The Trend Lines LNX MT4 forex indicator automatically draws the most significant trend lines on the trading chart for the following timeframe’s: 15-minute, hourly, 4-hour, day and week.
The LNX indicator uses different colors for each trend line depending on the timeframe, for example the 15-minute trend lines are blue colored and the hourly trend lines red colored.
The basic concept of trading trend lines is not difficult to understand:
- Buy above the resistance trend line (works best in up trending markets)
- Sell below the support trend line (works best in down trending markets)
Tip: Trend lines found on the higher timeframe’s carries more weight than trend lines found on the lower trend lines.
You can change all default trend line colors directly from the indicator’s input menu.
The EUR/USD H1 chart below displays the Trend Lines LNX forex indicator in action.
Basic Trading Signals
Signals from the Trend Lines LNX forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade when price closes above the upper LNX resistance trend line.
Sell Signal: Open sell trade when price closes below the lower LNX support trend line.
Trade Exit: Use your own method of take profit (TP).
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (W1 Resistance, W1 Support, D1 Resistance, D1 Support, H4 Resistance, H4 Support, H1 Resistance, H1 Support, M15 Resistance, M15 Support) 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 Line
Copy and paste the trendlines-lnx-indicator.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)