Draws divergence lines on the chart and on the Average Direction Movement Index (ADX) indicator, without the general problems of the other solutions (inaccurate peak/bottom detection, divergence line draws over the candle-body, etc). It calculates with the last 300 visible bars, and uses a basic candle pattern and divergence slope filtering with multi timeframe and alert ability. The indicator is non repainting (more info)! The arrow will appear when the trigger candle is closed and the divergence formation is valid, but before entry a strong filtering method is required! The alert functions work with all trendlines and horizontal lines on the ADX divergence window, not only with TrueTL's. For example, you can use it for alerting when your favorite level breaks.
Draws all divergences automatically on the ADX indicator
Non-repaint: shows arrows when the divergence formation is valid (more info)
NEW! Divergence prediction: draws possible divergence before it's formed. High risk: the divergence prediction arrow can disappear before the candle closes if the divergence formation isn't valid. (more info)
NEW! Sensitivity settings
Compatible with line chart
Compatible with offline charts /such as Renko chart/
AUDUSD on H4 - break UP after close (Object: Trendline 20122 | ID: Main)
Features and settings:
Version: the indicator's actual version number. If an update is released, you can simply overwrite the files with our self-extractor or you can do it from the zip file manually (installation steps).
Username: enter your username that you received after purchase. Autosave it so if you once entered it, it is not necessary to enter again. (about our ex4 protection).
Auto Refresh: If enabled, the indicator refreshes lines when the candle is closed or if you change the Timeframe or Symbol. If disabled, the indicator redraws only when you run the "[TrueTL] Calculate" script. If enabled, the auto-scroll must be enabled too in MT4 (Example Video).
(Backtesting ability: if the auto-scroll is disabled in MT4, and the Auto Refresh is disabled in the indicator's settings too, you can scroll back the chart, and the
script will draw all past trendlines until the last visible candle.)
ADX Period: you can set the period of ADX.
ADX Price: you can set the ADX indicator's price.
ADX Timeframe: you can set the indicator's timeframe. The arrows will appear only when the higher timeframe's candle is closed to make sure that the candle’s configuration is valid and the divergence is fine.
Stepless: The higher timeframe’s indicator data will make steps in lower timeframes. This function is for interpolating these. More info...
Line Chart: switch the indicator to draw divergence lines on the MT4's Line Chart.
Candle Body Filter: you can show/hide the divergence lines that go over the candle-bodies.
NEW! Max Divergence Distance in Bars: You can set the maximum distance of divergences in bars. The default setting is 300 bars (this is the maximum distance) and you can set lower value.
NEW! Sensitivity: with higher and highest sensitivity settings You can see more (but of less quality) divergences on the chart.
NEW! Divergence prediction: You can see the possible divergence before the candle is closing. It has a very high risk because at this moment we can't be sure if the divergence formation is valid up until the candle has closed. In return, we can enter sooner, maybe at a better price for us. (more info)
Draw Arrows On Main Chart: on/off the arrows for trigger candles.
Draw Lines On Main Chart: on/off the divergence lines on the main chart.
Draw Lines On Indicator: on/off the divergence lines on the ADX indicator window.
Draw To Background: you can move the TrueTL's objects to the background.
Multiple instances: you can attach two or more instances of the same indicator to one chart. If you would like to use the indicator with old-style object names (if you have developed an EA or another reason) you can disable this function.
User Notification Corner: set the corner on the chart to show the user notification such as if your subscription expires soon, or a new update is released.
Alert Functions: enable or disable all of the alert functions.
Alert for Divergence: on/off the alert of TrueTL's divergence signals.
Alert for Predicted Divergence: on/off the alert of TrueTL's predicted divergence signals.
Alert for Other TL and HL: on/off the alert of other trendlines and horizontal lines that are not TrueTL's.
Color Filter: switch the color filtering to the other trendlines or horizontal lines to alert.
Alert Only For This Color: Specify the color of the other trendlines or horizontal lines to alert just in case the "Color filter" is enabled.
Break Alert After Close: alert at trendline breakout after the candle closed.
Break Alert Before Close: alert at trendline breakout before the candle is closing.
Touch Alert: alert when price is approaching a trendline.
Touch Distance: you can set the distance from the trendline where the alert will be triggered (adjust in indicator's value).
MT4 ID: specify a short message for you to identify which indicator alerted.
Email / Push / Popup / Sound Alert: you can switch alert modes.
Sound File: specify a sound file that plays a sound alert.
Pictogram Alert: shows a wingdings character of the alert.
Pictogram Symbol: specify the wingdings character’s number.
Pictogram Corner: specify the corner on the chart to show the pictogram.
Write Alert to File: write alert messages to file. "TrueTL Alert.csv" file is placed in the MQL4/Files folder.
Color and Style Settings
ADX Color: specify the color of the ADX line.
ADX Width: specify the width of the ADX line.
ADX Style: specify the style of the ADX line.
Up Arrow Color: specify the color of the up arrows.
Up Arrow Symbol: specify the Wingdings character's number.
Down Arrow Color: specify the color of the down arrows.
Down Arrow Symbol: specify the Wingdings character's number.
Up Prediction Arrow Color: specify the color of the up arrow for predicted divergence.
Up Prediction Arrow Symbol: specify the Wingdings character's number for predicted divergence.
Down Prediction Arrow Color: specify the color of the down arrow for predicted divergence.
Down Prediction Arrow Symbol: specify the Wingdings character's number for predicted divergence.
Bullish Regular Color / Width / Style: specify the color, width and style of the bullish regular divergence lines.
Bullish Hidden Color / Width / Style: specify the color, width and style of the bullish hidden divergence lines.
Bearish Regular Color / Width / Style: specify the color, width and style of the bearish regular divergence lines.
Bearish Hidden Color / Width / Style: specify the color, width and style of the bearish hidden divergence lines.
Bullish Predicted Color: specify the color of the Bullish Predicted Divergence lines (the width and style are similar to the bullish regular or hidden divergences).
Bearish Predicted Color: specify the color of the Bearish Predicted Divergence lines (the width and style are similar to the bearish regular or hidden divergences).
Foreign exchange transactions carry a high degree of risk and any transaction involving currencies is exposed to, among other things, changes in a country's political condition, economic climate, acts of nature - all of which may substantially affect the price or availability of a given currency.
Speculative trading in the foreign exchange market is a challenging prospect with above average risk. You must therefore carefully consider your investment objectives, level of experience and appetite for such risk prior to entering this market. Most importantly, do not invest money that you are not in a position to lose.
In addition, trading on a margin basis means that any market movement will have a proportionate effect on your deposited funds. This can work for you as well as against you. The possibility exists that you could sustain a total loss of initial margin funds.