Forex screeners are to forex traders what fish finders are to anglers and GPS systems to navigators. They help you locate specific information in a sea of data so you can make better decisions (at least in theory).
Ultimately, what you choose to invest in largely determines the kind of returns you reap and in most cases can be the difference between a profitable streak and dismal losses.
So, if you are going to invest in an FX screener you want to make sure it’s the best one available. That’s precisely the reason why we came up with this compilation to help you identify the right tool for plying your trade.
Top Rated Screeners For Forex Traders 2023
TradingView is known for many things including its sophisticated charting system, but did you know that they also have one of the best forex screeners out there? This screener comes with all the bells and whistles you might need to boost your style of trading.
You can use it to filter currency pairs on the basis of factors like major/minor pairs, rising/falling pairs, volatility, oversold, outperforming SMA50 among others.
The major pairs available for analysis under Trading View include GBPUSD, NZDUSD, AUDUSD, EURUSD, USDCAD, USDCHF, and USDJPY. At the same time, some of the minor pairs include AUDCHF, CADCHF, CADEUR, CADGBP, CHFJPY, JPYAUD among others.
And the best part is that this system has a super-fast refresh rate. This makes it possible for you to tap into the benefits of the wider market in real-time.
Plus, with the system’s advanced features, you can always create custom alerts and even load your favorite indicators for laser-focused market analyses.
In total, the tool has got more than 49 major/minor currency pairs and hundreds of exotic ones for one to choose from. And the best part? Most of the tool’s functionalities can be accessed freely and without the need to sign up.
However, if you’re looking for additional functionalities and an ad-free experience, you can opt for the three premium tiers available namely Pro, Pro+, and Premium packages.
2. Interactive Brokers
Interactive Brokers is a platform that needs no introduction. The brokerage firm has a huge market presence across the world and even provides for seamless integration with one of the best stocks scanners out there called Trade Ideas.
But did you know that IB (as Interactive Brokers is often referred to) also offers a highly sophisticated forex screener?
Well, this can be found within the company’s Trader WorkStation (TWS) which is also home to a variety of other market screeners.
You can use the IB’s built-in screener to scan the market on the basis of various parameters among them percentage change, most active, volatility, and many more.
Plus, the system is so advanced that you can even save your favorites and even create custom scans based on your preferences. And the best part is that you can even run scans after-market just in case you're into gap trading or something close to that.
Add that to the fact that IB has a rich supply of market data and you have yourself a really powerful machine to add to your arsenal.
LumenTrades may not be a household name in the world of forex but it sure has a great screener. The screener comprises 28 well-known currency pairs of which 6 are the major pairs namely NZDUSD, USDCHF, AUDUSD, USDJPY, EURUSD, and GBPUSD. But in total, its database has 906 pairs among them exotic pairs such as BRLCLP, BRLZAR among others.
The company was founded in 2004 and actually specializes in the provision of brokerage services. They maintain their screener as one of the free tools available for their target audience.
And despite the fact that the tool is available at no cost, it still offers high-quality features all meant to make it easier for you to identify high-potential trading opportunities.
Among the noteworthy features of the LumenTrades screener include Major/Minor/Exotic filter, percentage change, rising/falling pair filters among others. And to top it all up, the platform features the latest market data and boasts a fantastic refresh rate.
Just in case you’re interested in accessing any of the premium features offered under this platform you’ll have several options to choose from among them Pro trader mentorship.
What about trading alerts? Well, you get the power to access relevant alerts and trading tools through the LumenTrades app which is available for both Android and iOS devices.
Lastly, this company seems to be doing a good job as far as customer support is concerned.
Securities.io is a forex and stocks news platform designed to provide detailed analyses and updates on different securities. At the heart of this website is a well-equipped forex screener that contains all the kinds of information you need to make a decision.
So, whether you're looking to pick currencies to trade on the basis of percentage change or you're simply looking for little-known pairs, Securities.io has got you covered.
Their database comprises 1800+ currency pairs among them little-known ones such as AEDGBP, AEDCHF, AEDKRW, BGNCHF, BDTUSD, CADRWF among others.
And of course, if you are only interested in the major pairs, there’s a filter for that. Indeed, the Securities.io database comprises 7 major pairs and 42 minor ones for your perusal.
With a decently fast refresh rate and intuitive user-interface, there’s no doubt that this is among the best FX screeners available out there currently.
The best part is – this tool is available free of charge without signing up. Plus, it's backed by lots of relevant news sources, forex heat maps, and an economic calendar among other powerful tools.
5. Market In Out
Last but not least is Market In Out. Described as the most comprehensive stock screener available, marketinout.com gives you access to a wide range of technical and fundamental criteria through which you can find awesome currency pairs to trade in.
The system enables you to filter information on various parameters among them price, volume, volatility, relative strength, and moving averages among others.
The system itself is quite well built and enjoys access to a wide set of data. However, the user interface feels dated and might provide a steep learning curve particularly for new users.
Other than that, this is one of the most powerful forex screening platforms available out there currently. Plus, it’s quite unique and stands out from the rest.
What is a Forex Screener?
Simply put, a forex screener is a tool that’s equipped with filtering features that enable you to sort through currency pairs that meet your desired criteria. Generally, screeners are like small search engines that capture and store data for the foreign exchange niche so you can retrieve it whenever you need it.
As such, such tools are great when you need to narrow down your list of forex pairs to invest in. There are thousands of currency pairs in the world (of which 7 are considered major pairs), so it helps to narrow the list by prioritizing those that make for good investment opportunities.
Why You Need an FX Screener
Screeners in general give you the freedom to determine the criteria you intend to seek out. For example, you could choose to focus on currency pairs that have certain volumes or ones experiencing certain levels of volatility. With a good screener, this can be done with a few mouse clicks.
And indeed, a major benefit of using a screener is that it can help you save time. Usually, you’d have to spend long hours analyzing different currency pairs just to come up with a list of those that meet the characteristics you prefer. This problem is easily solved by using a filtering tool.
To top it all up, by employing a forex screener it is possible to eliminate emotions from your decision-making process. Screeners are tools without emotions and they simply filter information based on logic, not human feelings.
There you have it – our list of some of the most popular FX screeners for traders. Remember, there's nothing like a perfect screener, and as far as we know, they don't guarantee great returns.
What they do, however, is save you lots of time and help you put more effort into things that matter more to your growth as a trader.
Trading Review’s mission is to help you become a better and smarter trader/investor through in-depth reviews of courses, trading software, and more.