Range Screener Guide
Finansya Range Screener is a powerful technical analysis tool designed to scan and analyze the price range of all financial assets such as currency pairs, commodities, and indices over a specific timeframe. Hence, our Range Analyzer is your ultimate multi-currency range scanner that can be used for analyzing Forex and index as well as commodity assets. Get access to a Range screener for free on our website.
Range Scanner FAQ
What is a range screener ?
In trading, a range screener is a tool that identifies financial instruments that are trading within a certain price range. This technique is frequently used to identify prospective trading opportunities by limiting the universe of available securities to those that fulfill specific criteria. Range screeners can be beneficial for traders looking for stocks trading inside a specified price range, such as those specializing in breakout trading or support and resistance levels. Traders can quickly find prospective trading opportunities and reduce their search to a more manageable list of stocks by employing a range scanner.
Key features
- Supporting multi-markets
Finansya Range screener delivers real-time range analysis on over 30 Forex couples. Also, forex couples range between majors, minors, and exotics. However, it delivers range analysis for commodities and indices also.
- Multi-currency Scanner
Range screener is a multi-currency range analyzer capable of scanning and computing the range of the last closed candlestick. Then, it plots the range data in a histogram containing your preferred pairs. This allows you to compare and visualize the volatility of multiple currency pairs through one graphic representation.
- Multi-Type of Range Method
Finansya Range Screener is a multi-type range scanner. The picture below depicts all range types.
To explain, the analytic tool scans six types of range measures as follows:
Full Candlestick (Low to high range)
Real Candlestick (Open to close range)
Open to high range
Open to low range
Close to high range
Close to low range
How to use range screener with Forex ?
The main use of the range analyzer is to distinguish between trending and ranging financial instruments. Hence, this proper measurement gives insights into market volatility to analyze and trade the most trending currency pairs in the correct market direction.
Example 1
This H1 GBPUSD example depicts the full range of the last closed candlestick. To clarify, it consists of the difference between the low and high prices during the one-hour timeframe.
Example 2
The following H4 AUDUSD example portrays the real range of the last closed candlestick. To explain, it consists of the difference between the open and close prices during the four-hour timeframe.
How can range screener improve your trading ?
A forex range screener is a tool that scans the market for currency pairs trading within a certain price range to assist you uncover trading opportunities. You can easily discover currency pairs trading in a given range and construct a watchlist of prospective trades by utilizing a forex range screener.
Here are a few ways a Forex range screener might help you trade better:
- Time Saving
One of the most significant benefits of employing a forex range screener is that it can save you a significant amount of time. Rather than manually scanning hundreds of currency pairs, you may use the screener to quickly select those that meet your trading criteria.
- Trading Analysis
A forex range scanner allows you to monitor the performance of currency pairings that meet your criteria over time. This might assist you in analyzing the efficiency of your trading strategy and making necessary adjustments.
- Trade selection
The forex range screener identifies currency pairs trading within a certain range, making it easy to pick trades that meet your trading approach. This can assist you in avoiding deals that do not meet your criteria and focusing on those that do.
- Remove Emotions
Employing a forex range screener might assist you in removing emotions from your trading selections. Instead of relying on your gut instincts, you can make informed selections using the facts offered by the screener.
To summarize, a forex range analyzer can save you time by identifying prospective trades that meet your trading criteria, removing emotions from trading decisions, and analyzing the efficacy of your trading approach.
Conclusion
In conclusion, the Range Scanner is one of the best forex screeners that provides traders with valuable insights into market volatility, which is essential for developing effective trading strategies. By using this technical analysis tool, traders can enhance their trading decisions and improve their chances of making profitable trades.