Auto Trend Lines
Info
The Auto Trend Lines is a Indicator for MetaTrader 5 that when a new bar appears, this indicator identifies points to draw trend lines and redraws them if the coordinates change. It ignores the current bar when determining points.
Usage
This tool is typically used for trend following strategies across multiple currency pairs.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Auto Trend Lines
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
When a new bar appears, this indicator identifies points to draw trend lines and redraws them if the coordinates change.
Typical Use Case
This Indicator excels in trend following on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Quantora Multi-Timeframe Trend Dashboard MT5 - Professional EMA Trend Analysis - another powerful indicator for MetaTrader 5 traders.
When a new bar appears, this indicator identifies points to draw trend lines and redraws them if the coordinates change. It ignores the current bar when determining points. The support line is drawn on low, and the resistance line on high. The indicator has two determining points, explained below using the support line as an example.Also recommended: Quantora Multi-Timeframe MACD Dashboard MT5 - Professional Momentum and Trend Analysis - similar indicator with strong performance on MetaTrader 5.
Main parameters:
- inplinetype - line type
- inpleftexmside - left extremum side* (type 1, 2)
- inprightexmside - right extremum side (type 1)
- inpfromcurrent - offset from the current bar (type 2)
- inpprevexmbar - consider bar before extremum (type 2)
Type 1: Two Extremums
From the second-to-last bar, move left and find the first (right) point-extremum from inprightexmside bars on either side.
From the first point, move left again and find the second (left) point-extremum from inpleftexmside bars on either side.
Draw the trend line.
Type 2: Extremum and Delta
From the second-to-last bar, move left and find the second (left) point-extremum from inpleftexmside on either side.
Starting from inpfromcurrent bars from the current bar to the second point of the extremum, search for the bar with the lower delta**. Two options: consider/ignore the bar on the right side of the second point.
Draw the trend line.
a) Lines are drawn considering the bar on the right side of the left point.
b) Lines are drawn without considering the bar on the right side of the left point.
*The extremum refers to a bar with higher lows and lower highs on both sides. It is similar to an n-bar fractal.
**Delta calculation:
Support: (right price - left price) / (right bar index - left bar index)
Resist: (left price - right price) / (right bar index - left bar index)
Recommendations:
- The left-side extremum should be more significant than the right-side extremum, hence the higher parameter value.
- Observe the indicator's behavior with small parameter values on the M1 time frame before use.
- The second type of line (extremum and delta) is more dynamic and aligns better with market conditions.
- Each parameter indicates the drawing type it affects, except for line thickness and color.
You may also like: Quantora Moving Average Dashboard MT5 - Professional EMA SMA Trend Analysis - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property indicator_chart_window
enum enum_line_type {
exm_exm, // 1: by 2 extremums
exm_delta // 2: extremum and delta
};
class cpoint {.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.