Trendlines with Break MT5
- Indicators
- Minh Truong Pham
- Version: 1.6
- Updated: 17 November 2023
- Activations: 5
The indicator returning pivot point based trendlines with highlighted breakouts. Trendline caculated by pivot point and other clue are ATR, Stdev. The indicator also includes integrated alerts for trendlines breakouts and foward message to Telegram channel or group if you want.
Settings
· Lookback bar: Default 200 is number of bar caculate when init indicator.
· Length: Pivot points period
· Slope Calculation Method: Determines how this lope is calculated. We support ATR and Stddev now.
· Slope: Slope steepness, values greater than 1 return a steeper slope. Using a slope of 0 would be equivalent to obtaining levels.
· Notification type: You can choose Alert or Telegram. If you want to forward message to telegram, please read the end of this intrution
· Notification at: You can choose noti once when has a signal or noti on per bar (on new bar)
Some other setting if you choose forward signal to telegram
· Telegram channel_id: Telegram channel id or group id. Using 0 if do not foward message to telegram
· Telegram bot token: Telegram bot token. Using blank if do not foward message.
· Telegram message template: Template of message that send to telegram.
Explanation
Indicator Trendlines with Breaks uses the pivot point (Pivot point is the highest or lowest point in the range (x-Length, x+Length) as the basis which plus the calculation the slope of the trendline by one of the following methods:
1. ATR: calculated with period = Length. Average true range (ATR) is a volatility indicator that shows how much an asset moves, on average, during a given time frame. This reliable indicator can be used to predict the next price trend
2. Stdev: The standard deviation indicator measures market volatility and is used in statistics to describe the variability or dispersion of a set of data around the average. This indicator can predict the market behavior, thereby predicting the next volumn and subsequent price activities.
Usage
The calculation method of the slope greatly affects the trendline's behaviors. By default, an average true range is used, returning a consistent slope amongst trendlines . Other methods might return trendlines with significantly different slopes. Stdev makes use of the standard deviation for the slope calculation.
Configure notifications via telegram
Our solution is creating a service – tool which runs in background to forward messages from the indicator to telegram. This is in my free service (Telegram helper for indicator)
After downloading the tool, you follow these steps:
1. Copy tool to “service” folder cof MT5, as you copy indicator to “indicators” folder
2. Configure the indicator following steps:
In Notification configure group
Telegram channel id: input your channel id number
Telegram bot token: input your telegram bot_token
File .txt write msg: input any filename and ends with the extension .txt. If you use other our indicator, please enter this file name differently for each indicator. Configure the service as following steps:
In Input “files (with .txt ext) separate by | character”: enter the filename [file_name].txt. If you use other our indicator, please enter [file_name].txt seperated by characters | . For example: trendline.txt|swingzz.txt means you are using my 2 indicators are: trendline with break và swingzz and you configure both those indicators notification through telegram. Finally, please remember that service only runs when you turn it on. Then there will be a blue icon
