There are various versions of the TrendLine PRO indicator or expert advisor, but this article will review the TrendLine PRO MT4 which is one of the free indicators in the MQL5 market.
This indicator is a custom indicator, which is quite interesting because, from user reviews, it gets a score of 4.87 out of 364 reviewers. This means that many users are satisfied after downloading and installing this indicator on their MT4 platform.
What is TrendLine PRO MT4?
This indicator is an indicator that uses the trendline as the basis for trading signals. This Trendline pro indicator will display entry point suggestions and also stop losses to taking a profit. So it is a kind of indicator that gives trading advice to traders.
Depending on the timeframe used, it will give different price entry signals.
The blue trendline indicates the price is currently bullish, and the red trendline indicates the bearish trend. It looks quite simple, there are also up and down arrows that give reversal signals. And also there is an asterisk in the circle that amplifies the reversal signal.
The picture above is a display of the custom Trendline Pro indicator plotted on the USDJPY H1 timeframe. When the blue trendline appears and the price is above the trendline, it is concluded that the advisor gives suggested to buy.
Trendline Pro indicator was created by Evgenii Aksenov, he is an expert and experienced programmer for 3 years referring to his profile in MQL5.
46 products have been produced, the demo version is 1310, has 16 signal channels, and has 145 subscribers. On youtube, he created a channel namely joker joker has 621 subscribers.
The author is located in Russia with more than 5000 products sold and has 10 signal subscribers.
How do TrendLine PRO MT4 work
This Trendline Pro indicator works only as a signaler. When a new arrow appears either up or down, it is a signal from the indicator.
Then the trader can respond to the signal whether to follow the signal from the indicator or have another decision. Because this is not a tool for automated trading.
According to the author, users can buy positions if an up arrow appears. Where traders can make triple orders at once with different TP settings according to the suggestions shown on TP1, TP 2, and TP 3.
Don’t forget to use stop loss as shown on the screen for SL. Stop the loss of course serves to manage risk when the signal that appears turns out to be invalid.
Furthermore, if in the scenario of the three orders, one of them has reached TP1. Then the trader can shift the stop loss at the break event point to lock in the profit that has been obtained on the first order.
Furthermore, if TP 2 is reached, you can shift the stop loss on the order on TP3 so that the profit is locked.
The trendline pro indicator is a non-repainting indicator, which after the signal appears will not change even though the price changes direction.
In the default settings, it displays the necessary trend signal parameters, three target levels, stop loss level, statistical information, and profit calculation.
- Amplitude: is the main setting that changes the color of the indicator against changing trends. Value 2-5 for the short-term M5-H1 and above value 5 for the timeframe H1 or higher.
- TP1, TP2, and TP3 are recommended targets calculated from the current trend range.
- Days calculation, the number of days to calculate indicator signals.
- Coefficient stop loss level, calculate stop loss from profit target with recommended setting 1.0 to 1.5.
- HFT ( High Time Frame) filter, This setting is useful for signal filtering, if the current signal matches the HTF the a high probability of generating increased profits. If the current signal matches the HTF filter, the probability of making a profit increases, it is used on higher time periods.
- Time filter, This is to activate the filter start time to signal and finish time for the signal which is calculated from the terminal time.
- Notification settings where alerts can be set to mobile or email. This step requires further settings in the Tools menu –>> Options in MT4.
There are 364 MQL5 member reviews on this indicator. From most of the reviews presented, the response is that Trendline Pro is a good indicator. More gave 5 stars for this indicator, indicating that they are satisfied with installing the indicator on their MT4 platform.
In the comments column, there are 584 total comments that have been posted. At the beginning of the comment, the author responds to user responses by asking for further interaction by providing an email address at [email protected]
In the next discussion, the author answered the user’s questions in a friendly manner.
Is TrendLine PRO MT4 free?
Trendline Pro MT4 can be downloaded for free on MQL5, but if you want to add an optimizer, it costs $99. This tool is useful for finding automatic settings for each pair and period.
Besides the optimizer tool, it also requires another tool, namely the Trendline pro scanner and this tool is not free, it takes $ 30 to download.
How to download TrendLine PRO MT4
Maybe someone is interested in this indicator and still doesn’t know how to download it on your MT4 trading platform, here are the steps:
- Go to the Trendline Pro MT4 indicator download page here. Make sure you already have an MQL5 community account. If you don’t have an account yet, you must register first using your email address and create a log in password.
- Then click the “Download” button on the left side of the page. It will open a new window to confirm whether you have installed MT4 or not, select the appropriate one. If you have already installed MT4 on your computer, then the platform should be running. If not, you are directed to install the MT4 platform.
- Then after you click Yes I have Metatrader 4, Open MetaTrader 4. On the platform, you will be directed to the market tab, which will automatically install the indicator. Usually, there will be a notification in the mail inbox if you have successfully purchased a tool from the MQL5 market.
Is TrendLine PRO MT4 a good trading tool?
Trendline Pro MT4 indicator if you read user reviews, it does help in manual trading. Because there are already parameters for entry points, profit targets 1,2, and 3, stop-loss price levels.
However, in terms of usage, if your computer has low RAM, say 1GB or 2GB. The bandwidth required may be large enough to cause the platform not responding which forces users to wait until the platform returns to normal.
Trendline Pro MT4 is a free indicator that may be useful in assisting manual traders. Traders only need to follow the entry signals, and profit targets and stop losses.
Since the recommended TP is 1,2 and 3, the trader may open three orders at once with different target points according to the signal from the indicator.
Note: this article is for informational purposes only and does not constitute investment advice. Crypto, forex CFD is risky. Each investor is responsible for their investment.
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