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Auto Trend Lines Channels

The Auto-Trend Lines Channels indicator for MT4 displays trend lines and channels on the chart. The Auto Trend Lines and Channels Indicator is easy to use, and it works by analyzing the market price action to identify key support and resistance levels.

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Description

The Auto Trend Lines Channels indicator for MT4 is a technical analysis tool that automatically detects trend line channels of the price. Simply put, the indicator identifies and plots trend lines in a channel. Therefore, the indicator can detect the price’s overall market trend direction and potential reversal zones. Thus, it’s a versatile tool that suits scalping, day, and swing trading styles.

Features of the Auto Trend Lines Channels Indicator for MT4

The indicator detects and plots trend lines and channels in the market’s direction as the price moves from zone to zone. Firstly, it identifies past price action’s high and low levels to display a trend line within a channel.

So, a trend line channel moving to the upside suggests a bullish market condition, while a bearish market is when it moves to the downside. Besides, the highs and lows of the trend line channels are zones for potential trend reversals.

Benefits of Using the Indicator

  • Enhances Trend Analysis: The Auto Trend Lines Channels indicator for MT4 simplifies trend analysis by automatically displaying trend lines and channels. This helps traders to identify market direction and make objective trading decisions easily.
  • Identifies Key Levels: The trend line channels of the indicator are potential support and resistance zones, thus enabling traders to identify trend reversal trading opportunities.
  • Improves Accuracy: The indicator eliminates the error in drawing trend lines, especially for beginner traders, thereby improving accuracy.
  • Saves Time: Finally, the indicator reduces the time a trader would spend on the chart for manual technical analysis, potentially enhancing better decision-making.

Indicator Settings Description

The indicator comes with the following customizable settings:

ExtDepth: Determines minimum swing length for trend line channel analysis.

ExtDeviation: Determines the maximum deviation for trend line channels.

ExtBackStep: Defines the number of candlestick bars between Zigzag peaks.

ExtMaxBar: Determines the maximum number of candlestick bars for trend line channel analyses.

GrossPeriod: Defines the period for trend line channels calculation.

zzVisible: Enables/Disables the display of the Zigzag indicator.

zzColor: Defines the color of the Zigzag lines on the chart.

extColor: Defines the color for trend lines channels.

fibofan: Enables/Disables the Fibonacci fan lines analysis.

fanVisible: Enables/Disables the display of the Fibonacci fan lines on the chart.

fanStyle: Defines the line style for the Fibonacci fan.

fanWidth: Determines the line width for the Fibonacci fan.

FiboFreeFan: Defines how the Fibonacci fan is displayed on the chart.

fiboChannel: Enables/Disables the Fibonacci channels analysis.

ChannelVisisble: Enables/Disables the display of the Fibonacci channels on the chart.

ChannelWidth: Defines the Fibonacci width on the channel.

ChannelStyleLevel: Defines the style of the channel levels.

FiboFreeChannel: Enables how the Fibonacci line is displayed on the trend line channel.

ExtProcedureofPayment: Not a setting parameter for the indicator.

ShowZIgZag: Determines the display of the Zigzag pattern on the chart.

ExtReCalculate: Enables/Disables the indicator to recalculate on each tick.

ExtComplect: Extra settings parameter of the indiactor.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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