Definition of a trendline
A line that is drawn over pivot highs or under pivot lows to show the prevailing direction of price. Trendlines are a visual representation of support and resistance in any time frame. (From Investopedia)
To add to this description a properly constructed trendline should be drawn through 3 or more swing high or swing low points. The higher the timeframe the trendline is constructed on the higher the integrity of the trendline.... for example if the trendline is drawn on a daily chart for an asset the trendline has more significance than an equivalent trendline drawn on a 5 minute chart. Price is far more likely to respect the support and resistance levels created by trendlines on the longer timeframes.
In the same way... the more times price has tested a specific support or resistance level the more significant this level becomes.
The FX AlgoTrader Trendline Alert module for Metatrader MT4 provides traders with a fully configurable trendline alert system. This system is the baby brother of the FX AlgoTrader Trendline AutoTrade automated trading expert advisor- with the exception that it does not execute real-time trades.
The system alerts traders with a trader defined alert sound when price action is within a specified proximity (or pip threshold) of any trendline.
The Trendline Alert system can be configured to scan for generic trendlines or for trendlines which the trader has specifically named or defined.
The FX AlgoTrader Trendline Alert system allows traders to significantly reduce screen time waiting for trade opportunities to develop. The system can easily be configured to monitor price action for any technical support and resistance patterns such as:-
Advantages of using an automated trendline/SR alert system:-
Short term forex traders would benefit from enhanced asset selection when using MA crossovers. Products such as the Orion Index Analyzer, the Range Analyzer or the Generic Index Analyzer all help traders to optimize their forex pair selection and massively reduce the requirements to perform top down analysis on all the major pairs and crosses each day.
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