This tool puts a trendline (ray) onto the end of your chart. You can then move this line to anywhere you want. You can also specify a band around the line defined by fix tick width, percent width or even an ATR setting.
Active Trendline
Alert
When the price reaches the band this tool will play an alert sound. You can enable to alert contiously, so if you are in the kitchen for a coffee you will surely hear it!
Moreover, this alert can be active as long as the recent bar touches the band. So even if the last price moves out of the band the alert will sound until the bar completes. We advise to customize the Control Bar and have the Mute button on screen but do not forget to unmute when you have finished with the current trade!
What’s more?
If you enter a condition on the Alerts tab of this Trendline Indicator and set Use Alerts tab condition setting to Yes then the alert will be played only if that condition evaluates to true. For example, this way you can check if RSI or stochastic is low when the price pulls back to the trendline and get the alert right before you expect the setup.
Even more…
This tool creates a study line along with the trendline so you can use it just as any other study. You can put in on some other indicator (eg. RSI), check the side on which the price or other indicator value is.
By default a stair step line is shown under the line. You can modify this in the indicator’s Settings and Subgraphs tab. If the Trendline Indicator is applied on a price chart this will show the exact tick where the line value is at a specific bar. You can use this to place an order at that level.
One more thing!
Check out our Universal Entry Management tool with which you can even automate the entry at the trendline.
Trendline Indicator settings
Find detailed settings here.