observables like trading activity, market performance, oscillators, trend indicators, volatility and more — or any combination of those factors.
Advanced traders who wish to use the Ichimoku cloud and other sophisticated technical indicators in their trading plans would probably find MarketInOut a good fit for their forex screener. In addition to using its default parameters, you also have the option of customizing parameters the screener uses to conform to your trading plan.
5. Best for Professional Forex Traders: Interactive Brokers
With one of the most sophisticated trading platforms in the business, Interactive Brokers deliberately caters to the highest level of professional trader and accepts U.S.-based clients. Interactive Brokers has a $10,000 minimum deposit requirement and it charges clients inactivity fees for idle accounts.
The main advantage of using Interactive is its presence in virtually every major world financial market. Also, its brokerage and margin fees are among the most competitive in the business, which large professional traders will find attractive. If your level of expertise and trading capital don’t meet the broker’s minimum requirements, you might want to choose a different broker.
Interactive’s Trader WorkStation (TWS) market scanners offers a comprehensive set of market indicators and lets you access screeners for a wide variety of world markets that include 23 currencies and their associated pairs. This range gives forex traders plenty of choices.
Best Forex Brokers
If you use the MetaTrader 4 trading platform with any of the top online forex brokers, then a decent low cost option is to simply download the Multi-Forex scanner indicator free of charge from Mql5.com that you can then use with your existing broker. Third-party market screening software like MarketInOut use its own proprietary algorithms to give you trade setups, but it charges a substantial periodic membership fee for that service.
Online brokers like Interactive Brokers and FXCM offer their own forex screeners. Other brokers like FOREX.com and Oanda will accept U.S. clients and link directly to the TradingView research platform that offers a very comprehensive forex screener.
You can check out Benzinga’s in-depth FOREX.com Review for more information about that top forex broker, as well as the table below for a detailed broker comparison.
Should I Use a Screener?
An experienced forex trader that operates in multiple currency pairs, as well as a novice looking for good setups, could benefit considerably from using a forex screener. Although, you may find that the current choices for forex screeners limited, TradingView, one of the best options, can be integrated with accounts at 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 incorporate the screener’s results into your automated forex strategy. The MarketInOut and Interactive Brokers options would probably make a good fit for well-capitalized traders, fund managers and other professionals operating in multiple markets.
Benzinga's #1 Breakout Stock Every Month
Looking for stocks that are about to breakout for gains of 10%, 15%, even 20% potentially or more? The only problem is finding these stocks takes hours per day. Fortunately, Benzinga's Breakout Opportunity Newsletter that could potentially break out each and every month. You can today with this special offer: