How to build trend lines automatically?
Every experienced trader knows that when trading forex it is worth paying attention to trend lines. But building trend lines takes time, and there are still several of them on the charts ... Horror !!! Want to find out how you can easily and simply automate this process? Then read on.
There is a solution - a smart and reliable trend line indicator True trendline. All that is required of you is to attach the indicator to the chart and it will draw all possible trend lines in your place. You just have to admire the result (as in the picture below) and apply it in your trading strategy.
Now you may have asked yourself: “Why do I need an indicator of trend lines, if I can build them myself?” I answer:
- indicator saves you time
- he does not get tired, his eyes do not “blur”
- the indicator can give sound signals when touched, or breakdown of the trend line
Install and configure True Trendline indicator
1. Download the archive from the link at the end of the article. Unzip it.
2. Install the files in the Metatrader 4 terminal, following the special instructions.
3. Attach the indicator TrueTL to any schedule (optional) and it will start working.
4. You can also use an additional indicator (available in the installation archive) TrueTL Alert, which is designed to give signals when the price breaks / touches the trend line. Depending on how you configure it.
In our indicator True trendline There are a number of settings that affect its operation:
Auto_Refresh - automatically update trend lines when changing a symbol, timeframe and closing the current candle.
Normal_TL_Period - for how many last bars to look for lines for the main timeframe.
Three_Touch - on / off highlighting of trend lines with 3 pivots in a separate color.
M1 / M5_Fast_Analysis - The possibility of accelerated analysis of M1 / M5 timeframes for owners of weak computers.
Mark_Highest_and_Lowest_TL - on / off selection in bold line of the top and bottom TL.
The remaining parameters are responsible for the color of the lines.
Setting the True_TL_Alert indicator
Break_Alert_After_Close - on / off the signal about the breakdown of the trend line only after the candle closes.
Break_Alert_Before_Close - on / off the signal about the breakdown of the trend line, without waiting for the candle to close.
Touch_Alert - on / off signal about touching the trend line
Touch_Distance - min distance to TL in points for triggering the function Touch_Alert.
All_TrendLine_Alert - on / off tracking of all TLs on the chart.
High_TL_Name / Low_TL_Name - if disabledAll_TrendLine_Alert, then in these parameters you need to specify the names of the upper and lower trend lines so that the signal indicator takes them into account.
Email_Alert - on / off signal to e-mail
PopUp_Alert - on / off popup when signal
Sound_Alert - on / off sound when a signal
Sound_file - which audio file will be played (should be in the Sounds folder in the terminal)