Trendlines show how price has generally changed over time (i.e. has price generally risen, fallen, or moved sideways). Additionally, trendlines are often used to define support and resistance price levels. Both uses are extremely valuable to many traders. Price direction is important in determining whether to be a buyer or a seller and support and resistance levels can suggest whether price will continue or change direction at those levels.
Creating trendlines is a breeze with the Automatic Trendlines indicator. Simply define the frequency and number of trendlines to be drawn and the indicator will automatically populate the trendlines on a chart. Creating trendlines has never been this easy.
The following inputs are available in the indicator’s properties window and can be defined by the app user:
TPeriod: the number of periods used to identify the highest high and lowest low prices
NumOfObj: the number of trendlines to draw per ‘TPeriod’
Support: the color of the lower, support, lines
Resistance: the color of upper, resistance, lines
The application displayed on this page does not take in to consideration your individual personal circumstances and trading objectives. Therefore it should not be considered as a personal recommendation or investment advice. Past performance is not indicative of future results. There is no guarantee that the systems, trading techniques, trading methods, and/or indicators will result in profits or not result in losses.
This indicator is only compatible with FXCM MetaTrader 4 software. It does not operate on MetaTrader 4 software provided by any other brokerage. Additionally, an FXCM account is required (including free FXCM demo accounts).