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Trend lines by direction MT5

TrendLines 


Automatically draw trend lines.

This indicator automatically draws trend lines on your chart. 

The indicator creates up to 8 trend lines, both support and resistance by analysing four sets of bars on the chart. 

If you are looking for other versions of this indicator, they are available below:



The demo versions now work with BTCUSD (Bitcoin) and EURUSD so you can try it out with crypto coins as well as regular fiat pairs.


Having multiple different trend lines helps us reduce the risk of a situation where we move between support and resistance in a time frame, unaware that support and resistance on a different time frame could take the market in the wrong direction. It also makes it easy to spot potential channels on the chart.


The indicator includes a built-in alerting system to warn when the price approaches or breaks a trend line. The indicator can send notifications to the terminal or your mobile phone.


The first set support and resistance lines are created by looking at the chart's first 50 bars. The second set is from 200 bars on the chart. The third is 400 with the final pair of trends lines made by analysing 600 bars.


Been able to see different trend lines at a glance makes it easier to manage your trade, making it more profitable and avoiding loss.


You can specify if you are looking for either an upward or downward trend for each set or allow the chart to decide on the best direction.


An on-screen window allows you to change the direction without having to reload the chart. It also provides feedback.


The indicator can automatically look for better lines with each new candle or for the lines to be fixed and never update (No redraw).



Looking for lines in a specific direction.

By default, the indicator will calculate the best direction for each trend line. If you are looking for trades in a specific direction, you can set this for each line. The indicator allows you to set different rules for each of the trend line pairs.

You can change the direction settings on screen as well as when the indicator is loaded. 


For each trend line you can set the following parameter:

Direction of trend?

 -> Best fit trend lines (Allow the indicator to decided)

 -> Look for upward trend lines

 -> Look for downward trend lines


Line colour/style/width.

The lines can have unique colours, styles and widths on the chart.


On screen interface.

There is an on-screen interface which can control the direction of the lines. 

Parameter : Should the interface appear?

-> Show the interface

-> Hide the interface (This is the default)


Avoiding irrelevant lines.

Sometimes the formula the indicator uses creates lines which could never hit.


Parameter : Avoid lines which are unlikely to be hit? 

 -> True (default)

 -> False - Use the original formula.

 

Stop extreme bars from affecting lines.

The indicator can ignore a percentage of bars which would otherwise invalidate the line. 


Parameter : Percentage of bad lines to allow (5 max)

-> A number between 0 (default) and 5.


Setting this to a value greater than zero will stop lines becoming invalid as soon as a bar breaks them. Instead, it will allow a number (percentage) of bars to break the resistance line before it becomes invalid.


Alerting system

The indicator will warn if you are approaching or have broken a trend line. You can have the alerts sent to either the MetaTrader or your mobile phone. To have it sent to your mobile phone, you will need the MetaTrader mobile phone app set up with your system. 


Parameter : Warn when the price approaches a line -> True/False

Parameter : Warn if a line is broken -> True/False

Parameter : Send alert to MetaTrader phone app -> True/False

Parameter : Send alert to MetaTrader terminal -> True/False


Automatically updating the lines.

Should the indicator look for better lines or display its initial lines (no redraw).

Parameter :  Automatically look for new lines -> True/False




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** NEW PLUTUS SIGNALS and ALL IN ONE ** Plutus Long and Short trading signals added (for more infor visit    http://www.tradethevolumewaves.com   Different Wave Types can be sellected. Choose what your cumulative Histogram diplays: Volume, Pips, Progressive Volume Rate, Time or Emphasized Volume Waves ** IF YOU PURCHASE DO NOT FORGET TO CONTACT ME BECAUSE THERE IS MORE. Free, two hour, one to one webinar covering setup , methodology and Q&A on any lifetime purchase. How to trade with it:   ht
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TrendLines  Automatically draw trend lines. This indicator automatically draws trend lines on your chart.  The indicator creates up to 8 trend lines, both support and resistance by analysing four sets of bars on the chart. Having multiple different trend lines helps us reduce the risk of a situation where we move between support and resistance in a time frame, unaware that support and resistance on a different time frame could take the market in the wrong direction. It also makes it easy to
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Version 1.13 2021.04.09
v1.13 Can now change line type and width.
Version 1.12 2021.04.06
v1.12 Added the symbol name to messages and alerts.
Version 1.11 2021.02.16
v1.11 Fix for brokers who have additional letters on their pairs to identify retail and professional versions, i.e. EURUSD.r, BTCUSD.p
Version 1.10 2021.02.16
v1.10 Change to the demo version so that the indicator can be trialled with both EURUSD and BTCUSD.
Version 1.9 2021.02.10
v1.09 Can now be set to automatically look for new lines or stick with the line initially found (no redraw).
Version 1.8 2021.02.03
v1.08 Added an alert system. The indicator can now send a warning to the users terminal or phone (if you have the Metatrader app installed) when the price approaches and breaks the trend line.
Version 1.7 2021.01.10
v1.07 Allow for a percentage of bad bars to be ignored. Setting this to a value greater than zero will stop lines becoming invalid as soon as a bar breaks them. Instead, it will allow a number (percentage) of bars to break the resistance line before it becomes invalid.
Version 1.6 2021.01.01
v1.06 New parameter to improve the quality of the lines.

"Avoid lines which are unlikely to be hit?"

If set to true (default) the formula is less likely to select a line unlikely to be hit. Setting this to false will use the original formula.
Version 1.5 2020.12.31
v1.05 If it fails to find a line, it will retry its calculation, including the previous 100 bars. This will reduce the number of times which it fails to find a line.
Version 1.4 2020.12.07
v1.04 Changed line style to make it clearer which lines are paired with each other
Version 1.3 2020.11.26
v1.03 Added new mini-trend line for fine-tuning the trend
Version 1.2 2020.11.09
v1.02 New parameter to hide the interface.

When you select the inputs for the indicator, you can now specify if the interface appears.

The new parameter is:

"Should the interface appear?"

The options are:

"Show the interface"

"Hide the interface" (This is the default)

Version 1.1 2020.11.08
v1.01 Lines are now extended into the future.