AutoTrendLinien - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

This trend indicator automatically generates channel lines in the direction of the trend.

This indicator is very simple and is based on the assumption that the price moves from the upper line to the lower line or vice versa.

If the price has reached the upper line and the channel line is pointing upwards, we should place a sell order when the price retraces from the upper line. Once the price reaches the lower channel line, we should place a buy order on a pullback. The middle line is a dotted line. If the price is near the midline, we should wait for extreme price deviations to the lower or upper channel limits.

The channel itself changes direction slowly, without any suddenness. If the channel changes direction, a price reversal has begun. In this case, it is better to open a position only from the opposite channel line in the direction of the channel reversal. It may take some time to get used to this indicator and understand its behavior. This indicator is very good and works on any time frame.

Attachment download

📎 autotrendlinien.mq5 (11.6 KB)

Source: MQL5 #530