
Automatic Trendline Indicator
Platform: MT5 Type: Pattern Last update: September 22, 2024The Automatic Trendline indicator, as the name suggests, draws trendlines on the chart automatically.
This indicator has six inputs. Users can specify alternative labels for both lines.
If multiple instances of the indicator are used, the labels must differ.
One can set the width and color of the lines and depth which specifies what significant peaks should be used. For example, Depth=10 sets trendlines using the current peaks and valleys that have at least 10 bars to the right and to the left and that has highs/lows less/greater than the peak’s high/low.
The indicator also paints previous peaks and valleys. Indicator additionally has an alert function that can be used to notify the user when the price is at a preset distance from support/resistance line. Alert distance is set in pips.