TrendLine Alpha indicator | Forex Factory

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TrendLine Alpha indicator

  • #1
  • First Post: Edited Apr 2, 2013 12:46pm Apr 1, 2013 5:01pm | Edited Apr 2, 2013 12:46pm
I did not like the trendline indicators already available on FF so I wrote my own.

Trendlines are very subjective and any two traders may draw them differently. This indicator currently works by looking back 'x' number of bars for the high/low and then connecting to the next appropriate point to form a trendline.

The indicator has up to 4 trendlines each going back a user defined number of bars looking for the high/low. Each of these can be turned on or off.

There is also an option to use the close instead of the high/lows.

Here is a quick idea of what it looks like:
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD_Trendlines.png Size: 30 KB


If anyone has any ideas on how it can be improved further then please contribute the ideas or code.

Full source code disclosed.
Attached File(s)
File Type: mq4 TrendLine_Alpha_v1.4.mq4   17 KB | 2,236 downloads
  • #2
  • Apr 2, 2013 3:24am Apr 2, 2013 3:24am
Thank you i shall try it out.
If ask a silly question.. forgive me!i'm just confused again!
  • #3
  • Apr 2, 2013 7:14am Apr 2, 2013 7:14am
With other lines in the chart, it would be great if the thickness can be modified for each line.

Thank you for the indi.
Best Pip Wishes!
  • #4
  • Apr 2, 2013 9:53am Apr 2, 2013 9:53am
Quoting FxCross
With other lines in the chart, it would be great if the thickness can be modified for each line. Thank you for the indi. Best Pip Wishes!
A great idea. I have updated the indicator in post 1 with the new version 1.3 with the option of styles and widths for each trendline.
  • #5
  • Apr 2, 2013 12:49pm Apr 2, 2013 12:49pm
Quoting Wilko
A great idea. I have updated the indicator in post 1 with the new version 1.3 with the option of styles and widths for each trendline.
I have just discovered that the styles were not working correctly on the low trendlines. Now corrected in v1.4 in post 1.
  • #6
  • Apr 2, 2013 3:48pm Apr 2, 2013 3:48pm
Excellent!

There were things I have been trying with TD indicators but unsatisfactory.
This is just great.

Appreciated very much.
Best Pip Wishes!
  • #7
  • Apr 3, 2013 3:44am Apr 3, 2013 3:44am
Quoting FxCross
Excellent! There were things I have been trying with TD indicators but unsatisfactory. This is just great. Appreciated very much. Best Pip Wishes!
I'm glad you like it. Thanks for the positive feedback.
  • #8
  • Sep 24, 2016 6:44am Sep 24, 2016 6:44am
well done indicator
  • #9
  • Sep 9, 2017 6:16am Sep 9, 2017 6:16am
Quoting Wilko
I did not like the trendline indicators already available on FF so I wrote my own. Trendlines are very subjective and any two traders may draw them differently. This indicator currently works by looking back 'x' number of bars for the high/low and then connecting to the next appropriate point to form a trendline. The indicator has up to 4 trendlines each going back a user defined number of bars looking for the high/low. Each of these can be turned on or off. There is also an option to use the close instead of the high/lows. Here is a quick idea...
Looks good！ Unfortunately. I couldn't use it in my MT4 Build 1090. Any update? Thanks for your sharing.
  • #10
  • Sep 9, 2017 7:07pm Sep 9, 2017 7:07pm
Quoting Wilko
I did not like the trendline indicators already available on FF so I wrote my own. Trendlines are very subjective and any two traders may draw them differently. This indicator currently works by looking back 'x' number of bars for the high/low and then connecting to the next appropriate point to form a trendline. The indicator has up to 4 trendlines each going back a user defined number of bars looking for the high/low. Each of these can be turned on or off. There is also an option to use the close instead of the high/lows. Here is a quick idea...
Nice tool but useless (to me) as any strategy based on top of wicks (HL) won't generate consistent results. Its dependent on brokers pricing and any trend on any timeframe will have long and abrupt wicks/tails causing false lines generated from such tool. They look good to trade when you see them in past but actual results will tell quite the different story. If consistency is the name of the game the ignoring tip of wicks is the holy grail in "my" opinion.

With respect from one fool to another :-)
Staying in my lane...
  • #11
  • Last Post: Feb 21, 2026 6:58pm Feb 21, 2026 6:58pm
version is updated to 1.5 by BestTraderEV
here is the link
https://www.forexfactory.com/thread/...9#post15584529
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