Auto Trendline Indicator

Here is a handy MT4 indicator to auto-color your trend lines AND make them visible only in the timeframe drawn or lower.

• Applies Bearish Color to trendlines drawn downward
• Applies Bullish Color to trendlines drawn upward
• Applies Bullish Color to lowest horizontal line
• Applies Bearish Color to highest horizontal line
• Makes trendlines and horizontal lines visible only in timeframe drawn and below
• Higher timeframes have thicker lines
• Object Description updated with Timeframe Short Name
• You must enable "Show Object Descriptions" on the chart properties to see the timeframe text.

For example, if you draw trendlines in the M15 time frame, they will not appear in higher timeframes such as Daily. This allows for "cleaner" charts as trendlines/horizontal lines from lower time frames do not clutter up the higher timeframes. You also save time not having to change colors and widths.

 

 

 

 

Attached Files

 FTAutoTrendlines.ex4   9 KB 

 FTAutoTrendlines.mq4   8 KB

The Trend is not your friend

Speaking of the weather.   You know the saying "The Trend Is Your Friend"?   Well not exactly.

The Trend Is Your Fair-Weather Friend

The trend of course is very important when it comes to your trading analysis.  You don't want to swim against the current, however the trend is your Fair-Weather Friend, it can change, currents can change and pull you under.  

In other words, look a little deeper, perform more analysis and be prepared for the trend to change.    The trend might be up but are there major trendlines in sight?  For how long has the trend been up?   Are you approaching fresh monthly, yearly highs?  Is major economic news (think FOMC, ECB, NFP) on the horizon?   All sunny days come to an end.  All rainy seasons dry up.