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s3padrian Jul 24, 2007 12:56am | Post# 1

Drawing Trend Lines
 
I can draw a trend line, but as soon as I move into a different time frame by trend line is all messed up..

Metatrader's fault?

Any Auto Trend Line Indicators out there?
Thanks

Snuffleupagus Jul 24, 2007 10:36pm | Post# 2

I can draw a trend line, but as soon as I move into a different time frame by trend line is all messed up..

Metatrader's fault?

Any Auto Trend Line Indicators out there?
Thanks
I have noticed this issue as well. MT4 seems to base the TL based on time rather than price. So when you go to a lower timeframe it will stick to the date/time of the bar in the previously used timeframe instead of the price chosen.

tesla Jul 24, 2007 10:55pm | Post# 3

Think about how a line is drawn. You choose two sets of X,Y coordinates and the line passes through them. On a chart, the X = time and Y = price.

Assume you draw a line on a daily chart and you set one point as X = 2007.05.23 00:00, Y = 1.2345. Moving down to a fifteen minute chart, the point will still be X = 2007.05.23 00:00, Y = 1.2345. This means the point will be at the start of the day, at 1.2345 even if the fifteen minute chart shows no price action on that bar. Does that explain why you see what you're seeing?

KentDenverCO Jul 24, 2007 11:41pm | Post# 4

Drawing Trend Lines - Differences between charts
 
Good comments below. Add other pieces of information, and you can easily see why the difference:

  1. MT4 does not show a candle if there is no change in the price!
  2. Especially on the M1 and M5, sometimes on the M15 and M30, there can be missing candles, so ...
  3. Lines and moving averages should be given less credibility on the lower timeframes.
  4. I much prefer wick-less, tail-less dojis to missing candles, as is on some IntelliCharts I've used, but that's not the way MT4's done it.
  5. So I draw on the M15 or higher, then move down from there if needed.


s3padrian Jul 25, 2007 10:51pm | Post# 5

Interesting Guys.. I know drawing trend lines can be personal taste, but I wonder if there's some type of automated thing to do it

Right now I try to do long term, outer, and inner lines.

KentDenverCO Jul 25, 2007 11:37pm | Post# 6

Drawing Trend Lines
 
What's an inner line - the closes vs the highs and lows?

Re auto trend lines - there is the zig-zag indicator, but they go from peak to valley vs peak to peak and valley to valley.

I like the standard deviation and regression channels for quick top and bottom lines, and the equidistant channel for the next fastest, but ...

drawing a couple of lines on a move is pretty fast and often gives more information seing the narrowing or sidening of the resulting pattern.

Kenton Johnson - webmaster/editor, FX share site, www.FxBetter.com


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