setting up tradingview screener for forex - useful or too much noise
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tried setting up the tradingview screener for forex pairs but it feels like it's generating so many signals across so many pairs that i can't process it. wondering whether screener makes sense for forex specifically or if it's more useful for equities where you're scanning a large universe.
how do people use the screener productively in forex without drowning in false signals?
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the key is filtering to a small watchlist rather than scanning all pairs. i run screener on my 8-10 specific pairs and look for one or two technical conditions (e.g. rsi above 65 on daily + price near weekly high). this generates 1-3 actionable flags per day on average, not a flood. running it on all 50 forex pairs is information overload.
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screener for forex also works better as a daily alert system rather than real-time scanning. set up the conditions you care about, create alerts, and let tradingview ping you when something triggers rather than manually checking the screener output. most forex traders don't need to screen hundreds of pairs in real time - they need to know when their specific conditions appear.
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useful forex screener conditions: rsi extremes (above 70 or below 30 on 4h) as potential setup flags, price distance from weekly high/low as mean reversion candidates, bollinger band squeeze (low volatility period that often precedes a move), volume-relative candlestick size (unusually large range candle on low timeframe suggesting breakout). combine two conditions to reduce noise.
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use the screener as a first-pass filter only. anything it flags goes on a shortlist for manual chart review before i make any trading decision. the screener identifies 'worth looking at', not 'worth trading'. the manual chart review is where i decide if there's actually a setup. treating screener output as trades rather than leads is where people get into trouble.
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