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automatic-trendlines-histogram-indicator
automatic-trendlines-histogram-indicator

automatic-trendlines-histogram-indicator

Watch the testing video here:

Automatic Trendlines Histogram Indicator

 

The Automatic Trendlines Histogram Indicator works in two fields simultaneously. It draws automatic trendlines and displays trend histogram bars at the same time. The auto trendline is your dynamic support and resistance levels, while trend oscillator (histogram) comes in handy as a trend direction filter.

The Automatic Trendlines Histogram Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.

How does it work? How to apply in trading?

Trading Rules Explanation

The Automatic Trendlines Histogramt Indicator spots the market highs/lows and connects them to draw the trendlines. You can notice two colors of these trendlines: red trendlines work for upward movements and green trendlines work for downward movements. Similarly, green histogram bars reflect a bullish trend, and red histogram bars reflect a bearish trend. Detailed trading instructions are provided below.

Buy Signal

Follow these steps for a long trade:

  • Trend histogram provides green bars
  • There is a red trendline and price touches it and rejects it
  • Price swings higher from recent low swing
  • Buy trade is triggered after the above conditions are met
  • Set stop loss a few pips below the last swing low of the market
  • Take profit or exit whenever you get risk-reward ratio above 1:1 or use your own method of trade exit

 

Sell Signal

Follow these steps for a short trade:

  • Trend histogram provides red bars
  • There is a green trendline and price touches it and rejects it
  • Price swings lower from recent high swing
  • Sell trade is triggered after the above conditions are met
  • Set stop loss a few pips above the last swing high of the market
  • Take profit or exit whenever you get risk-reward ratio above 1:1 or use your own method of trade exit

As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.

How to set up the Automatic Trendlines Histogram indicator in MT4?

Installation Guide

Download the Automatic Trendlines Histogram.rar archive at the bottom of this post, unpack it, then copy and paste the Automatic Trendlines Histogram.ex4 or Automatic Trendlines Histogram.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.

You can gain access to this folder by clicking the top menu options, which goes as follows:

File > Open Data Folder > MQL4 > Indicators (paste here).

Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.

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