If you use Resistance and Support Trendlines in your trading, this tool will be very useful for you!
The Trendline Trading EA is a smart and easy tool to helps you in your trading using trendlines on your chart. Just create a trendline for the Resistance and Support, and the EA will create pending orders when the price touch the trendline.
The following pending orders will be created when the price touch the trendline:
- Pending order in case the price breaks the trendline
- Pending order in case the price bounce back from the trendline and reverse
For the Breakout pending order and the Reversal pending order you can set the following:
- Stoploss of the pending order
- Offset (=distance) from the trendline to activate the pending order. When the price touch the trendline, the pending orders will be created and the pending order price will be based on the trendline plus/minus the offset
- For the Reversal pending order, you can set the TP
- When the Breakout pending order gets activated, the order will be monitored and trailing is activated
When you load the EA, 4 buttons will appear on the chart. Just click on a button to create the Trendline:
- Hor Res Line: This button will create a horizontal Resistance Trendline. The line will be placed at the highest value of the last 200 bars, but you can move the trendline to any position you like.
- Res Line: This button will create a Resistance Trendline, based on the most recent highest values. You can change the position of the trendline, just like any other MT4 trendline.
- Hor Sup Line: This button will create a horizontal Support Trendline. The line will be placed at the lowest value of the last 200 bars, however, the trendline can also be moved on the chart.
- SupLine: This button will create a Support Trendline, based on the most recent lowest values. You can change the position of the trendline, just like any other MT4 trendlines.
Resistance Trendlines will be Red, and the Support Trendline will have a Green color.
As soon as the trendlines are created, the EA will create the pending orders when the price touch the trendline. You can create a Resistance and Support Trendline, but you can also just create a Resistance Trendline or a Support Trendline.
- Magic Number - This magic number is used for Reversal orders. Breakout orders will have the next consecutive number (=Magic Number+1).
- Lot size - Lot size for the pending orders
- Order Comment - Comment for the pending orders
- Seconds to cancel pending order
- TP for Reversal order (Pips)
- SL for Reversal order (Pips)
- Offset for Reversal order (Pips) - Distance from the trendline before the Reversal pending order gets activated
- TP for Breakout order (Pips)
- SL for Breakout order (Pips)
- Offset for Breakout order (Pips) - Distance from the trendline before the Breakout pending order gets activated
- Remove trendline after breakout? - If Yes, the trendline will be removed after breakout (Breakout pending order is activated), so this trendline cannot create new pending orders
- Trailing for breakout orders? - If yes, the EA will trail activated breakout pending orders
- Trailing only when in profit? - If yes, trailing only starts when the breakout order is in profit
- Trailing for Buy orders (Pips) - Trailing distance for Buy orders
- Trailing for Sell orders (Pips) - Trailing distance for Sell orders
- Trailing step - Trailing step in Pips