Just a quick question from a newbie here. I’m used to drawing and updating my trendlines on my charts but am finding this increasingly tedious if I have many charts and they are short timeframes. I would like to adopt some sort of indicator to use as an automatic trendline. Does anyone have any suggestions on what is the best indicator to use (MA,SMA, EM etc) and the setting for accurately tracking the long term and short term trendlines?
I am using Dealbook 360 as my trading/charting platform
I would think ichimoku charts would ID the 26 and 52 periods support and resistance lines. As for ‘trendlines’, it is subjective to every trader as you can basically draw a line through any two locations.
If you study the way ichimoku draws the cloud and hence the 26 and 52 trendlines, you could theoretically program an indicator that plot 10 periods trendlines (for example) or 20 periods or whatever (and don’t plot the clouds as they are way to obstructive).
A free Automatic Trendlines Metatrader 4 (MT4) indicator called Lineverse Free has been recently released. It can be found and downloaded directly from MT4 terminal “Market” section. The free version will work on GBPUSD M1 only.
If you want to learn how to do them yourself (You should) but want to make sure you’re on the right track, you can use an indicator call Zig Zag and if you can ZZ_orlova. The Zig Zag is in your indicators section and gives you the high points (Resistance) and low points (Support). ZZ_orlova you have to go to your terminal section at the bottom of your screen under “code” and scroll down til you get it, then drag and drop. I like the second one especially on smaller time frames because it gives you more highs and lows but they both work good. just connect the points.
I used an indicator called “Auto Trendline” before. Now i just draw them manually. I draw starting from daily to H1 and i look at the recent 2 highs or lows.