Draws divergence lines on the chart and on the On Balance Volume (OBV) 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 use 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 RSI divergence window, not only TrueTL's. For example, you can use it for alert when your favorite level is break.
Draws all divergences automatically on the OBV indicator
CADJPY on M5 - approach UP (Object: Trendline 21453 | ID: Main)
Features and settings:
Version: the indicator's actual version number. If 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. Auto save so if once entered after not necessary (about our ex4 protection).
NEW! 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.)
OBV Price: you can set the OBV indicator's price.
OBV 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 validated and the divergence is fine.
Line Chart: switch the indicator to draws divergence lines to the MT4's Line Chart.
Candle Body Filter: you can show/hide the divergence lines that go over the candle-bodies.
Draw Arrows On Main Chart: on/off the arrows for trigger candles.
Draw Lines On Main Chart: on/off the divergence lines on main chart.
Draw Lines On Indicator: on/off the divergence lines on the OBV 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 indicators on one chart. If you would like to use the indicator with old-style object names (if you 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 expire soon, or a new update is released.
Alert Functions: enable or disable all of the alert functions.
Alert for Divergence: on/off the alert for TrueTL's divergence signals.
Alert for Other TL and HL: on/off the alert for other trendlines and horizontal lines which 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 for 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 approaching a trendline.
Touch Distance: you can set the distance till the trendline where the alert will be triggered (adjust in indicator's value).
MT4 ID: specify a short message for you to identity 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 corner on the chart to show the pictogram.
Write Alert to File: write alert messages to file. "TrueTL Alert.csv" file placed in MQL4/Files folder.
Color and Style Settings
OBV Color: specify a color of the OBV line.
OBV Width: specify the width of the OBV line.
OBV Style: specify the style of the OBV line.
Up Arrow Color: specify a color of the up arrows.
Up Arrow Symbol: specify the Wingdings character's number.
Down Arrow Color: specify a color of the down arrows.
Down Arrow Symbol: specify the Wingdings character's number.
Bullish Regular Color / Width / Style: specify a color, width and style of the Bullish Regular Divergence lines.
Bullish Hidden Color / Width / Style: specify a color, width and style of the Bullish Hidden Divergence lines.
Bearish Regular Color / Width / Style: specify a color, width and style of the Bearish Regular Divergence lines.
Bearish Hidden Color / Width / Style: specify a color, width and style of the Bearish Hidden Divergence lines.
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.