Auto TrendLine Indicator
Automatic drawing of trend lines using the Auto TrendLine indicator. It’s a simple way to boost the efficiency of a trading system both for professional and beginning traders.
Trend lines are one of the key tools of classical technical analysis and used by nearly all traders. This is because they can be easily drawn and prove to be very efficient. However, the lines often cause some misunderstandings among traders due to the following factors: frequent redrawing of trend lines, false or true breakouts, and too many trend lines that can be drawn using extremes.
Therefore, drawing a valid trend line can be problematic both for experienced and newbie traders. The Auto TrendLine indicator will help you tackle this issue.
Description Auto TrendLine Indicator
AutoTrendLine is an indicator that displays the most valid trend lines on the chart. It will automatically plot only those trend lines that the price is most likely going to interact with. A mathematical function and several filters, which allow displaying the most significant lines on the chart, lie behind the indicator.
The indicator promptly responds to the market situation. If the price makes new extremes, the trend line changes the angle of its slope; if the trend turns into the opposite one or even a flat, the old and no longer valid trend line will be removed.
In the real world, the indicator is made up of two lines:
red line – support line
blue line – resistance line
At first site, using two trend lines at once can be confusing for a trader. However, in practice, this will enable you to “read” the chart even better.
If you compare the length of the current downtrend line and that of the current uptrend line, the fact that length and strength of the former is greater becomes very obvious. The red line in the picture only indicates that there is a small retracement in the market.
Save time withd software.
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