Introduction to the Automatic Trendline Indicator
The Automatic Trendline Indicator for MetaTrader 4 (MT4) puts the trendlines on the trading chart in an automatic way. With the help of this tool you don’t need to bother with drawing the trendlines manually every single day. Everything is done with a single mouse click. These trendlines show future support and resistance lines, so you can easily add this indicator to your favorite trading strategy, indicator or any other technical tool for improving your trading efficiency.
The Automatic Trendline Indicator is a perfect choice for beginner traders and it can be successfully applied to trade all kinds of financial markets, forex currency pairs, and it also works great with any sorts of timeframe charts within the MetaTrader 4 terminal.
MT4 Auto Trendlines Indicator Attributes:
Currency pairs: any, but majors recommended (EURUSD, GBPUSD, USDJPY, AUDUSD, EURJPY, GBPJPY etc.)
Platform: Metatrader 4
Type: trendline, support and resistance
Time frames: M1, M5, M15, M30, H1, H4, D1, W1, MN
How does the Automatic Trendline Indicator work?
The Automatic Trendline Indicator itself draws the trendlines by connecting the highs and lows of the market prices. The pink / violet lower trendline below the candles acts as the support levels and the red upper one acts as the resistance levels of the market.
For buy orders, you must look for bullish pin-bars/candles at the support and for sell orders, you should be looking for bearish bars closed right below the resistance levels. This may be a bit confusing at the start but once you get yourself familiar with the price action and the candlestick patterns, things should get much smoother and cleaner with the Automatic Trendline Indicator.
As a trendline indicator, this auto trendline indicator is a great addition to any trend-following forex trading strategy.
How to trade with the Automatic Trendline Indicator?
Look for BUY opportunities with Auto Trendline Indicator when:
- A bullish bar forms right above the lower trendline;
- Long order triggers at the break of the respective bullish bar’s high;
- Set stop loss below the support level;
- Exit the trade / take profit whenever price hits the upper trendline.
Look for SELL opportunities with Auto Trendline Indicator when:
- A bearish bar forms right below the upper trendline;
- Short order triggers at the break of the respective bearish bar’s low;
- Set stop loss above the resistance level;
- Exit the trade / take profit whenever price hits the lower trendline.
How to set up the Automatic Trendline indicator in MT4?
Download the Automatic Trendline.rar archive at the bottom of this post, unpack it, then copy and paste the Automatic Trendline.ex4 or Automatic Trendline.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Automatic Trendline indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 indicators to download and try.
Download Free Forex MT4 Automatic Trendline Indicator
To download the Automatic Trendline Indicator for Metatrader 4 (MT4) for free just click the button below: