Mt4 Trend Line EA – Trend Trading and Breakout Made Easy

Published: 21st July 2011
Views: N/A

Introducing a new trend line EA tool released for the forex Meta-trader 4 trading platform. This trend line trading EA comes with technical and sales support for its member community.



How Trend Line EA Works



You can draw lines in the chart manually by hand, and when price break across or touch the line, the action will instruct EA to execute trade entries. Forex users can open market orders or pending orders with trend line EA.



Trend line drawn can be horizontal lines, vertical lines or any in between. Lines drawn with any gradient can still act as a pending order. This feature is very useful in channel or trend line trading as this powerful feature is not found in the standard functions of Meta-Trader 4 trading platform.



Drawing a Pending Order



In order to programme the drawn lines to make trade entries, the lines must have specific codes at its line description. You can easily refer to the guidebook to copy and paste the codes into the line description.



Placing a buy pending order can be as easy as entering ‘BUY?' into the line description and when price break across or touch 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 trend line EA tool.



Advanced Trend Line EA Features



Besides drawing a pending order, you can also add in single or multiple partial close lines onto the charts. By tagging these lines to the specific pending order, these newly added partial close lines will then be associated with the order ticket numbers executed by the tagged pending order line.



You can also draw your own stop-loss lines, take profit lines, partial close lines and stop-loss to breakeven line.



The stop-loss to breakeven line is the action of shifting the stop-loss levels to the trades' entry price when price break through or touch this line. This action makes the trade a no loss trades as the only outcome is either zero or close in profit.



This trend line EA 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 runs by itself. It is like total trading freedom for the user as there really is nothing much to do after the trader have prepared his charts for the day.



Expectations Must Be Set Right



Trend line EA is semi-automated designed specially for manual forex traders. What people need to realize is that this software is only as good as the traders' 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 of trend line ea do not think this way.



The developer of this trend line ea wants to empower traders with complete entry and exit trade execution. This will allow greater control over forex entries and exits and hence give rise to the usage of more sophisticated forex trading system. The power happens when you can put all of this systems to work on automation while freeing you more time to study the market but not have to baby-sit the trades like a nanny.



But honestly, If you can draw a line, you can make money, once you understand market volatility, support and resistance, price action and money management with this trend line EA.



The trend line EA is software which helps the manual trader automates his forex trading strategy. The user must draw trend lines on the chart and the EA execute the trades for him.



Warren Seah



What if you just couldn't trade forex effectively with a day time job?



This method is simple to pick up and it automates most of manual forex systems. Yes, it can automate your personal forex system. You can read how to do it in my free report here: Trend Line Trading

Report this article Ask About This Article


Loading...
More to Explore