Advanced Trendlines

Advanced Trendlines Indicator
The Advanced Trendlines Indicator for MT4 is a useful tool that automatically place trendlines accurately

CATEGORIES: TREND, MT4, LEVELS, INFORMATIONAL
Updated on: 30.11.2023

Trend trading is one of the most profitable trading strategies in the forex market. This strategy involves identifying the highs and the lows of charts, and connecting them using trendlines. This strategy gives a very good risk-reward ratio, and that is why it is mostly used by all traders. The difficulty encountered with this strategy is identifying the highs and lows, and placing the trendlines accurately. This is because placing trendlines requires good sight and trading skills and professionalism. Even some experts might not be able to see the forming trends sometimes. The bogus task of identifying and placing trendlines can be easily done accurately by using the Advanced Trendlines Indicator.

The Foundation Advanced Trendlines Indicator
The Advanced Trendlines Indicator for MT4 identifies all trends and accurately places connecting trendlines automatically in the chart. This indicator places trendlines by connecting two or more highs or lows together. The trendlines connecting two or more highs are indicated as red trendlines. Moreover, the trendlines connecting two or more lows together are displayed in a deep sky-blue color as seen in the diagram below.

From the NZD/USD daily chart above, the Advanced Trendlines Indicator automatically identifies several trends forming. These trends were indicated by various trendlines on the chart. The red lines connect a high to new higher highs or a high to new lower highs. Connecting a high to a higher high by this indicator shows the market is in an uptrend.

Consequently, connecting a high to new lower highs means the market is in a downtrend.

Furthermore, the deep sky-blue lines connect a low to another higher low or a low to new lower lows. Connecting a low to new higher lows by this indicator shows the market is in an uptrend. However, connecting a low to new lower lows means the market is in a downtrend.

Other than showing the forming trends on the chart, this indicator also makes it easier to identify chart patterns. These charts patterns are rising and falling wedges, ascending and descending triangles, symmetrical triangles, pennants, and so on.

The Advanced Trendlines Indicator can be a useful tool for new and professional traders. New traders can use this indicator as a guide to placing trendlines and to placing good trades.

Advanced traders on the other hand can use this indicator to confirm their analysis and be aware of the new forming trend.

The Advanced Trendlines Indicator works in all timeframes. However, it should be noted that trends on a higher timeframe hold stronger than on a shorter one. This indicator will give best results when used with price action analysis and Japanese candlestick understanding.