TrendLine PRO MT5
The TrendLine PRO MT5 indicator is a version for MT5 of the popular INFINITY TrendLine PRO indicator (mt4). The calculation of indicator signals is based on the frequency range of the market.
The INFINITY TrendLine PRO indicator is based on an analysis of the average range of price (ATR). It shows the trend change, entry point and recommended TakeProfit and StopLoss levels. TrendLine PRO does not redraw the trend line and does not change trading levels
You can find additional set files in the telegram chat.
The TrendLine PRO indicator is used in Expert Advisors:
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Amplitude -is the main parameter, which determines the duration of the local trend and the frequency of the appearance of a new TrendLine indicator signal. It works best in the range from 5 to 12.
ExtremeRange (for calc TP/SL-target level, bars) -is the number of bars defining the range to calculate TakeProfit and StopLoss levels. The smaller the range of bars, the closer the levels are to the opening price.
TP1, TP2, TP3 (target level) -are three levels to fix the profit. The higher the level, the lower is the possibility of achieving it. It is calculated as the ratio to ExtremeRange.
Сalculation Range (bars) -is the range of bar history on which the indicator is drawn and virtual trades are calculated, the probability of success of each TP level and the ratio of Win/Loss trades. The larger this parameter is, the more trades are involved in the calculations. However, this may slow down the indicator.
ShiftPips for SL (SL=ExtremeRange+ShiftPips) -is the number of points to offset the SL level beyond the Extreme Range. If =0, the SL level is set at the edge of the Extreme Range.
SuccessRate_Type - you can choose to calculate the probability of success for each trend (Buy/Sell) or averaged.
Higher Timeframe Filter (HTF) -is an important parameter that has no equivalents at competitors. In fact, this is another indicator that calculates the trend in the older period (optional). If the current trend (for example, H1) and the older trend (for example, D1) coincide, you get an additional guarantee of the indicator's strength.
Symbols - FX-pairs for the scanner panel. The more pairs you install, the slower the indicator works!
RESULT- calculation of trading results by entry / exit points: reaching TP (1,2,3), SL level or a local trend reversal point.
Time filter- is used to exclude new signals in the range of the 24 hour period. If a new signal falls within a selected range, it is rejected during calculations and notification.
Example_1: The Time Filter is turned off, as a result of which the indicator counts all transactions including nightly ones while the market is in flat and there are many false signals. Result = 2565 pips
Example_2: The Time Filter is set to "sleep" from 20:00 to 6:00. Such a setting has a positive effect on trade. Result = 4044 pips
Scanner PRO SETTINGS -is a pop-up panel when pressing the "PRO" button on the main indicator panel. It serves to display the current trend on additional pairs (can be changed). The orange frame has timeframes with a Super Signal, enhanced by the coincidence of the trend with the older periods. When you press the signal button, the scanner automatically switches to the selected pair and timeframe. The scanner operation may slow down the indicator calculation. Make sure that historical data is available for the pairs selected in the scanner and that the connection to the broker is secure.
Please note! The Scanner does not work while testing.
You can find more information in the INFINITY blog: https://www.mql5.com/en/blogs/post/722749
Fixed a bug
-Added 2 color parameters
2.Added the function of Calculation type of TrendLIne PRO
3.Added the function of automatically loading pairs from Market Watch into Scanner
4.The indicator has been accelerated