Draws all trendlines automatically on the main chart. It counts the beginning points from the actual timeframe's historical data, and the trendline ending is depending on the last visible pullback level. Multi timeframe ability, alert funcitons, candle body or high/low option, and much more...
Draws all trendlines automatically
NEW! Triangle Mode (only two trendlines)
No repaint indicator
Two algorithm for trendline redrawing /Lazy Redraw option/
NEW! Multi timeframe redraw option
Candle-body or high/low option
Line Chart compatibility
Automatic or manual refresh options /backtest ability/
Compatible with offline charts /such as Renko chart/
TrueTL sorts the trendlines to 4 groups and coloring them
Normal: normal length in actual timeframe. You can adjust the length in bars with the "Normal_TL_Period" setting. Ideal for any usage such as break without or with backtest, turn around, etc. Default style: Gray (Gainsboro) line with normal width.
Long: higher timeframe's trendline which is longer than the Normal TL. Ideal usage for turn around (bounce) and target price. For simple breakout it need more filtering methods. Default style: Orange (Goldenrod) line with normal width.
Three Touch: trendlines which touch the candles three or more times. Less filtering is enough because the 3 or more touches confirmating that the market sees them. Ideal for any usage. Default stlye: White line with thicker line.
Narrow: In uncertain market situation there are many possible lines. TrueTL filters the „too close” trendlines and sort to this group. Ideal usage if you like to see every details about the market. Default style: No color (hidden).
SAMPLE ALERT MESSAGES:
EURUSD on M1 - break DOWN with 30 points after close (Object: TrueTL_U6 | ID: Main)
USDCAD on H4 - break UP before close (Object: Horizontal line 3784 | 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).
Auto Refresh: refresh trendline drawing when candle is close OR only if you attach the "calculate trendline" script. If it's enabled, the auto-scroll must be enable too in MT4. (Testing ability: if the auto-scroll is disabled in MT4, and the Auto Refresh is disabled in TrueTL too, you can scroll back the chart, and the script will draws all past trendlines.)
Candle Body: trendlines are depending on candle's high/low OR candle's body.
Line Chart: options for draw the trendlines on the Metatrader's Line Chart.
Normal TL Period: adjust the Normal TL's length in bars (if the trendline length longer than this, TrueTL marks it as a Long TL, and we can see that is a higher timeframes's trendline). More...
Three Touch: 3 touch trendline recognition on the Normal TL. More...
NEW! Triangle Mode: in this mode the indicator analyses the whole chart, then selects and draws only the two nearest trendlines: upper and lower. Basically TrueTL draws all possible trendlines to use for many things: entry, entry-filtering, R/R calculation, SL / TP price, etc. The "Triangle Mode" is ideal if you are looking for an entry only. It's worth to try it out with "Lazy Redraw" option.
NEW! Three Touch In Triangle Mode: in "Triangle Mode" True Trendline Indicator draws additional trendlines which have three or more touches.
M1 Fast Analysis / M5 Fast Analysis: if you have a slower PC or you need only the closer chart movements in these timeframes, you can enable these option to faster operation.
Mark Highest and Lowest TL: modify the thickness of the highest/lowest trendline ending.
Cut TL Ending: cut the trendline's ending if it's broken.
Lines To Background: you can move the TrueTL's lines to the background.
Lazy Redraw: the pattern recognition algorithm is the heart of TrueTL. It determines the redraws of trendlines. You can choose this option, which redraws trendlines more lazier to a stronger candle pattern so it shows safer trendline breakout.
Redraw Timeframe: you can adjust the timeframe for the redraw. For example...
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 Normal TL: on/off the alert for Normal Trendlines.
Alert for Long TL: on/off the alert for Long Trendlines.
Alert for Three Touch TL: on/off the alert for Three Touch Trendlines.
Alert for Narrow TL: on/off the alert for Narrow Trendlines.
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.
Alert For New TL: you can set an alert when the indicator is redrawing the trendlines, and their positions are changing.
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..
Color and Style Settings
Show Normal TL: Show or hide normal trendlines More...
Normal TL Color / Width / Style: specify the color, width and style of the Normal TL
Show Long TL: Show or hide long trendlines More...
Long TL Color / Width / Style: specify the color, width and style of the Long TL
Show Three Touch TL: Show or hide three touches trendlines More...
Three Touch TL Color / Width / Style: specify the color, width and style of the Three Touch TL
Show Narrow TL: Show or hide narrow trendlines More...
Narrow TL Color / Width / Style: specify the color, width and style of the Narrow TL
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.