Many traders use trend lines in their trading strategy. Trading with the trend is a proven way to make money efficiently in the market. A breakdown of the trend line allows a trader to open a trade position at the very beginning of an emerging movement in the opposite direction. Plotting the trendline itself is not a problem. For this, it is enough to acquire the appropriate skills. But in order for the entries to the market to be optimal and to bring the trader a good profit, it is necessary to constantly monitor the location of the price of a trading instrument in relation to the trend line. But this is difficult and not always possible. True TL Alert indicatorwas created to make it easier for a trader to solve this problem. It beeps when the price touches or breaks the trend line. This means that even if a trader is distracted in the trading process, he will not miss a favorable market situation for opening a trading order.
I would like to draw your attention to the fact that the True TL Alert indicator works only with the trend lines that you have drawn. And for this you need to use the tool available in MT4. It is called “Drawing a trend line”.
Configuring signals of the True TL Alert indicator
If you open the indicator parameters, you can see that there are a lot of them:
Using these parameters, you can customize the indicator, as they say, for yourself.
Break_Alert_After_Close and Break_Alert_Before_Close – these parameters allow the trader to choose under what condition the indicator should signal a breakout of the trend line. There are two options: after the breakout candle closes or at the moment when the breakout occurs.
If you want to receive a signal that the asset price touches the trend line, you must enable the Touch_Alert parameter.
There is also another option. You can tell the indicator the number of points between the price and the trend line, upon reaching which it will give a signal.
Several lines can be displayed on a price chart. If you want the indicator to track all drawn lines, then you need to activate the All_TrendLine_Alert variable. And if you are interested in only one of the lines, then you should indicate its number according to the High_TL_Name line.
Do not forget to turn on the sound signal so as not to miss an important event in the market. There is a Sound_Alert parameter for this.
How to apply the True TL Alert indicator
It’s pretty simple. When an appropriate market situation appears, a blue or red circle will be displayed in the corner of the chart. It will signal the possibility of opening a buy or sell deal.
True TL Alert is just an additional trading tool. It makes it easier for the trader to analyze the market.