Introduction to the Automatic Trendline Indicator
The 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.
The indicator is displayed directly on the main trading chart.
It fits all kinds of timeframes and currency pairs.
The default indicator settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the Automatic Trendline indicator in MT5?
Copy and paste the Automatic Trendlines.mq5 or Automatic Trendlines.ex5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 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 but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, it will provide false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
Automatic Trendline Indicator Free Download
To download the Automatic Trendline Indicator for Metatrader 5 (MT5) for free just click the button below: