Automatic Trend Lines Forex Indicator For Metatrader 4
The automatic trend lines MT4 Forex indicator draws the best trend lines on the currency chart.
It’s a pure price action Forex indicator that works without lag and never repaints any trend lines.
How to buy and sell pairs using trend lines?
The vast majority of traders use trend lines to buy or sell price breakouts above or below trend lines.
- A buy breakout signal occurs when price closes above the upper resistance trend line.
- A sell breakout signal occurs when price closes below the lower support trend line.
Trend lines work on any time frame. Deploy the indicator for scalping, day trading and swing trading purposes.
You can use the trend lines indicator as a standalone or use together with your existing Forex system or strategy!
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
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Automatic Trend Lines Forex Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
This indicator works for any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With The Automatic Trend Lines Forex Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a buy trade when the price closes above the upper red colored resistance trend line. This is your buy signal.
Place a protective stop loss below the previous swing low price, or use your own stop loss placement strategy.
Close the trend line buy breakout trade for a reward/risk ratio of 2.0 or higher.
Alternatively, go for a fixed take profit target, for example, close the buy trade for 20 pips on the 1-minute scalping chart.
Sell Trigger: Open a sell trade when the price closes below the lower magenta colored support trend line. This is your sell signal.
Place a protective stop loss above previous the swing high price, or use your own stop loss placement strategy.
Close the trend line sell breakout trade for a reward/risk ratio of 2.0 or higher.
Alternatively, go for a fixed take profit target, for example, close the sell trade for 75 pips on the 1-hour swing trading chart.
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nPeriod, limit, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, DeMarker,…)
- Trend indicators (Moving Average, Bollinger Bands, ADMI, Parabolic SAR,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: trend lines
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.