Auto Trendline Plotter can be found within the indicators section of the MQL5 marketplace, we have added a link to it so you can see exactly which indicator we are looking at. The indicator was first uploaded on the 24th of November 2016 and subsequently updated to version 1.21 on the 7th of December 2016.
Overview
The Tend Line Plotter is an indicator that can be sued with the MetaTrader 4 trading platform. The indicator will draw trend lines on the chart and will draw them all from the tops and bottoms. The indicator will work on any timeframe and with any symbol and currency.
The indicator has two different draw modes which allow for completely automated drawing, the indicator will also check after each current candlestick close whenever any trendlines have been broken, it will then remove the broken trendlines and search for new tops and bottoms to draw new ones.
There are few options available with the indicator to alter its use:
- MaxBarsBack: Sets the candlestick range in which the trendlines can be plotted
- SwingMode: Sets the trendline draw mode Close/Close or High/Low
- DrawHLines: Draws horizontal trendlines on any top or bottom if set to True
- DrawCopyLines: Draws a dotted parallel trendline on the nearest bottom/top if set to True
- CopyLineStyle: Sets the style of the copied trendline of a trend channel (default is Dot)
- CopyLineWidth: Sets the width of the copied trendline of a trend channel (default is 1)
- CountBarsTo: Sets the most recent candlestick/bar from which to start plotting trendlines (default is bar [2] minimum value is 0)
Service Cost
The indicator can be purchased outright which will cost you $75, man indicators on the MQL5 marketplace can also be rented but that is not an option for this indicator. There is a demo version of the indicator, but this is only usable with the strategy tester rather than with the actually testing it on the markets or live charts.
Conclusion
Unfortunately, there aren’t any reviews available for this indicator or comments, so we do not have a good idea if the indicator is doing what it is meant to or functions correctly. Due to this, we would highly recommend that you use the indicator in testing mode, also contact the developer with any questions to make sure that it will fulfill your needs before you make a purchase.
This Forex Indicator is currently available in the MQL5 marketplace: https://www.mql5.com/en/market/product/19322
