In this product you will not need any other trendline tool for mt4, this is a complete and awesome trendline maker that draws wedge and trendline automatically based on lookback period you specify !
The best part is that you can use this indicator in any EA since it has buffers and the trendline or wedge values can be read by an EA.
A screenshot of indicator settings is shown below.
Explanation of inputs:
- Calculation period = Number of bars to search for a trendline and wedge.
- Maximum keep period= Maximum number of bars to consider for drawing a trendline or wedge automatically.
- Wedge line mode= Select whether you need a buffer or just lines on metatrader chart.
- High Low bands deviation = Much like a bollinger band but for the wedge
- Line filter deviation = Check range of selected bars and try to miss bad trendlines with this option.
- Noise filter = Tolerance for reversal on a trendline.
Features of automatic trendline and wedge drawing indicator:
First let’s have a look at the awesome automatic drawing software for mt4 !
Below is the screenshot of indicator on USDJPY 1H chart.
How you use the settings is upto you but this indicator can give you an awesome breakout and range trading strategy for you ! Consider this:
- When market is ranging like the one above, Use the wedge to go short on top and long on bottom touch !
- If market is trending : Use trendline to enter a breakout or reversal !
Or Use wedge to time trade entry according to larger trend shown by wedge !
Isn’t this something everyone of us have been looking for at some point of our forex trading journey?
If not then buckle up ! This tool for mt4 is the one that makes rih people richer and we use this as regular help in our personal trading !
We wish you have great results in forex trading using your own and our tools !
Happy Forex trading on MT4 ! The platform that we all love so much.
Have a chat if you’re unsure.