Technical Indicators for MetaTrader 5
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MetaTrader 5
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Overview
Trendlines are the most essential tool of technical analysis in forex trading. Unfortunately, most traders don’t draw them correctly. Automated Trendlines indicator is a professional tool for serious traders that help you visualize the trending movement of the markets.
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There are two types of Trendlines Bullish Trendlines and Bearish Trendlines.
In the uptrend, Forex trend line is drawn through the lowest swing-points of the price move.
Connecting at least two "lowest lows" will create a trend line.
In the down trend, trend line is drawn through the highest swing-points of the price move.
Connecting at least two "highest highs" will create a trend line.
When a trendline Breaks?
A bullish trendline breaks when a bearish candle closes below bullish trendline and the high of the candle is above trendline.
A bearish trendline breaks when a bullish candle closes above bearish trendline and the low of the candle is below trendline.
When a trendline Deletes?
A bullish trendline deletes when a full candle forms below bullish trendline.
A bearish trendline deletes when a full candle forms above bearish trendline.
You can change the Color and Width of Bullish and Bearish Trendlines from Input Parameters.
