Trendline Trader – Now Let Your Trades Automatically Follow Trends

April 19, 2011

The simple reason why trendlines are used in Forex trading is because you cannot simply invest or pullout based on instinct alone, you need reference strategies in order to monitor the progress in the market, and when a robot such as the Trendline Trader EA can do this for you, it makes life even easier for you.

In order for Trendline Trader application to work, you will have to draw trendlines for it yourself. These are nothing more than simple horizontal lines that you draw on the chart to help you analyse the trade better. Trendline Trader EA is built to work with two lines, meaning you can set upper and lower bounds for the software. It automatically initiates trades on specified currencies as soon as the values touch and/or cross a line.
It is similar to the Trendline Alert EA, except for its ability to actually open or close a trade based on set trends. Basically, you will first have to draw the trendline. For this, you can use the drawing tools provided within Metatrader 4. In order to add a functional value to the lines, go to the window for line settings, and set the line name to either BuyLineName or SellLineName.

As soon as the trendlines are detected by the EA, it will change their colors to indicate that it is following them. As the prices move towards the trendline and finally touch it or even cross it, Trendline Trader will automatically open or close trade and simultaneously alert you on the same by playing a sound as well as emailing you on the recent development. When you login to check the progress, you can easily make out the changes, as the previous colors of the crossed lines will appear different.

This Metatrader 4 centric EA can be licensed to work on one actual account, and any number of Demo accounts. In order to streamline its functionality, it is set to work with two trend lines. A cross from lowest trend line activates it to perform an open trade function, while a close trade (BUY signal) is automatically activated once the higher trend line is crossed by the currency.

The most notable feature of the EA has got to be the revolutionary Smart Breakout technology. By virtue of this ability, the EA does not get fooled into initiating set trade moves especially in cases where the values just touch the bar but do not really break out. In such cases, the EA redraws the original lines and waits for the prices to cross the trendline thus saving you a lot of headaches later on.

Other features like UseMoneyManagement or WaitForCandleClose only prove to highlight the worthiness of Trendline Trader EA. The former allows you set how the EA will take the lot size to be, while the latter intimates the EA to check for candle to close in order to ascertain whether the lines have crossed for sure.

In a nutshell, a trader cannot always be available to make trades, and sometimes the opportunities pass you by when you are doing other chores. However, with Trendline Trader EA, all those doubts can be put to rest as this intelligent application trades within the limits you set for it.