trend line indicator mt4

Apr 22

Trend line indicator mt4

How to Add Indicators and Trend Lines on MT4 trend line indicator mt4.

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Short term forex traders would benefit from enhanced asset selection when using MA crossovers. Products such as the Orion Index Analyzer, the Range Analyzer or the Generic Index Analyzer all help traders to optimize their forex pair selection and massively reduce the requirements to perform top down analysis on all the major pairs and crosses each day.

books for drawing trendlines??? 6 replies



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Definition of a trendline

A line that is drawn over pivot highs or under pivot lows to show the prevailing direction of price. Trendlines are a visual representation of support and resistance in any time frame. (From Investopedia)

To add to this description a properly constructed trendline should be drawn through 3 or more swing high or swing low points. The higher the timeframe the trendline is constructed on the higher the integrity of the trendline.... for example if the trendline is drawn on a daily chart, the trendline has more significance than a trendline drawn on a 5 minute chart. Price is far more likely to respect the support and resistance levels created by trendlines on the longer timeframes.

In the same way... the more times price has tested a specific support or resistance level the more significant this level becomes.

The FX AlgoTrader Trendline Alert indicator for Metatrader MT4 provides traders with a fully configurable trendline alert or price/trendline proximity alert system. The trendline alert indicator is a non-trading version of the FX AlgoTrader automated trendline trading systems (Iridium,Gold and Platinum).

The trendline alert system provides traders using MT4 charts with trader defined alerts which can incorporate sonic alerts, pop up notifications or email alerts when price action is within a specified proximity (or pip threshold) of any trendline the trader wishes to monitor.

The Trendline Alert indicator for MetaTrader MT4 can be configured to scan for generic trendlines or for trendlines which the trader has specifically defined as uptrends or downtrends.

In the screenshot below the trader has drawn two trendlines and then set the system to run in 'Generic Trendline Detection' mode. This means the indicator will alert the trader when price comes within a specified threshold (pip range) of ANY trendline drawn on the chart. So using generic trendline detection allows the traders to monitor multiple trendlines on the same chart which may have been drawn on lower timeframes... Essentially, generic trendline detection allows the trader to monitor price proximity to multiple trends simultaneously from the same chart.

The FX AlgoTrader Trendline Alert system allows traders to significantly reduce screen time waiting for trade opportunities to develop. The system can easily be configured to monitor price action for any technical support and resistance patterns such as:-

Advantages of using an automated trendline/SR alert system:-

In the screenshot below the 5 pip trigger zone (trader definable) has been drawn on the chart to represent the upper and lower trigger zones around the trendline. If price enters these trigger zones for either trendline an alert will trigger.

In the screenshots below the trader has configured the system to detect specific trendlines, drawn a single uptrend and then added 'UP' into the trendline description field. By specifying the trendline the trader now has additional alert configuration options which we will explore.

Specifying an 'UP' trendlines for uptrend alert monitoring......

The trader then defines a 1 pip upper trigger zone and a 20 pip lower trigger zone for the trendline he/she wishes to monitor.

Screen time is hugely reduced as the system alerts the trader when the crossover conditions are met

Using an automated alert system reduces the temptation to just rush into a trade due to boredom or 'needing' to be in the market. Just because you don't have a position doesn't mean you're not trading!

There is no limit to the number of trendlines which can be monitored by the system so traders can monitor multiple timeframes/charts etc with ease.

Supporting Products:

Short term forex traders would benefit from enhanced asset selection when using MA crossovers. Products such as the Orion Index Analyzer, the Range Analyzer or the Generic Index Analyzer all help traders to optimize their forex pair selection and massively reduce the requirements to perform top down analysis on all the major pairs and crosses each day.

Source: http://www.fxalgotrader.com/Products/Alert-Systems/Metatrader-Trendline-Indicator-With-Alerts.html


trend line indicator mt4