Draws support and resistance levels on the main chart with a more advanced algorithm than the fractal based solutions. It calculates with the last 400 visible bars, and the level ending depends on the last visible candle. The multi timeframe ability allows you to watch other timeframes’ indicator values, without switching between timeframes. The alert functions work with all trendlines and horizontal lines in the main window, not only with TrueTL's.
How does True S/R Indicator differ from the fractals? The fractal indicator simply analyzes 4 candles to find a specified pattern but for the peak/bottom recognition we have to analyze the complete price movements. Of course the peak/bottoms and fractals are in the same place but not all fractals are a peak/bottom. The market usually "sees" only the peak/bottoms that we can say are "really stronger fractal points".
Draws all S/R levels automatically on the main chart
Draws colored ZigZag lines (depending on trend) on peaks and bottoms.
GBPUSD on M30 - break DOWN with 43 points after close (Object: TrueTL_Level_H23 | ID: Main)
USDJPY on H1 - break UP before close (Object: Horizontal line 1101 | 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 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.)
Redraw Timeframe: you can adjust the timeframe for the redraw. For example if you set the timeframe to H1 you can see the H1 chart's lines on lower timeframes.
Extend line: you can adjust the length of the horizontal line extensions with the following options: none, fixed length, until breakout (1st to 6th), infinity.
Precise MTF Extend Line: you can see the extended line in multi timeframe. Useful if You would like to see the adjusted (with the "Redraw Timeframe" option) timeframe's breakout on the actual chart's timeframe.
Fixed Extend Line Left Candles / Right Candles: you can adjust the extended line's length in bars (if you set the Extend Line option to "Fixed to Specified Candles")
Show validation candle: shows which candle is the point (at close) when the peak/bottom is validated.
Drawing mode: you can switch between normal high/low drawing mode, candle body and line chart drawing mode. With the precise MTF option You can see the defined timeframe's price and place on the actual timeframe's chart if You are using the indicator in MTF mode (and candle body or line chart mode).
Lines To Background: you can move the TrueTL's lines to the background.
ZigZag Drawing mode: you can switch between normal high/low drawing mode, candle body and line chart drawing mode of the ZigZag. With the precise MTF option You can see the defined timeframe's price and place on the actual timeframe's chart if You are using the indicator in MTF mode (and candle body or line chart mode).
Multiple instances: you can attach two or more instances of the same indicators to 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 expires soon, or a new update is released.
Alert Functions: enable or disable all of the alert functions.
Alert for Other TL and HL: Switch on/off the alert for 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 for the other trendlines or horizontal lines to alert just in case the "Color filter" is enabled.
Alert For New Level: alert if the True S/R Level indicator redraws and a new level appeared.
Break Alert After Close: alert at trendline or horizontal line breakout after the candle closed.
Break Alert Before Close: alert at trendline or horizontal line breakout before the candle is closing.
Touch Alert: alert when price is approaching a trendline or horizontal line.
Touch Distance: you can set the distance of the trendline or horizontal line where the alert will be triggered (adjust in instrument's point 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 corner on the chart to show the pictogram.
Write Alert to File: write alert messages to file. "TrueTL Alert.csv" file is placed in MQL4/Files folder.
Color and Style Settings
Peak Color: specify the color of the peak.
Peak Symbol: specify the wingdings character’s number of the peak.
Peak Size: specify the size of the peak.
Peak Level Color / Width / Style: specify the color, width and style of the peak's level line.
Bottom Color: specify the color of the bottom.
Bottom Symbol: specify the wingdings character’s number of the bottom.
Bottom Size: specify the size of the bottom.
Bottom Level Color / Width / Style: specify the color, width and style of the bottom's level line.
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.