Crypto Screener: Find High-Probability Trade Opportunities at a Glance With Our Price Action Scanner
Our crypto scanner analyzes more than 600 coins and highlights the most interesting price action for you. No research, analysis, or charts needed. Want to make high-probability trades? PAS does half the work for you.
What is The ProfitFarmers Crypto Screener (And Why Use it?)
Candlesticks, Elliot Waves, downtrends, pivot points, support, resistance – finding winning trades is a NIGHTMARE.
Even traders with years of experience need to spend hours and hours staring at charts to make low-risk, high-ROI trades. And by the time they spot anything halfway decent, the best action is long gone…and that’s ONLY IF they get it right. Half the time they get in, they get REKT.
Have you EVER met a happy, stable trader? Never. This is one of the reasons why.
But with our crypto screener (also known as a “scanner” or “price action indicator”), half the work is already done for you. Save all that time and brain juice to make more trades…or finally sleep.
In fact, price action scanners are one of the best crypto tools for traders, since they help find the holy grail of crypto trades: Solid gains/minimal risk.
Here’s how it works…
The PAS tracks Fibonacci Levels in 11 Periods & Price Trends in 8 Timeframes and displays the most interesting price action of the day in a simple, color-coded system.
This helps you spot the most interesting coin pairs out of hundreds in seconds flat. With this knowledge, skilled traders can make high-ROI and high-probability trades much faster.
In summary, a crypto screener helps you take your life back.
Benefits of Using a Crypto Scanner
Like we said before, a crypto scanner does half of the hard work for you by instantly displaying price trends in 11 different time frames.
If you know how to use this information, you can take your game to the next level:
- Save hours and hours of time a day
- Save all that brain juice for better things
- Save yourself from human error (tired eyes often miss things. Our PAS never does)
- Save yourself from missing out on trades, or worse, making bad ones
How to Use Our Cryptocurrency Screener
If you learn to use our cryptocurrency screener right, you’ll be almost unstoppable. Especially if you learn how to combine it with our RSI scanner and your own technical analysis.
Here’s how to use this crypto screener for maximum gains:
First, What are Fibonacci Retracement Levels?
Fibonacci retracement levels are horizontal lines on a chart that predict where support and resistance levels are likely to occur.
For skilled traders, this will help spot price reversals – READ: profitable trading opportunities.
Each level is represented as a percentage.
The most popular is 38.2%, which is widely used during strong trending markets. Say the price of a coin is $1,000 and it drops by $380.20. Ladies and gents, we have hit a fibo! There’s a good chance at a reversal (but far from guaranteed).
The PAS is NOT a sure-fire indicator to magically pick out which trades are going to make you a profit. Only about half the work is done for you. The other half is still on you.
It is one of many price action indicator tools and should be used side by side with other indicators (Like our RSI scanner) to maximise the chances of you creating a winning trade plan.
Now, How Do You Use the Price Action Crypto Screener?
First off, you need to know what you are looking at. So here it is:
- Coin Pair – The given coin pair
- Time Frames – The 8 different time frames. M stands for minute, H for hour, and D for Day. M5 is minute 5, H1 is hour 1, and so on.
- Price – Current price of the coin
- Volume – How many coins are in circulation.
- Market Cap – The metric that measures the relative size of a cryptocurrency.
- Peak gains – Potential peak gains
- Live Fibo – Fibonacci retracement levels at the chosen time
- Fibonacci calculation period – Time frame of the fibonacci retracement.
Well, those colors are the key to making the PAS one of the most convenient trading tools out there. They identify the Price Action TREND of the coin during specific time frames.
Here is what those colors signify:
Dark green – strong up trend
Light green – sideways with bullish tone
Dark red – strong downtrend
Light red – sideways with bearish tone
Grey – sideways with no bias
Combinations and Highlights
Interpretation of the colored patterns is necessary to find out which coin pairs have good potential. Don’t worry though, we provide an overview analysis on the different types of color patterns to assist you.
We’ve also picked out interesting patterns by highlighting the coin pairing. Click on a highlighted coin pair to see our basic explanation of the situation the system thinks it has spotted.
If you see something highlighted in green it means it fits the criteria of one of the standard trading setups that we have configured.
Finding interesting trade ideas by using the ‘Fibos’ and Peak gains
The Fibonacci calculation period, which you have 11 to choose from, indicates where a Fibonacci retracement will be drawn to and from.
The Live Fibo is showing you the current retrace/pullback from the Peak gain within that given time period.
For example: ‘Coin A’ moved up $1000 over the last X days. This is the peak gain. The live fibo pull back shows 75%. This means the coin has fallen back $750 (75% of $1000) and would be sitting on the 75% fibonacci if you were to draw this.
This means at a glance you can quickly spot coins that are trending and have pulled back to interesting areas where you can buy the dip or short the bounce.
An important consideration:
As said before, the tool is not a magical device that dictates the trade – you still need to get on the chart and you need to take a look at what’s happening with the price action (like knowing what happened previously to the current move).
Once you open the live charts, you’ll need to identify the moves that have already happened and think about whether a reversal is likely to happen given the trend.
A word about market cap and volume
On our PAS, we indicate the coin’s market cap and volume. This is because low market cap coins can be wildly erratic and move rapidly without volume. Hence, coins in these low marketcap areas are where the “crazy pump and dump” phenomenon usually occurs (therefore price action can be easily manipulated).
Low volume coins indicate that there is less interest in trading those coins.
So as a general rule of thumb: low marketcap coupled with low volume = very risky coins to trade.
Other ways to use the scanner
Find coins in accumulation/consolidation and get in on the breakout
Look for coins that have been trapped in a downtrend and then a period of sideways price action.
Check the scanner each day for the first signs of an impulsive move out of the range. This can be seen earliest on the M5 and M15. If spotted, pull up the charts and look for an entry.
Trend reversal
When you see a coin that has heavily downtrended but recently bounced, a good rule of thumb is to look for a +25% gain on the 3day measurement setting.
More often than not this confirms that a trend reversal has taken place and you should look to join in with the new direction ASAP.
In conclusion,
The PAS is an effective and convenient tool for your trades which can save you time and effort by easily spotting trends. Use it alongside other indicators to maximise your chances of profit! Good luck!
Price Action Scanner (“Crypto Screener”) Summary
- Make this part of your trading workflow. It is not a no-brainer trade finder on its own. Familiarize yourself to notice when trends are changing.
- Familiarize yourself to notice when trends are changing.
- We recommend using it at least twice a day every day. This is so you learn what is currently trending just by looking at PAS - once you’ve gotten the hang of this, you will be able to easily spot a pullback and know which trades you can enter. (in the higher time frames its green but starting to go light red on the lower time frames)
In conclusion,
The PAS Crypto Scanner is an effective and convenient tool that saves you time and effort by easily displaying trending price action in simple to understand colors. Use it alongside other indicators to maximise your chances of profit! Good luck!
Be more profitable and start making trading work for you again.
Join ProfitFarmers and:
- Easily execute trades like an expert
- Frequently find more profitable trades with less time
- Take your life back and actually ENJOY the journey of trading!
- Cure the emotions & FOMO that cuts into profitability
