Introducing a new trend line EA tool released for the forex Meta-trader 4 trading platform. This software comes with technical and sales support for its community.
How Trend Line EA Works
You draw lines in the chart manually and when price breaks across or Touches the line, the action will instruct EA to execute a trade entry. Forex users can open market orders or pending orders with this EA.
Drawn trend-line can be horizontal, vertical lines or any in between. Drawn lines with any gradient can still act as a pending order. This feature is very useful in channel or trendline trading as this powerful feature is not found in the standard function of Meta-Trader 4 trading platform.
Drawing a Pending Order
In order to program the drawn lines to perform trade entries, the lines must have specific codes at its line description. You can easily refer to the manual to copy and paste the codes into the line description.
Placing a buying pending order can be as easy as entering 'BUY' into the line description and when price breaks across or Touches the line, a trade entry will immediately be executed. If you like to have a sell pending order, enter 'SELL' to make the line a sell pending order.
Once line has executed a trade, it will expire and cease to function. Therefore, any line can only be used once. Trade entry rules like stop-loss or take-profit levels, entry lot size and slippage can be pre-specified before trade is executed.
Drag and Drop
One added advantage of a drawn line pending order is that the user can easily drag the trend line around the chart, and the pending order will moved to the new location. It almost works like drag and drop pending order with this tool.
Advanced Trend Line EA Features
Beside drawing a pending order, you can also add in single or multiple partial close lines onto the chart. By tagging these lines to the specific pending order, these newly added partial close lines will be associated with the order ticket number executed by the tagged pending order line.
You can also draw your own stop-loss lines, take profit lines, partial close and stop-loss to breakeven lines.
The stop-loss to breakeven line is the action of shifting the stop-loss level to the trade's entry price when price breaks through or touches this line. This action makes the trade a no loss trade.
This expert advisor is a very efficient tool for forex traders because it literally trades on behalf of the user thereby reducing any trading stress. Forex traders can use this tool to trade many technical chart patterns. It makes trading forex easier than before. If you can draw a few lines on the chart, it will then run by itself. It is a total trading freedom for the user as there really is nothing much to do after you have prepared the chart for the day.
Expectations Must Be Set Right
Trendline EA is a semi-automated ea designed specifically for manual forex traders. What people need to realize is that this software is only as good as the trader's technical analysis ability and trading experience.
It looks like placing a few lines on the chart and walk away, a trader could now make money from forex trading. While this tool has made this a possibility, however the developers do not think this way.
The developers wants to empower traders with complete entry and exit trade execution. This will allow greater control over forex entry and exit and hence give rise to the usage of more sophisticated forex trading system. The power happens when you can put all of these systems to work on automation while freeing you more time to study the market. It is not required to baby-sit the trades after that unless you choose to do so.
But honestly, if you can draw a line, you can make money as you apply knowledge of market volatility, support and resistance, price action and money management into your forex trading with this software.
Trend line EA is a software which helps the manual trader automates his forex trading strategy. The user must draw trend line on the chart and the EA execute the trades for him.
Source by Warren Seah