Introduction to SF trend lines indicator
SF trend line indicator is an mt4 technical indicator that draws trend lines and channels on a candlestick chart automatically.
The trend line and the channel is major tool to identify the direction of the trend on the price chart. The upward trend channel indicates a bullish trend and the downward channel represents a bearish price trend.
How does SF trend lines indicator work?
The trend line is plotted using the highs and lows of price swings. For example, if the price is forming higher highs and higher lows then a trend channel is drawn meeting the higher highs and higher lows of price.
For bearish trends, the price makes lower lows and lower highs, and a channel is drawn by meeting the lower lows and lower highs.
SF trend line indicator makes it easy by automatically drawing Trend lines on the chart.
Keep in mind that this indicator applies to candlestick charts only. It will not work on the line chart.
What does SF trendline indicator show?
When you will apply this indicator to the mt4 chart then a dashboard will pop up on the upper left corner. It will reveal a lot of information about the currency like average true range (ATR) value, high low, daily average, and slop of channel.
Slop also helps in the identification of strong and weak trends. If the slop of the channel is high then there is a strong price trend. On the other hand, if slop is low (close to zero) then there is a weak price trend.
Buy / Sell signals
Sf indicator does not show any buy or sell signals on the chart but it will only plot trend lines and information related to currency. There are certain conditions used to place buy or sell orders.
Buy signal
If a channel has two swing touches with the formation of higher high and higher low then place a buy order on the 3rd touch of price on the trend line.
Sell signal
If a channel has two touches with the formation of lower lows and lower highs then place a sell order on the third touch of price on the bearish trend line.
Conclusion
It is a time-saving indicator that plots trendlines automatically on the price chart making it a useful metatrader indicator. Instead of spending hours on drawing and analyzing the currency chart, use the SF trendline indicator.
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