The automated trend lines indicator for Metatrader 4 draws two trend lines.
The upper trend line is formed by connecting two highs (resistance line).
The lower trend line is formed by connecting two lows (support line).
Go long if price breaks and closes above the upper trend line with target price: Upper Projection Line.
Go short if price breaks and closes below the lower trend line with target price: Lower Projection Line
- Price bullish above the resistance line.
- Price bearish below the support line.
- Place stop-loss above/below the breakout bar
EUR/USD Daily Chart Example
How to install the Automated Trend Line custom indicator in Metatrader 4?
- Download the Automated Trend Line.mq4 indicator to your computer.
- Open your Metatrader 4 platform.
- Open the data folder from the top menu.
- Open the MQL4 folder.
- Open the indicators folder.
- Paste the indicator file in this folder.
- Restart the trading platform.
- Open any trading chart.
- Attach the indicator to the chart.