Trendline EA Free
The FXTT Trendline EA Free for MT4 is a robot that helps you trade using the trendlines drawn on your chart. It basically allows you to set pending orders using trend lines. Something that Metatrader does not allow you to do by default.
- Easy to set up
- Choose default Lot size, Stop Loss and Take Profit
- Allows action on Touch, Pullback or Breakout of trendline
The usage and configuration of the Expert Advisor is as follows:
- Load the EA
- Draw your trendlines on the chart
- Add Buy or Sell actions to your trendlines
- If desired, you can configure specific actions per line
- Let the EA manage the trades
This Free version does not allow trading. Only allows the alerts commands
- Enabled – This parameter controls if the EA is enabled or not
- Magic Number – The magic number for all the opened orders.
- Maximum Slippage (in pips) – The maximum slippage allowed (in pips) for the open orders.
- Default Stop Loss (in pips) – The default value to use as a Stop Loss if none is defined on the trendline.
- Default Take Profit (in pips) – The default value to use as a Take Profit if none is defined on the trendline.
- Type of breakout – For breakout events, how do you prefer the EA to detect a breakout:
- On close of candle – the order will only be opened after the candle closes after breaking the trendline.
- On distance in pips – the order will be opened as soon as price breaks the trendlines by the number of pips defined in “Breakout distance in pips“.
- Breakout distance in pips – Only if the “On distance in pips” option is active, this parameter allows you to define the distance in pips from the trendline for which the EA will consider a breakout.
- Buy Type – Customize Buy action triggers (when Bid or when Ask touches the trendline)
- Reentry Type – Allow one or multiple orders per trendline (open new order after closing the previous one)
- Popup Alerts – Show a popup alert whenever price reaches an “Alert” trendline
- Email Alerts – Send an email alert whenever price reaches an “Alert” trendline
- Send push notifications – Send a push notification whenever price reaches an “Alert” trendline
- Sound Alerts – Play a sound alert whenever price reaches an “Alert” trendline
- Sound file name – The .wav file to play as a sound alert
Keep in mind
- This EA is a tool that assists in your trading. It does not work without user intervention.
- Using a robot carries risk. You should test it on a demo account FIRST to understand how it works.
Available Action Commands (on Free version)
- Alert | AoT | AlertOnTouch (Send an alert whenever price reaches/touches the trendline)
- AoB | AlertOnBreakout (Send an alert whenever price breaks the trendline)
- AoPB | AlertOnPullback (Send an alert whenever price pulls back toward the trendline)
Available Action Commands (only on Paid version)
- Buy | BoT | BuyOnTouch
- Sell | SoT | SellOnTouch
- BoB | BuyOnBreakout
- SoB | SellOnBreakout
- BoPB | BuyOnPullback
- SoPB | SellOnPullback
- CaB (Close all Buy orders on touch)
- CaS (Close all Sell orders on touch)
- CaO (Close all orders on touch)
- CP (Close partial volume of order on touch)
Available Action Parameters (only on Paid version)
- TakeProfit | TP
- StopLoss | SL
- Volume | Vol | V
- Sell 0.05 lots on touch of trendline with stop loss of 20 pips and take profit of 50 pips.
- Sell SL:20 TP:50 Vol:0.05
- Buy default lots on breakout of trendline with stop loss of 100 pips
- BuyOnBreakout SL:100
- Close all Sell orders that touch this trendline
- Close only 0.01 lots of order that touches this trendline
- CP vol:0.01
- Buy 0.05 lots on breakout of trendline with stop loss of 100 and take profit of 100
- BoB SL:100 TP:200 V:0.05
- Alert with message “Trendline reached” when price touches the trendline
- Alert trendline reached
Testing on MT4 tester
If you want to to test this EA using the MT4 Strategy Tester please keep in mind that the Tester does not allow the display of Alerts.
But you can still find the alert messages in the Journal tab of the Strategy Tester.