The Auto Trend Lines Channels MT4 indicator is an awesome trading tool built for trend line traders.
The indicator draws the most interesting trend lines automatically on any trading chart.
Trend lines are easy to trade, a break above the trend line is a signal to buy the currency pair, conversely, a break below the trend line is a signal to sell the currency pair.
Trend lines can be used as a standalone technical tool or can be combined with other technical indicators.
Interesting indicators to use together with trend lines include:
MACD, Slow Stochastic, RSI, Simple Moving Average, Exponential Moving Average, ADMI…
Trend lines are a useful tool for scalping, day trading, swing trading and position trading and can be applied to any timeframe.
The USD/JPY H4 chart below displays the Auto Trend Lines Channels forex indicator in action.
Basic Trading Signals
Signals from the Auto Trend Lines Channels MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade when price breaks above the trend line.
Sell Signal: Open a sell trade when price breaks below the trend line.
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (fibofan, fiboChannel, showZigZag) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Trend Lines
Copy and paste the auto-trend-lines-channels.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)