Handy MT4 Script - Auto Color Trendlines

Here is a handy script that I have written to auto colors trendlines.

Simply place this in your "Scripts" directory and then draw trend lines.  When done, go to your scripts and attach to the chart. 

Bearish Color is applied to any trendlines drawn downwards.
Bullish Color is applied to any trendlines drawn upwards.

Bearish Color is applied to top horizontal line.
Bullish Color is applied to bottom horizontal line.
Horizontal Trendline color is applied to all other horizontal lines.

Download the Script here:
Auto Color Trendlines.ex4   Auto Color Trendlines.mq4

For the latest version check here:
http://www.forexfactory.com/showthread.php?t=536082

Handy MT4 Script - Draw Ellipse

Here is a handy MT4 script that I've written to draw an Ellipse to wherever you drop it.

Just drag and drop the script and voila.  You have an Ellipse.

The script automatically sizes the Ellipse regardless of time frame and currency pair.
Much easier than using the built in draw ellipse functionality.

Here a sample screenshot:

Download the Script here:
Draw Ellipse.ex4   Draw Ellipse.mq4  

For the latest version check here:
http://www.forexfactory.com/showthread.php?t=532055

Are you using Alerts?

Many traders make the mistake of either sitting infront of the computer all day or checking the chart too late only to discover their "ideal" signal was hit.   There is an easier way.... Alerts!

Every trader has their own favorite strategy and entry "signal".  For example you could use Moving Average Crosses, RSI, MACD, or a mixture.

One of the simplest and most powerful functionality of your trading platform is Alerts.  Every platform has them, I am going to focus on Metatrader.

There are three types of "Alerts" you can set up.

1. Alert by Sound - great if you are near your computer
2. Alert by Email - great if you are mobile and have access to email
3. Alert by Notification - great if you are mobile and have the Metatrader App

For Email and Notifications to work you need to configure Metatrader (Tools >> Options).  Note that it can be tricky to get SMTP to work as many Internet Service Providers (ISPs) now block SMTP Port 25.   If that's the case ask your ISP what SMTP port is open.   Notifications can also be tricky as some cell phone providers will block the port for notifications.  For example here in Thailand I only get notifications once I use Wifi but never with my AIS Mobile Provider.

In any event I still use notifications as my thinking is that if I'm not using Wifi then I'm likely not in a position to make a trade....

There are also two different ways to set up Alerts.  You can either open the Alerts tab on your Terminal window in Metatrader and set the currency and level, ie. EURUSD > 1. 2844 or you can check your favorite indicators to see if they have the Alert capability.   If they don't, see if you can find an indicator with an Alert function.  

If you have some programming experience you can easily add the Alerts to your favorite indicators.