Draws divergence lines on the chart and on the stochastic 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 stochastic 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 stochastic indicator
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.)
Stochastic K Period/D Period/S Period: you can set the periods of stochastic indicator.
Stochastic Method: you can set the price method.
Stochastic Price: you can set the Stochastic price.
Stochastic 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.
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.