Automatic Trendlines Histogram
The Automatic Trendlines Histogram Indicator plots automatic trendlines and demonstrates trend signals at the same time.
The automatic trendline defines the dynamic support/resistance levels that help you to anticipate the trade entry levels. Besides, auto-trendlines, it also uses a trend oscillator for defining current trend conditions.
The automatic trendline tool of the indicator spots the market highs/lows and connects them to draw the trendlines. The red lines below the price candle show the bullish trendline and the green line above the price candle represents the bearish trendline.
- The price breaks above the red trendline
- The price rejects the green trendline and treats it as a support
- SL below the current trendline support
- Take profit when the price rejects a trendline resistance
- The price breaks below the green trendline
- A red trendline appears above the candle and the price treats it like a resistance
- SL above the red trendline
- Take profit whenever the price rebounds from a trendline support
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