True Trendline Indicator for MT4 - MT5
Industry standard indicator which draws all trendlines automatically on the main chart. It counts the beginning points from the actual timeframe's historical data, and the trendline ending depends on the last visible pullback level. Multi-timeframe ability, alert functions, customizable styles, candle body or high/low option, and much more...
- Draws all trendlines automatically
- NEW! Show/hide button (more info)
- Triangle Mode (only two trendlines)
- Non-repainting indicator
- Two algorithms for trendline redrawing (Lazy Redraw option)
- Multi-timeframe redraw option
- Candle-body or high/low option
- Line Chart compatibility
- Automatic or manual refresh options (Example Video) (backtesting ability)
- Compatible with offline charts (such as Renko chart)
- <3 touches trendline recognition with sensitivity options
- Marks the highest and lowest trendline
- Cutting the trendline ending option
- Fully customizable alert functions (not only for TrueTL's objects)
- Fully customizable drawing styles
TrueTL sorts the trendlines into 4 groups and colores them differently:
- 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 with or without 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 a simple breakout it needs more filtering methods. Default style: Orange (Goldenrod) line with normal width.
- Three Touches: trendlines that touch the candles three or more times. Less filtering is enough because the 3 or more touches confirm that the market sees them. Ideal for any usage. Default stlye: White line with thicker line.
- Narrow: In uncertain market situations there are many possible lines. TrueTL filters the „too close” trendlines and sorts them to this group. Ideal to use if you would like to see every detail about the market. Default style: No color (hidden).
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...
- Normal TL Period: adjust the Normal TL's length in bars (if the trendline length is longer than this, TrueTL marks it as a Long TL, and you can see it as a higher timeframe's trendline). More...
- Trendline drawing mode: you can switch between normal (candle's high/low) and candle body and line chart drawing mode.
- Three Touches recognition: you can set the sensitivity of 3 touches trendline recognition on the Normal TL. More...
- Lazy Redraw: the pattern recognition algorithm is the heart of TrueTL. It determines the redrawing of trendlines. You can choose this option that redraws trendlines more lazier to a stronger candle pattern so it shows a safer trendline breakout. For example...
- NEW! Triangle Mode: in this mode the indicator analyzes the whole chart, then selects and draws only the two nearest trendlines: upper and lower. Basically TrueTL draws all possible trendlines to be used for many things: entry, entry-filtering, R/R calculation, SL / TP price, possible reversal price, etc. The "Triangle Mode" is ideal if you are looking for an entry only. It's worth trying it out with the "Lazy Redraw" option also.
- Mark Highest and Lowest TL: modify the thickness of the highest/lowest trendline ending.
- Cut TL Endings at breakout: cut the trendline's ending if it's broken. For example...
- Draw trendlines in the Background: you can move TrueTL's lines 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 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 Normal Trendlines: on/off the alert for Normal Trendlines.
- Alert for Long Trendlines: on/off the alert for Long Trendlines.
- Alert for Three Touches Trendlines: on/off the alert for Three Touches Trendlines.
- Alert for Narrow Trendlines: on/off the alert for Narrow Trendlines.
- 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 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 only in case the "Color filter" is enabled.
- Alert when trendlines are redrawn: you can set an alert when the indicator is redrawing the trendlines, and their positions are changing.
- 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).
- 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
- Show Normal trendlines: Show or hide normal trendlines More...
- Color / Width / Style or normal trendlines: specify the color, width and style of the Normal TL
- Show Long trendlines: Show or hide long trendlines More...
- Color / Width / Style of long trendline: specify the color, width and style of the Long TL
- Show Three Touch trendlines: Show or hide three touches trendlines More...
- Color / Width / Style of three touches trendlines: specify the color, width and style of the Three Touches TL
- Show Narrow trendlines: Show or hide narrow trendlines More...
- Color / Width / Style of narrow trendlines: specify the color, width and style of the Narrow TL
Show/hide button Settings
- Enable show / hide button: Enable the show / hide button (more info)
- Various settings of the show / hide button...