Financial markets are extremely complex, and even if you have all the data readily available, you can’t analyze it all manually. Luckily, there are scanners. These software solutions are specifically designed to scan different markets and look for the most profitable opportunities. Of course, there are scanners for the Forex market as well, and many brokers provide their own solutions for free which are perfect for beginners. In this article, we tell you about the top 4 of them and compare their conditions.
One of the most popular and reputable US investment companies, Interactive Brokers is known for its wide variety of trading instruments and favorable conditions for traders. However, the company has a very useful Forex scanner as well, and you can use it to analyze the market by volatility, percentage change, and so on. The scanner has very high refresh rates, and it’s integrated with other brokerage services. But it may be a bit too complex for complete novices.
TradingView is another well-known trading platform with many social features and built-in instruments for technical analysis. But it also has one of the most advanced scanners on the market. You can use it to filter currency pairs automatically. This way, you can find oversold pairs or very volatile ones, and so on. There’s also much room for customization, and the software supports about 50 different pairs, making it a powerful instrument suitable even for professionals.
MT4 Professional is more suitable for experienced traders, but it’s also useful for novices. It helps you scan the entire market for just about any pair and period to find the most interesting chances, and you can use your own set of custom rules to filter all the options. There’s also an option to use it on mobile phones, but the security will still be top-notch. It supports all kinds of indicators that can help you find the right time to open and close positions.
While this broker is relatively unknown on the Forex market, LumensTrades actually has a great set of tools for scanning. The scanner features 28 major currency pairs, but its database contains about 900 of them in total. There are many different filters that allow you to get precise results and find only the most profitable trades. You can also contact their customer support to learn more about the functions.