Free MT4 Indicator
The PZ Auto-TrendLines indicator applies a mechanical approach to the construction of trend lines and draws up to 18 trendlines automatically, which can be optionally based on fractals. Each trend line represents a breakout level, which should only be traded when the breakout bar has closed.
Bear in mind that all drawn trend lines are calculated in the current timeframe and are ment to be traded only once. Hence, a trend line which has been broken already should not be traded again in the future
How to trade
- Go long when a bar closes above the upper red line and above the previous bar's high
- Go short when a bar closes below the lower blue line and below the previous bar's low
For better performance, the entry strategy should be combined with the PZ Trend Following Suite, which can confirm the bullish or bearish short-term price movement. This way, you would be able to trade early trend changes or exhaustions safely and profitably
- Configurable backsteps
- Configurable main trend line colors
- Fractal mode can be enabled or disabled
Distribution and Installation
The binary is encrypted to prevent theft or fraud. Please read the installation file.