Introducing the TrendLineRange Indicator: A New Tool for Traders

Hey fellow traders! I’m excited to share my very first indicator with you all—TrendLineRange! I know there are plenty of indicators out there, but I decided to create my own as a way to learn and dive deeper into trading. You've got to start somewhere, right?

As a newbie myself in the Forex world—I kicked off my trading journey back in January 2008—I believe this indicator could be a real gem for those just starting out.

So, what does this indicator do? Simply put, it sends out a signal (Alert) when the price gets close to the support/resistance lines at specified distances: 20, 10, and 5 points. These values are adjustable to fit your trading style. The beauty of it is that it won’t bombard you with alerts at every tick. Instead, it generates a signal when the price transitions from one range to another:

20 <= Price < 10
10 <= Price < 5
5 <= Price = 0

Plus, it conveniently shows the current distance from the price to the support/resistance line in the upper left corner—making it easy to keep track of where things stand.

What’s included in the signal?

Range: The distance from the current price to the support/resistance line.
Price: The current price itself.
TrendLine: The current position of the support/resistance line.

Settings you need to configure:

PointsRange1: The first (largest) distance to the trend line where a signal will be triggered.
PointsRange2: The second (medium) distance for signal activation.
PointsRange3: The third (smallest) distance for signals.
IndexTrendLine: The exact index of the trend line you’ll find in your list of objects.

Make sure to input the distances in decreasing order!

I hope this description is clear—my goal is to make it as straightforward as possible for those of us who are still finding our way in trading.

If you have any suggestions, ideas, or feedback, I’d love to hear from you! Drop me a line!

Here’s a look at the indicator settings:

List of objects:

Signals:

Introducing the TrendLineRange Indicator: A New Tool for Traders

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