Smart_Money_Scanner is a complete scanner that scanners the foreign exchange markets in actual time to seek out low danger, excessive reward buying and selling entries based mostly on Sensible Cash Ideas. Under are the extra detailed details about its most important options.
1. Open the Smart_Money_Forex_Scanner_Monitor Indicator by dragging it onto the chart.
2. Proper click on on the chart, click on the “Indicators Checklist”, then click on on this indicator, then click on on “Edit” button on the correct, it can deliver up the properties of the indicator.
2.1) Click on the threerd button on the highest, named “Inputs”, to alter the inputs to what you want.
2.2) A dropdown menu would give the selection of image inputs with a double-click on the entry. You’ll be able to decide one entry from the dropdown record or click on “USER_LIST” and enter the image record your self on the twond entry line. The symbols needs to be separated with a comma to be acknowledged.
3. The columns named “Atr-5” to “Atr-0” are the common true vary (ATR) values for the final 6 buying and selling days. The colours and the vary degree for Alert may be set from the Enter display screen. (At the moment I’ve set 3 completely different shades of inexperienced colours for vary from 0 to 40 pips to 70 pips, and to 100 pips. And set 3 completely different shades of pink colours for vary from 150 pips to 200 pips and above.) You’ll be able to change all of those settings to suit your buying and selling wants and preferences. It can assist to spotlight the intense transfer days on the forex and present the development over the past 6 buying and selling days. Under is the enter display screen for ATR entry settings:
The Scanner will present the final 6 buying and selling days’ ATR values based mostly in your enter selections:
4. The Quantity column provides an enter display screen possibility to decide on the timeframe of the amount. It’s a dropdown menu, and I’ve chosen 30 Minutes because the default. It can present when there may be excessive quantity (which means excessive liquidity, much less pip slippage, and excessive buying and selling exercise time when quantity is excessive) for a selected image. Give customers perception about when the foreign exchange pairs are lively frequently.
5. The Huge Pivots column is calculated utilizing weekly and month-to-month pivots (for larger timeframe merchants). The colour setting for the pip distance from the present image worth to those massive pivot ranges (Assist and Resistance Ranges on HTF) may also be set within the enter display screen, on gadgets known as “Spotlight Pip Distance for Stage 1, 2, 3, 4, 5, 6” enter part.
5.1) the calculation choices for Huge Pivots (weekly or month-to-month, utilizing the Averages of Excessive, Low, Open or Shut, utilizing Fibonacci or not) may also be chosen from the enter display screen, on the backside a part of the enter display screen titled “Huge Pivot Methodology Decisions”.
Under is the Scanner show after making use of the default enter settings for “Huge Pivots” column: 
6. Subsequent column is Pivots (Every day Pivots: S1, S2, S3 and R1, R2, R3), with actual time pip distance displaying on the column (which is between present image worth and the corresponding pivot ranges). It is proven within the above image as properly.
7. Subsequent are the columns for displaying the pip distance to the 24Month Highs and Lows, 12Month Highs and Lows, 6Month H/L, 3Month H/L, 2Month H/L, 1Month H/L, final week H/L, earlier day H/L, and present day H/L.
7.1) you possibly can resolve to point out all these columns, or solely present 1 or 2, or any mixture of the columns, by deciding on them within the enter display screen. (Present it or not).
7.2) you too can enter the pip distance you wish to be alerted for, on every of the column choice. (In my default setting, 5 pip distance for the alert, which means it can alert when the present image worth is inside 5 pips to that chosen column, be it 24Month Excessive, or Low, or Earlier Day’s Excessive, or Low). It’s utterly customizable and makes it simple so that you can discover optimum buying and selling alternatives based mostly in your standards.
7.3) the enter display screen for coloration choice of the pip distance is also customizable. I’ve set 5 pip distance coloration to be Yellow, and 10 pip distance coloration to be Orange. As a result of these are brighter colours to spotlight when the image worth is very shut to those vital ranges and frees the time so that you can wait in entrance of the monitor for worth to get there.
The image under reveals 2 columns for illustration functions solely ( the Month-to-month Excessive/Low and the Weekly Excessive/Low ). It highlights the pip distance based mostly on the enter coloration settings, and present if present worth is above ( or under ) the Month-to-month Excessive (Low) and the Weekly Excessive(Low) for what number of pips as properly. Within the image under, CADJPY at 107.88 is just 19 pips under the Month-to-month and Weekly Highs, so it is a excessive success chance entry based mostly on Sensible Cash Ideas. You need not wait lengthy for the extra correct entry to happen, because it’s solely 19 pips away from these vital Highs.
The following image reveals the Earlier Day and Present Day Columns, and the CADJPY pair confirms with the remark we had within the earlier image.
8. For instance, to search for longer timeframe alternatives, I modified the enter image record to “FULL_LIST” possibility. And located some NZD pairs are at larger timeframe extremes with the actual time scanning show. Under is the image for all NZD pairs after I narrowed down the search:
From the Scanner show, it reveals NZDUSD at 0.5762 is just 9 pips away from it is 24 Month Lows ( additionally 12 Month Low, and 6 Month Low ). This can be a incredible discovery as a result of there can be minimal time anticipate a excessive chance entry based mostly on HTF. To substantiate its accuracy, I pulled out the Every day Chart for NZDUSD:
Certainly it is on the 24 Month Low level. It will be an excellent correct reversal entry based mostly on Sensible Cash Ideas. Very low danger, and Very excessive reward. And no want to attend for this sort of alternatives, because the scanner will discover alternatives like this always on all symbols.
9. The above instance is used to point out the logic behind seek for buying and selling alternatives utilizing the Scanner. You can select all symbols, and select the columns that you just’re focused on first. As soon as you discover the image ( symbols ) that matches your standards, you possibly can slender down the search, by decreasing the image record, and decreasing the columns to look at additional. And pull out the chart to confirm/affirm it certainly is on the most optimum degree that you just’re focused on, based mostly in your buying and selling fashion.
