Auto Trend Lines
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup 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.
Description & Settings
When a new bar is occurred, the indicator defines points to draw trend lines and, if the coordinates of points are changed, it redraws the lines. When determining the points, the current bar is ignored. Support line is drawn on low, resistance line is drawn on high. There are two points of determining in the indicator. Both types are described below on the example of the support line.
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 - To consider bar before extremum (Type 2)
Type 1. By two extremums.
From the next to last bar "go" to the left and search for the first (right) point-extremum from InpRightExmSide bars on the either side.
From the first point again "go" to the left and search for the second (left) point-extremum from InpLeftExmSide bars on the either side.
Draw the trend line.
Type 2. Extremum and delta.
From the next to last bar "go" to the left and search for the second (left) point-extremum from InpLeftExmSide on the either side.
Starting from InpFromCurrent bar from the current and to the second point of the extremum, searching for the bar with the lower delta**. Two variants are possible: consider/not consider bar from the right side of the second point.
Draw the trend line.
а) Lines are drawn considering bar from the right side of the left point.
а) Lines are drawn without considering bar from the right side of the left point.
*The extremum means such a bar, on the left and right side of which there are N bars with the higher lows and the lower highs. In fact, the extremum is practically identical to the N-bar fractal.
**Delta calculates using the following formula:
to support: (right price - left price) / (right bar index - left bar index)
to resist: (left price - right price) / (right bar index - left bar index)
Recommendations:
The extremum on the left side should be more valuable than the extremum on the right side, that is why the parameter of its side is set higher.
It is recommended to observe for the behavior of the indicator with small value of its parameters on time frame М1 before appliance.
In my opinion the line of the second type (extremum and delta) are more dynamic, and more correspond to the existing on the market.
After each parameter is noted on what type of drawing it affects (the exceptions are such properties of the line as thickness and color).
