AUTO TREND LINES CHANNEL INDICATOR MT4
- Auto Trend Lines Channels Indicator is one of the best MT4 trendline indicators for forex chart analysis. It offers automatic trendline, super price channel, and technical trading setups.
The Auto Trend Lines Channels Indicator spots the peaks and bottoms of the market and connects the swinging areas for plotting automatic trend lines.
This indicator works best for beginners who depend on trend signals but finds it hard to draw the trendline manually. Besides, it saves time for expert traders who do multi chart trend analysis every day.
In order to get the maximum benefit from the Auto Trend Lines Channels Indicator, traders require some basic price action skills. For example, pin bar signals, inside bar breakouts, false breaks, etc. Such skills help you to understand how the price is reacting in the trendline areas.
How the Auto Trend Lines Channels Indicator Works in MT4
- Generally, we connect the highs and lows of the price to draw a trend line. Depending on the price action pattern there could be one or several trend lines in a single chart.
However, newbie traders often miss the hidden trend lines which are very crucial especially for the day traders. The Indicator scans all the swinging areas of the market. Next, it connects them with straight lines and comes up with multiple trend lines. The trend lines are drawn using both dotted and solid bold lines.
- In the above example, we’ve highlighted the swinging positions of the price showing how the price reacts around the trendline areas. The dotted lines represent the minor trend lines. These lines are plotted based on short-term reversals of the price.
On the other hand, the bold lines demonstrate the major trend lines. Major trendline plays a key role for intraday traders in finding the daily trend-following trade setups.
Moreover, multiple trend lines create auto price channels. We aim for buy setups when the price rebounds upwards from the trendline support of the price channel. Oppositely, look for sell opportunities when the price rejects the trendline resistance and starts moving downwards. The direction of the price channels also indicates the bullish and bearishness of the current market trend.
Conclusion
- The Auto Trend Lines Channels Indicator provides higher accuracy in defining correct trend lines. Besides moving averages, auto trendline also plays a key role in spotting dynamic support and resistance levels. It saves time and offers greater assistance in identifying the trend signals. Moreover, this indicator suits all sorts of MT4 strategies especially for trend-following trading activities.
