Tipster Trendlines - Trade from the Chart

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?

1. Put the EA on the chart
2. Set up the ENTRY line, BREAKEVEN line, STOP line, TARGET 1 line, and TARGET 2 line.
3. Switch the EA to "LIVE"

Additional information including videos is available at tipster.ca


VIDEOS

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).

Features

1. Does the risk calculation for you, displays on the screen.
2. Takes a screen capture on entry, stop, breakeven, target 1, and target 2. You can review your trades with ease.
3. The lines automatically adjust in length when you zoom or change timeframe (only horizontal lines)
4. When price gets to your BE line, the stop is moved to Entry plus 3 x spread
5. 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.
6. When the entry order is filled, a dashed vertical line is placed on the screen just before the screen shot is taken
7. It is OK to turn of importing dll's on the EA properties menu, the EA will run fine.
8. select 1 or 2 targets
9. 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.
10. Use sloped lines, all lines can be sloped, perfect for trend brreakdowns & breakouts
11. 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..
12. 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.
13. You can set-up a breakout trade on both directions, just use two charts.
14. This EA can be used on the same platform as other robots, just use a different Magic Number.
15. Order comments help you understand each order.
16. You can place a limit order or a stop order, Long or Short, for entry.
17. Places two orders with the same stop, different targets.
18. Has a breakeven line, when price goes past this line your stop is moved to break even.
19. Email feature - it sends you an email when
    1. trade is placed
    2. on entry
    3. when stop is hit
    4. when target 1 is hit
    5. when target 2 is hit
    6. when breakeven is achieved
    7. emails are disabled on weekends
    8. email twice a day detailing account status

    
    

Scripts

The scripts below are available here along with additional information

TT2P_MarketOrder
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).
TT2P_delete_TT2P_lines
Deletes only the lines drawn by TT2P, leaves everything else.
TT2P_ResetStop
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.
TT2P_All_On_Off
Turn the EA on or off on all charts, be careful or you might place an order you didn't want to place.
TT2P_RiskLineSetUp
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.

Screen Shots

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

Tipster Trendlines in action

Would it be helpful if I did a better video or perhaps posted a demo file?

I have tried your earlier version and like it very much. It is easy to learn and to use.
I use one made by another coder which can place more than 2 orders on my chart by using both limit and stop order as object trendlines.
Stop orders lines are to add more positions in a trending move and the ea will trail all open orders using one single line.
Also possible to turn on/off stealth mode to hide trailing stops.

I must say, you have very good piece of ea trade manager with good features and make trading visual.

Thank you Brian.

Kind regards,

Hi Tipster

The video looks like you created a neat bit of kit. I have a question. Can you place both long and short orders simultaneously on one symbol with this tool?

This thread explains what I am trying to achieve. http://www.forexfactory.com/showthre...34#post8073434

Regards

Nods

The EA looks good as a tool.
Question: The EA manages up to only 2 trades per pair?
Thank you!

emmanuel7788 - thanks!

NODS - Can you place both long and short orders simultaneously on one symbol with this tool?
Yes, you would use the EA on 2 charts with different magic numbers. You might find using scripts better for 3 or more orders though. You can place orders with magic numbers using a script, then use some order management EA like MPTM.

PAX - Question: The EA manages up to only 2 trades per pair?
Yes, but you can attached to an additional chart and use a different magic number. This would also allow you to bracket price and catch a breakout in either direction.

Yes Please,
I purchased your EA and because i'm a bit thick I would like some help in using it.

If you look at the chart below. I want to sell when the price reaches the "Sell 1.1375" line, close half of the order when price reaches the "ST1 1.1347" line and move my SL to break even. And finally I want the order closed if price reaches the "ST 2 1.1325" Did I set it up correctly? I can't see a setting for closing half the order or is it simply placing 2 orders? Also if I close the chart or switch profiles will the orders still be placed?




Some constructive feed back: a setting to be able to change the currency and to adjust the default length of the lines would be really nice.

You did the smart thing and purchased the EA, there is no way you could be thick!! lol Thank you for your support.
First thing, if you have version 14, turn on the option "Show Object Descriptions" and the line info will show up on the chart. This is found in chart properties.

You did set it up correctly. It places 2 orders.

The chart needs to stay open, or actually the EA needs to be running on the chart and it can be minimised or you could be on a different chart tab and it works. To make the EA "live" or "enabled", click on the grey box at the top where it says "offline", this will turn it on. Leave it on the take care of the orders that need actions. For example, if you use sloped lines, or want to trail with a stop, or want it to move to BE. Once the orders are placed your stop and target will be on the server and you could close the EA if that's all you needed to do (as in set and forget).

You also have trailing set true, so when target 1 is hit price will start to trail.

What do you mean "change currency"? It should already do that for $ and euro. Can you explain.

I'll try to make a video or two or three, how would this be to start
1 - A quick overview
2 - A detailed overview
3 - Setting up a breakout in both directions

Thanks for the reply.

By change currency I mean I would like to GBP in the stats on the left.
I really like the tool so far but can you look at this chart. I set the lines up and clicked live but the trade hasn't been activated. Also all of the lines have moved down.

Can you advise what I am doing wrong? Also where are the screen dumps saved? I can't find them.

Regards

Nods

I'll add the pound in the next version for the currency display.

Look at the top right of the chart and you will see a frown face. That means the EA is not able to auto trade. You need to allow auto trading in MT4 settings.
Read this

And if that doesn't solved the problem, look in the experts and journal tab for clues to why the order isn't filled.

Thanks. I told you I was a bit thick.

Is there a way of seeing what version I have? and will I have to pay for future releases?

Tipster,

I am not able to see the information above the individual lines (but they are there in the video) like the name of the
line, pips, RR, value when I drag them to adjust. What am I doing wrong ?

Make sure this box is checked.

Expert Properties

Line length adjusts automatically only if the line is horizontal. I will consider having an input to adjust it but MT4 doesn't allow for tweaking as you would think, it's tricky in the code.

Screen shots are saved in
File->Open Data Folder
Then go to MQL4\Files

Future releases - MQL web site has more info on this but I think you are allowed to install (activate) it on 5 platforms and you can upgrade when new version come with no extra cost. Read more about activations here and here

Great. That worked.

Another issue I see: All lines are setup OK, I click the "offline" box, it goes "online"
but for some reason after a tick or two it goes "offline" again. I am not able to
consistently reproduce this. I will let you know the steps once I am able to reproduce
this. Just a heads up.

Introduction



Setting it up

Thanks for the instructions. I did some testing in a demo account and I am very happy with how it works. I will provide some more accurate feedback this week, but so far

Hi everyone!
New version has been uploaded at MQL5 and should be available in the next day or so.
Changes include;

1. Lots are now shown on the target lines
2. BUYSTOP and SELLSTOP orders when "EnterOnClose" is true is fixed. I know this is an important feature for most of you.
3. Line length adjustment - you can select Auto or Manual.

Feel free to request "How-to" videos for anything you need clarification on. Some things I was considering for videos include;

1. Using 2 charts to set-up breakouts in both directions
2. How to use the "expire line"
3. How to set-up TT to track orders placed from another EA
4. Using a script to place your order (to include a magic number), then have TT manage it. If you are not aware, when you place an order manually with MT4 the magic number is 0. You need to use a script to place the order with a magic number. Magic numbers allow EA's to track orders separately from other EA's.