True s/r Level Indicator for MT4 - MT5
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 every fractals are a peak/bottom. The market usually "sees" only those peak/bottoms that we can say are "significantly stronger fractal points".
- Draws all S/R levels automatically on the main chart
- NEW! Show/hide button (more info)
- NEW! Draws colored ZigZag lines (depending on trend) between peaks and bottoms. (More info)
- NEW! Extend only the nearest high/low lines function. It's similar function to the triangle mode in True Trendline indicator where the indicator draws only two trendlines. The result is a less confused chart. (More info)
- Non-repainting indicator (more info)
- Backtesting ability (Example Video)
- MTF (Multi-timeframe) ability
- Candle-body or high/low drawing option
- Compatible with line chart
- Compatible with offline charts /such as Renko chart/
- Fully customizable alert functions (not only for TrueTL's objects)
- Fully customizable drawing styles
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.
- NEW! 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 and extend only the nearest high/low lines (It's similar function to the triangle mode in True Trendline indicator where the indicator draws only two trendlines. The result is a less confused chart. More info)
- Align extended line to MTF mode: 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).
- Draws lines in the Background: you can move 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).
- 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 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! Only one "Touch" and "Before close" alert per TF and direction: you can get an alarm once in the chart's timeframe if: Approach UP, Approach DOWN, Breaks UP before closes, Breaks DOWN before closes.
- Alert for user's trendlines and horizontal lines: on/off the alert for other trendlines and horizontal lines that are not TrueTL's.
- Alert only for objects with specified color: switch the color filtering to 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 only in case the "Color filter" is enabled.
- Alert when SR lines are redrawn: you can set an alert when the indicator is redrawing the Support Resistance Levels, and their positions are changing.
- NEW! Alert if trend direction changed: you can set an alert when the direction changed or finished (when ZigZag line's color changed).
- Alert at breakout after candle closed: alert at trendline or SR line breakout after the candle closed.
- Alert at breakout before candle closes: alert at trendline or SR line breakout before the candle is closing.
- Touch Alert: alert when price is approaching a trendline or SR line.
- 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).
- 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 / Symbol / Size of peak points: specify the style of the peak points.
- Color / Width / Stlye of peak lines: specify the style of the peak lines.
- Color / Symbol / Size of bottom points: specify the style of the bottom points.
- Color / Width / Stlye of bottom lines: specify the style of the bottom lines.
- Zigzag color if not / up / down trending: specify the colors of the zigzag lines.
- Zigzag width / line style if not trending: specify the styles of the zigzag lines if not trending.
- Zigzag width / line style if trending: specify the styles of the zigzag lines if trending.
Show/hide button Settings
- Enable show / hide button: Enable the show / hide button (more info)
- Various settings of the show / hide button...