Automatic Trend Lines Metatrader 4 Forex Indicator
The Automatic Trend Lines MT4 indicator draws the most interesting support and resistance trend lines on the Metatrader 4 chart for any currency pair and time frame.
Trading trend lines isn’t difficult to understand.
- Go long above the upper red resistance trend line
- Go short below the lower magenta support trend line
For best chance on a successful trade, trade broken trend lines in the direction of the overall trend and avoid to trade against the trend (often it’s a fake breakout).
Overall trend up? Trade a break of the red upper resistance trend line and ignore the magenta lower support trend line.
Overall trend down? Trade a break of the magenta lower support trend line and ignore the red upper resistance trend line.
The EUR/USD Daily chart below displays the Automatic Trend Lines Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Automatic Trend Lines MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade when price crosses and closes above the upper trend line (resistance). The overall currency trend must be up.
Sell Signal: Open sell trade when price crosses and closes below the lower trend line (support). The overall currency trend must be down.
Trade Exit: Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (nPeriod, Limit) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend lines
Copy and paste the automatic-trendlines.mq4 into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)