Let’s talk a bit about the algorithm…
You can apply all types of charts on the NinjaTrader charts. So you do need to pick the brokers able to work with this trading platform. It displays the indicators of any currency tool at auto trend lines timeframe so the chart must support it.
Auto trend lines can set any timeframe when the chart is being created.
You can pick one hour, two hours, a day or 5 minutes. However, experience has proved that if you set 15 minutes to the chart, you will get accurate results.
Auto Trend Lines [Anan] — Indicator by Mohamed3nan — TradingView
To do so, you need to find the section containing the indicator parameters. It is not shown on its own on the chart.
However, its values are important for building the trend lines as they are built upon its tops and bottoms. Therefore, you can be sure that the slower the ZigZag is, the more time it takes to create the trend lines and the more bars will be required from history. Description and performance of the Trend Lines Auto Indicator I should warn the budding traders that you would need more than just an indicator to start making money on Forex.
The Trend Lines Auto Indicator is not a complete trading strategy. You should apply additional filters before entering the market.
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That will significantly increase your auto trend lines to get a profit. A trend stands for the price movement in a certain direction over a certain period. You can perform both uptrend and downtrend trading. There is also such a thing as the sideways trend, which means a controversial situation when the price is very unstable and goes up and down. When the price passes right through the trend line, the Trend Lines Auto Indicator will immediately emit a certain sound.
How to Use Trend Lines Auto Indicator in Forex Trading
You may add a special information window to the sound notification. It will notify you about a new trading signal. When the trend line is broken out, a trader should open the positions towards the breakout. It would be good to enable the option of drawing the arrows. They can make it easier to find the point of the signal appearing on the chart.
Such additional options, of course, are not necessary but can significantly simplify the work of the traders who use the trend lines and the horizontal levels. The Horizontal levels is a way of determining the price movement direction.
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These changes are chaotic and hard to understand. The method of horizontal lines is designed to determine such moves. If you examine the chart carefully, you will notice that the price comes back and forth at some levels. Concurrently the price often breaks out the line or holds on it for a long period. We may combine such moments and get a horizontal level.
For shortness sake, we write the version of this platform as NT7 and the earlier version as NT6. The tickers we use in work are provided by the broker.
It depends on the chosen trading style. True — the breakout of the trend line. False — a bounce from the current trend line. It happens often when the value gets lower the line. Expand — a simulation of the second line of the indicator.
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AlertDebug — making a record on the sound signal to the journal. AlertMessage — display of the information window while giving a signal.
FileSound — the name of another file that will be used when giving a signal. TrendUpName — the name of the support line. TrendDnNam — the name of the resistance line.
Brendan — the color of the resistance line. Otstup — the distance in points between the signal pointer of the system and the chart line. ExtDepth — the value of a standard ZigZag indicator.
The program also has two standard options, which are ExtDeviation and ExtBackstep.
Conclusion The Auto Trend Line Indicator does not require any complicated manipulations and is very easy to install. The main thing is to follow the standard instructions.
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The budding traders often prefer to start working on Forex using this algorithm. Many people believe that making money off the stock exchange is very easy.
However, they are grossly mistaken. In general, far from everybody can predict further development of the trend.
Autotrendline — Indicators and Signals — TradingView
In addition to knowledge, a trader must have well-developed intuition as well. However, the systems such as the Trend Lines Auto algorithm can significantly simplify the task.
However, if you have jumped to the deep end and failed because of a lack of knowledge and skills, do not blame the program for its inefficiency. Only users are responsible for the final results, not the equipment. Remember that trees bear fruits only trader s trading mode the right hands!