FREE FOREX STRATEGIES

#14 Trendline Breakout Alerts

Dear Friends,

Today I'd like to introduce 2 great trend line tools, which have been in my indicators collection. I'm sure you'll find many ways of using these trend lines in your trading, especially with breakout strategies!

#1 Chin_Breakout_Alert_V.1.2s.mq4

The indicator allows you to set upper and lower trend lines, and once they are broken you'll receive a sound alert and/or a pop-up box alert.
Copy the file to /Experts/Indicators folder in MT4.

Step 1: Place indicator on the chart: you'll get 2 lines to work with.

Step 2: Adjust the lines the way you need. That's it.

Step 3: Now, you can leave the chart and come back when you receive an alert.

For illustration purposes, let's quickly set it up on 5 minute chart:


#2 TrendMeLeaveMe.mq4

This is an Expert Adviser, which will automatically open Buy Stop and Sell Stop orders upon the trend line breakout. It doesn't draw trend lines for you, instead it uses Your trend lines.
The file should be copied to /Experts folder in MT4.

Step 1: Draw trend lines manually the way you need & want them.

Step 2: Add an Expert Advisor to your chart, make sure it's a smiley face in the top right corner (to get that go to the Expert Advisor properties and activate the check box "Allow live trading").

Step 3: Time to rename your trendlines so that the Expert will "recognize them".

Upper trendline - name it buystop
Lower tendline - name it sellstop

Notice how the lines change = get extra levels above and below them. This means you've done it right.

How the EA works:

When price enter area between your buystop trend and BuyStop_StepLower, expert will open buystop order at Price BuyStop_StepUpper. When price enter area between your sellstop trend and SellStop_StepUpper, expert will open sellstop order at Price SellStop_StepLower.

The expert will always modify OpenPrice to both orders when the price walks with the trends Until Price goes out Previuos area.

Step 4: Now you can go to Expert Advisor properties and change some parameters if needed:
BuyStop_StepUpper, BuyStop_StepLower, SellStop_StepUpper and SellStop_StepLower.

You can set BuyStop_StopLoss, BuyStop_Takeprofit and BuyStop_Lot to buystop. You can set SellStop_StopLoss, SellStop_Takeprofit and SellStop_Lot to sellstop.

Happy trading!


Edward Revy
and my best Forex Stratgies Team
http://forex-strategies-revealed.com/

Very useful tool. Thank you for sharing.

Tanks I found this stuff very useful

Gabriel

Hello Edward .
Thank you for the EA.it is really useful.
I was able to open the Chin-breakout Alert but "Trendmeleaveme" doesn't work and I don't know why .
could you helpe me please.seems to t be really useful.
when i want to use the indicator ,nothing happen ,and no changes !!!I ve been not able to see the buy and sell stop trends.
Thank you

Amine

Hello Amine,

As you follow the steps described for "Trendmeleaveme" EA, at which point it doesn't work?
As you rename the trend lines, do you see the dotted lines added above and below the trend line?

Kind regards,
Edward

Hi Edward,

I have the same problem as Amine when using "Trendmeleaveme" EA.

I follow exactly as guides posted.

1) I download EA to expert folder
2) Open MT4 platform
3) Open the chart
4) I draw manually Up & Down trendlines
5) Drag EA to the chart
6) Turn on Expert Advisor (I see smiling face)
7) Right click on Up trendline, go to properties
then change its name to BUYSTOP
8) Right click on Down trendline, go to properties
then change its name to SellSTOP

However, when the price goes to buystop trend and BuyStop_StepLower AREA(or sellstop trend and SellStop_StepUpper Area), the expert won't open buystop/sellstop order.

Something wrong ???

Henry

Buy stop is triggered and later was filled.

Also, I forgot to add: if you trade with 5 decimal prices, your defaul TP = 500 instead of 50; and SL = 300 instead of 30. Same for the rest of the parameters, except for the lot size.

Best regards,
Edward

Hi Henry,

I'm checking it at the moment and so far it works fine. I'll leave it till evening to confirm that it places orders correctly.

Best regards,
Edward

Hi Edward

I am trying to download trendmeleave me but when i click it opens a text code file, is that what i should copy and paste on the expert folder? please run me through what to do.

Regards,
William