MyTrendLinesMT5
- Indicatori
- Versione: 1.0
- Attivazioni: 5
The Indicator automatically draws trend lines on the specified timeframe (Trend lines period parameter). The lines are drawn based on the last two known fractals of the specified period. If you want the lines to be drawn only on the confirmed fractal, then set the Confirmed or unconfirmed fractal parameter to True.
Indicator feature - lines are drawn with the accuracy of any timeframe. It allows analyzing the chart on smaller timeframes without loosing the precision of drawing the lines in relation to the extrema of the prices. It is suitable for an intraday and medium term trading.
The parameters of trend lines (color, style, width) are set by the input parameters of the indicator.
The indicator sends push notifications in case of price breakout of trend lines. For this, the parameter Enable or disable push notification must be set to True.
The period of breakout and the frequency of sending notifications are configured in the input parameters (parameter Breakout and notification period). The notification is sent once in the specified period.
Several indicators with different parameters can be installed on one chart.
Input parameters of the indicator:
- Trend lines period - parameter set the period on which the trend lines will be drawn;
- Breakout and notification period - parameter set the period by which the breakout of trend lines will be determined. Also once a specified period will be sent a notification;
- Enable or disable push notification - the option enables and disables push notifications;
- Resistance line color - the parameter sets the color of the resistance line;
- Resistance line style - the parameter sets the line resistance style;
- Resistance line width - this parameter sets the width of the resistance line;
- Support line color - the parameter sets the color of the support line;
- Support line style - the parameter sets the support line style;
- Support line width - this parameter sets the width of the support line;
- Confirmed or unconfirmed fractal - the parameter allows drawing lines only on confirmed fractals.
I am not sure how to rate this indicator. I am using it on gold as I write this review, and on the 1 hr chart I dont have a clue why it is drawing the bottom trend line upward from a specific point, but it doesnt make any sense to me how this is a proper place. In the photos, he shows the lines hitting two wicks and that makes more sense. I am looking for an indicator that helps me see what I may not see. I give it a 3 because the price was fair and it has drawn a few proper lines on the smaller time frames, but like I said, I dont know what it is doing on the 1 hr gold chart.