Smart_Money_Scanner is a comprehensive scanner that scanners the forex markets in real time to find low risk, high reward trading entries based on Smart Money Concepts. Below are the more detailed information about its main features.
1. Open the Smart_Money_Forex_Scanner_Monitor Indicator by dragging it onto the chart.
2. Right click on the chart, click the “Indicators List”, then click on this indicator, then click on “Edit” button on the right, it will bring up the properties of the indicator.
2.1) Click the 3rd button on the top, named “Inputs”, to change the inputs to what you like.
2.2) A dropdown menu would give the choice of symbol inputs with a double-click on the entry. You can pick one entry from the dropdown list or click “USER_LIST” and input the symbol list yourself on the 2nd entry line. The symbols should be separated with a comma to be recognized.
3. The columns named “Atr-5” to “Atr-0” are the average true range (ATR) values for the last 6 trading days. The colors and the range level for Alert can be set from the Input screen. (Currently I have set 3 different shades of green colors for range from 0 to 40 pips to 70 pips, and to 100 pips. And set 3 different shades of red colors for range from 150 pips to 200 pips and above.) You can change all of these settings to fit your trading needs and preferences. It will help to highlight the extreme move days on the currency and show the trend over the last 6 trading days. Below is the input screen for ATR entry settings:
The Scanner will show the last 6 trading days’ ATR values based on your input choices:
4. The Volume column gives an input screen option to choose the timeframe of the volume. It’s a dropdown menu, and I have chosen 30 Minutes as the default. It will show when there is high volume (meaning high liquidity, less pip slippage, and high trading activity time when volume is high) for a particular symbol. Give users insight about when the forex pairs are active on a regular basis.
5. The Big Pivots column is calculated using weekly and monthly pivots (for higher timeframe traders). The color setting for the pip distance from the current symbol price to these big pivot levels (Support and Resistance Levels on HTF) can also be set in the input screen, on items called “Highlight Pip Distance for Level 1, 2, 3, 4, 5, 6” input section.
5.1) the calculation options for Big Pivots (weekly or monthly, using the Averages of High, Low, Open or Close, using Fibonacci or not) can also be selected from the input screen, at the bottom part of the input screen titled “Big Pivot Method Choices”.
Below is the Scanner display after applying the default input settings for “Big Pivots” column:
6. Next column is Pivots (Daily Pivots: S1, S2, S3 and R1, R2, R3), with real time pip distance showing on the column (which is between current symbol price and the corresponding pivot levels). It’s shown in the above picture as well.
7. Next are the columns for showing 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, last week H/L, previous day H/L, and current day H/L.
7.1) you can decide to show all these columns, or only show 1 or 2, or any combination of the columns, by selecting them in the input screen. (Show it or not).
7.2) you can also input the pip distance you want to be alerted for, on each of the column selection. (In my default setting, 5 pip distance for the alert, meaning it will alert when the current symbol price is within 5 pips to that selected column, be it 24Month High, or Low, or Previous Day’s High, or Low). It’s completely customizable and makes it easy for you to find optimal trading opportunities based on your criteria.
7.3) the input screen for color selection of the pip distance also is customizable. I have set 5 pip distance color to be Yellow, and 10 pip distance color to be Orange. Because these are brighter colors to highlight when the symbol price is very close to these significant levels and frees the time for you to wait in front of the monitor for price to get there.
The picture below shows 2 columns for illustration purposes only ( the Monthly High/Low and the Weekly High/Low ). It highlights the pip distance based on the input color settings, and show if current price is above ( or below ) the Monthly High (Low) and the Weekly High(Low) for how many pips as well. In the picture below, CADJPY at 107.88 is only 19 pips below the Monthly and Weekly Highs, so it’s a high success probability entry based on Smart Money Concepts. You don’t need to wait long for the more accurate entry to take place, as it’s only 19 pips away from these significant Highs.
The next picture shows the Previous Day and Current Day Columns, and the CADJPY pair confirms with the observation we had in the previous picture.
8. For example, to look for longer timeframe opportunities, I changed the input symbol list to “FULL_LIST” option. And found some NZD pairs are at higher timeframe extremes with the real time scanning display. Below is the picture for all NZD pairs after I narrowed down the search:
From the Scanner display, it shows NZDUSD at 0.5762 is only 9 pips away from it’s 24 Month Lows ( also 12 Month Low, and 6 Month Low ). This is a fantastic discovery because there would be minimum time wait for a high probability entry based on HTF. To confirm its accuracy, I pulled out the Daily Chart for NZDUSD:
Indeed it’s at the 24 Month Low point. It would be a super accurate reversal entry based on Smart Money Concepts. Very low risk, and Very high reward. And no need to wait for this kind of opportunities, as the scanner will find opportunities like this at all times on all symbols.
9. The above example is used to show the logic behind how to search for trading opportunities using the Scanner. You could choose all symbols, and choose the columns that you’re interested in first. Once you find the symbol ( symbols ) that fits your criteria, you can narrow down the search, by reducing the symbol list, and reducing the columns to examine further. And pull out the chart to verify/confirm it indeed is at the most optimal level that you’re interested in, based on your trading style.