Momentum Trendline Indicator for MT4 - MT5
Momentum trendline indicator with MTF ability and alert functions, which draws all trendlines automatically in the Momentum indicator window. The multi timeframe ability allows you to watch other timeframes' indicator values, without switching between the timeframes. The alert functions work with all trendlines and horizontal lines in the Momentum trendline window, not only with TrueTL's. For example, you can use it for alerting when your own drawn level breaks.
- Draws all trendlines automatically on the Momentum indicator
- NEW! Show/hide button with shortcut function (more info)
- NEW! Available on MT4 - MT5
- Backtesting ability (Example Video)
- MTF (multi-timeframe) ability
- Non-repainting indicator
- Triangle mode (only two trendlines)
- Compatible with offline charts /such as Renko chart/
- Cut the trendline ending option
- NEW! Fully customizable alert functions for drawing objects (not only for TrueTL's objects) and for the oscillators (such as alerting when crossing an adjusted level or change the direction).
- NEW! Fully customizable drawing styles for divergence lines and arrows and for the oscillator lines (such as different colors if direction changes).
Features and settings:
- Version: the indicator's actual version number. If an update is released, you can download our installer or 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.)
- Momentum 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.
- Momentum bar shift: you can set the offset of the line drawing.
- Momentum period / Applied price: you can adjust the Momentum indicator's settings.
- Stepless (linear interpolation): The higher timeframe’s indicator data will make steps in lower timeframes. This function is for interpolating these. More info...
- Show indicator levels: enable/disable visualization of the levels on the indicator window.
- Adjust a level of Momentum: you can set the indicator's levels
- Triangle Mode: in this mode the indicator analyzes every movement but draws only the two nearest trendlines: upper and lower.
- Cut Trendline Endings at breakout: cut the trendline’s ending when it's broken.
- Draw trendlines in the Background: you can move TrueTL's objects to the background.
- Allow 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 for another reason) you can disable this function.
- User Notification Corner: set the corner on the chart to show user notification for example if a new update is released.
- Enable or disable all Alert Functions: enable or disable all of the alert functions.
- NEW! Alert Start time: Specify a time (in hours and minutes) when the alert functions start in a day.
- NEW! Alert End time: Specify a time (in hours and minutes) when the alert functions end in a day.
- Alert for TrueTL's trendlines: on/off the alert of the indicator's trendlines.
- Alert for user's trendlines and horizontal lines: on/off the alert of other trendlines and horizontal lines that are not TrueTL's.
- Alert only for objects with specified color: switch the color filtering of the other trendlines or horizontal lines to alert.
- Alert only for these colored objects: Specify the color of the other trendlines or horizontal lines to alert just in case the "Color filter" is enabled.
- Alert when trendlines are redrawn: you can set an alert when the indicator has redrawn the trendlines, and their positions changed.
- Alert at breakout after candle closed: alert at trendline breakout after the candle closed.
- Alert at breakout before candle closes: alert at trendline breakout before the candle is closing.
- Touch Alert: alert when price is approaching a trendline.
- Adjust the distance for touch alert: you can set the distance from the trendline where the alert will be triggered (adjust in indicator's value).
- Alert if main line crossed levels after bar closed / alert if main line is crossing levels before bar closes / alert if the main line turned around after bar closed / alert if the main line is turning around before bar closes: specify the alert events.
- Specify a short message to identify which indicator alerted: specify a short message for you to identify which indicator alerted.
- Alert via Email / Push notification / Popup window / Alert with sound: you can switch alert modes.
- Choose Sound File for sound alert: specify a sound file that plays a sound alert.
- Alert with Pictogram on the chart's corner: shows a wingdings character of the alert on the chart's corner to identify which indicator alerted.
- Adjust the symbol of pictogram alerts: specify the wingdings character’s number of the pictogram.
- Adjust the Corner of pictogram alerts: specify the corner on the chart to show the pictogram.
- NEW! Adjust coordinate X / coordinate Y / size of pictogram alerts: specify the coordinates and size of pictorgram alert.
- NEW! Adjust the default / up / down colors of pictogram alerts: specify the direction dependent colors of pictogram alert.
- Write Alert message into a File: write alert messages to a file. "TrueTL Alert.csv" file is placed in the MQL4/Files or MQL5/Files folder.
Color and Style Settings
- Color mode: you can set different methods of the oscillator line's coloring depending on level or direction.
- Draw main line in histogram mode: you can switch between line and histogram drawing mode of the main oscillator line.
- Color 1 / 2 / 3 / 4 of Main line: specify the colors of the main oscillator line depending on the color mode setting.
- Width / Style of Main line: you can set the width and the style (solid, dotted, etc.) of the main oscillator line.
- Color / width / style of trendlines:you can set the style of the indicator's trendlines.
- NEW! Color / Width / Style of indicator levels you can set the color, width and style of the indicator's level.