What is it?
Tipster Trendlines (TT) is an Expert Advisor (EA) for MetaTrader 4 (MT4) trading software platform. Once you download and install the EA it will automate your manual trading for you. Tipster Trendlines is a TOOL, not a trading 'system' or robot. Use it if you place trades manually, it will do the grunt work for you. You can place every kind of order. You can select between 1 or 2 targets.
How do I use it?
- Put the EA on the chart
- Set up the ENTRY line, BREAKEVEN line, STOP line, TARGET 1 line, and TARGET 2 line.
- Switch the EA to "LIVE"
Additional information including videos is available at tipster.ca
Introduction to Tipster Trendlines
Set up and Expert properties
Where do I get it?
You get the EA from the MQL web site. The files in this thread are add-ons, at the bottom of this post.
This code is an "Expert Advisor" (EA) used to allow you to manually place your entry, stop, breakeven point, and two targets using lines, on the chart. The EA automatically puts the lines on the charts. It is a tool, is doesn't determine entry and exit for you but give you the tools to do it visually on the chart. The features are many but only useful features, not a lot of unnecessary fluff. Script files are attached to this post. These are add-ons to the main EA file.
It should be noted that "Risk Management" is based on where the Stop is in relation to the Entry. If you're used to using robots you might see a different approach where the lots are based on the account balance. This "Risk Management" takes the distance from the Stop to Entry and tells you how many lots you can trade, which will be equal to the "Account Risk" times "Account Balance". (Risk Percent in the EA settings).
- Does the risk calculation for you, displays on the screen.
- Takes a screen capture on entry, stop, breakeven, target 1, and target 2. You can review your trades with ease.
- The lines automatically adjust in length when you zoom or change timeframe (only horizontal lines)
- When price gets to your BE line, the stop is moved to Entry plus 3 x spread
- Spread matrix to show last 5 spreads, goes red when new spread is wider than last 5, blue when its less than last 5, black when its between highest and lowest - good to know when you in the SD zone. Colours are selectable.
- When the entry order is filled, a dashed vertical line is placed on the screen just before the screen shot is taken
- It is OK to turn of importing dll's on the EA properties menu, the EA will run fine.
- select 1 or 2 targets
- When you start up the EA it will check to see if there is a MagicNumnber on the chart and it will set it to that.
- Use sloped lines, all lines can be sloped, perfect for trend brreakdowns & breakouts
- Trailing stop - StartTrailAtTarget1 - When the first target is hit, the remaining order start a trailing stop. The distance is specified by the user. The stop moves only one direction, away from entry..
- Spike filter - SpikeFilterLine - Put this line between the entry and stop lines. If price closes on the wrong side (...you're losing money), the orders will be closed. Your stop is still always in place and on the server. This feature hopes to let your trade run if you get hit by a spike. If you trade supply and demand you would have seen this happen as price spikes into a zone, then tuns quickly the other way. Using this feature you would give your trade a safe stop distance to keep you away from the spikes.
You can use horizontal or sloped Entry, Stop, and Target lines.
- You can set-up a breakout trade on both directions, just use two charts.
- This EA can be used on the same platform as other robots, just use a different Magic Number.
- Order comments help you understand each order.
- You can place a limit order or a stop order, Long or Short, for entry.
- Places two orders with the same stop, different targets.
- Has a breakeven line, when price goes past this line your stop is moved to break even.
- Email feature - it sends you an email when
- trade is placed
- on entry
- when stop is hit
- when target 1 is hit
- when target 2 is hit
- when breakeven is achieved
- emails are disabled on weekends
- email twice a day detailing account status
The scripts below are available here along with additional information
This script will send a MARKET order to the TipsterTrendlines EA TT2P. Use this after you set up the lines. The blue line needs to be in the correct location relative to the other lines.
To make this work, before you run the script, set Live = False, and make an original MagicNumber. The code checks for duplicate MagicNumbers and other things that cold go wrong and gives you a pop up if something is wrong.
The code will also check for an error caused by two orders of the same lot size, if it gets this error it will place the second order for a higher lot size (lowest increment possible).
Deletes only the lines drawn by TT2P, leaves everything else.
Run this and it will allow you to set the stop further away from where it is now if you are in a position. Pending orders can adjust stops in either direction without this script.
Turn the EA on or off on all charts, be careful or you might place an order you didn't want to place.
Script will ask you for the risk ratio of target 1, target 2, and breakeven. Then it will set up the lines for you relative to the entry line.
below - expert properties
below - EA attached to the chart
below - lines set up for trade
below - close up of line set up
below - switched on "LIVE"
below - breakeven reached
below - first target reached
below - second target reached