Trend lines by direction
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 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
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.
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