automatically draws trend lines on all pairs and time-frames depending on the minimum amount of touch points and tolerance between the trend line and a bar chosen.
Three trend lines automatically drawn on GBPUSD hourly time-frame
Mintouchp; Minimum bars in line for a trend line.
Lookback; Number of candles to calculated trend lines from.
Shortest; Shortest line allowed, measured in bars.
Breaktime; Number of the most recent bars to neglect in order to better see a breakout.
Maxlines; Maximum allowed number of drawn trend lines on the same chart.
Tol; Tolerance allowed for spillover and touch points.
TolP; Period of bars used for the calculation.
MinD; Minimum distance allowed from line for each candles rebound.
Anglefilter; "True" value will result in upper lines to be drawn downward and lower lines drawn upward only.
Maxage; Maximum bars in the past allowed for the last touch point
How to install your indicator on MT4 platform:
1. Click on Download button above;
2. Save the the file to your computer;
3. Move the .mq4 files into the following folder : meta traderexpertsindicators;
4. Restart your Metatrader platform;
5. Click “Indicators” button in Metatrader toolbar;
6. Select “Custom”;
7. Search and select “ShmenTrendline”;
8. Adjust settings or press OK to add the indicator to your selected chart;
ShmenTrendline indicator is developed by Bendo and was sent by an AtoZForex follower from the United Kingdom, Andrew. AtoZForex does not carry any copyrights over this trading tool.
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