The Automatic Trendline Indicator 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 shows future support and resistance lines, so you can easily add this indicator to your favourite trading strategy, indicator or any other technical tool for improving your trading efficiency.
The Automatic Trendline Indicator is a perfect choice for beginner traders. What’s more, this indicator can be applied to trade all kinds for financial markets, forex currency pairs and also works great with any sorts of timeframe charts within the Metatrader 4 terminal.
How does the Automatic Trendline Indicator work?
This tool 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 start but once you get yourself familiar with the price action and the candlestick patterns, things should get much smoother and cleaner. As a trendline indicator, this indicator is a great addition to any trend-following forex trading system.
How to trade with the Automatic Trendline Indicator?
Look for BUY opportunities 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 when:
- A bearhish 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 install this indicator on your Metatrader trading plaftform?
- Download the indicator by clicking “LINK” button at the bottom of this post.
- Copy and paste the Automatic Trendline indicator files into following folder of your Metatrader 4 platform: MQL4 > Indicators.
- You can gain access to the folders this way: File > Open Data Folder > MQL4 > Indicators (paste files here).
- Restart your Metatrader 4 Client.
- Select Chart and Timeframe where you want to test the indicator
- Browse “Custom Indicators” in your Navigator that is located on the left in your Metatrader 4 platform.
- Right click on automatic-trendlines.mq4 and than click “Attach to the chart”.
- You can modify settings if you need and than click ok.
- The indicator is ready and running on the chart.
Automatic Trendline Indicator free download.
To download this indicator or trading system just click the button below: