SmartLines Manual

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Overview

Use chart Trendlines to give your trading new enhanced possibilities. SmartLines for MetaTrader is a versatile easy-to-use trading tool for trading directly from the chart. It gives you the possibility to draw execution triggers formed by any Trendline directly into the chart. Positions will be automatically opened when your Trendline is crossed. For chart based trading the program could be very helpful if, for example, you want to speculate for break-outs from resistance and support levels, if you want to trace trend formations or if you want to set entry points for emerging chart patterns. SmartLines allows you to fully automatize this process and the activation of the orders.

The tool is exclusively available to ActivTrades customers. If you are interested in receiving your own version, please contact our client services department.

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Installation 1. Copy the file smartlines.ex4 in the subfolder \MQL4\Experts of the data folder of your MetaTrader 4, or, if you are using MetaTrader 5, copy the file smartlines.ex5 in the subfolder \MQL5\Experts of the data folder of your MetaTrader 5. You can identify the data folders by simply clicking FILE – OPEN DATA FOLDER in the menu of the MetaTrader. 2. Close and restart the MetaTrader.

Launching and Setting up SmartLines 1. SmartLines is an automatic trade robot. It opens trades for the instrument whose chart it is attached to. Therefore drag and drop the EA “SmartLines” from the navigation window into the chart window of the instrument that is traded. You can use and activate SmartLines on more than one chart simultaneously. 2. Before the trade robot is activated, the option window appears. Here you need to activate ‘Long & Short positions’ and ‘Allow live trading’.

3. If you want SmartLines to attach automatically stop loss or take profit orders to your positions, then click on the tab INPUTS. Select a value for stop loss and take profit. (Note that the value 1 is equal to 0.1 pip, which is the last digit. For example a value of 100 places a stop loss of 1.36806 EURUSD and a take profit of 1,37006 to a long position opened at 1.36906.

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4. The SmartLines status window appears in the top left corner of the active chart

5. Then in the menu bar of the MetaTrader make sure you have ticked ‘AutoTrading’

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Drawing Trendlines and SmartLines Activation To draw a Trendline in the chart go to the menu bar and click the icon for Trendlines once.

Then draw the line in the chart with the mouse. You can change the settings of the Trendline by selecting the Trendline, making a right click on it and clicking on “Trendline properties…”. Here you find several settings for changing the label, the line style, and the limits of the Trendline (unlimited ray, or line). You can even specify and fine tune the anchor points and thereby the precise direction of the Trendline by changing the ‘Time’ and ‘Value’ settings.

Each new Trendline drawn onto the active chart is also reflected in the SmartLines option window. You can manage up to 6 Trendlines simultaneously.

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You can identify the Trendline by its unique label, which is also provided in the SmartLines status window. Move your mouse over one Trendline to see its label. SmartLine also indicates the price level that the Trendline currently covers directly above/below the current price candle. For diagonally running Trendlines, this level is therefore changing with every new candle.

In the SmartLines status window you can now put in the volume and the direction of the order. Even the Trendline colour can once again be changed for easier identification in the chart. Once you are happy with the Trendline and the order specifications click on ACTIVATE. SmartLine now monitors each price movement and places an order in this instrument once the price crosses the Trendline. You can also tick the ‘OCO’ (One-Cancels-the-Other) box next to an order to use this function. This function allows you to treat your orders as interdependent and conditional on the clearing of other orders for more advanced order management. If on order for which the ‘OCO’ box is ticked is triggered, then SmartLines will automatically deactivate all the other orders for which this box is also ticked. In the example below, the order attached to Trendline 31268 is deactivated once the order attached to Trendline 30858 is triggered. The order attached to Trendline 31279 is not affected and is still active, as its ‘OCO’ box is not ticked.

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Trigger Conditions and Execution Mode For the operation of SmartLines, the MetaTrader terminal must be constantly running and you must be logged in to the trading account. SmartLine defines the “crossing” of a Trendline by comparing the closing price of the previous candle and the current Bid price with the relative position of the Trendline at the current and previous candle/bar. This diagram shows the two possible conditions that triggers an order:

The close price of the previous bar is higher than the Trendline value for the previous bar. Now the bid price is lower than the Trendline value for current bar.

The close price of the previous bar is lower than the Trendline value for the previous bar. Now the bid price is higher than the Trendline value for current bar.

Note that if you draw a Trendline in this way through the two last candles, even if the Bid price does not actually “cross” the line, the order is triggered immediately. Once an order is triggered by the Bid price crossing a Trendline, it is executed at the relevant market price. Long orders are executed at the prevailing Ask price, whereas Short positions are executed at the prevailing Bid price. The price displayed in the MetaTrader chart window is the Bid price. So, for example, even if the chart only just touched the Trendline, your Long order is executed at a 7

higher price than defined by the price indicated by the Trendline. You should consider the spread between Bid and Ask prices and that Buy orders get executed at Ask prices when placing the Trendlines. Note also that Trendlines must either be placed diagonally or horizontally, covering the length of several price candles. SmartLines does not accept Trendlines that are placed vertically across the chart. If an order is triggered it is executed immediately without requesting further confirmation. SmartLines automatically disables the order that is triggered, so that the position is only opened once.

How to delete a Trendline In order to delete a Trendline from the chart, make a right click on the chart and select ‘Objects List’ in the popup menu. Click on the Trendline you wish to delete, and then click on the ‘Delete’ button.

Alternatively, you can select a Trendline by a double click and press DELETE on the keyboard, or make a right-click with the mouse to open the menu and select DELETE. By deleting the Trendline it is also erased from the SmartLines status window.

This Manual does not take into account your investment objectives, financial situation or needs. All financial products traded on margin carry a high degree of risk to your capital. They are not suited to all investors, please ensure that you fully understand the risks involved, and seek independent advice if necessary. ActivTrades PLC is authorised and regulated by the Financial Conduct Authority, FCA registration number 434413. This Manual is for information purposes only and should not be considered as investment advice or an invitation to trade. Although every effort has been made to ensure the accuracy of the information contained in this Manual, the decision to act on any methods, ideas and suggestions presented is at the sole discretion of user.

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This manual and all its content are the intellectual property of ActivTrades PLC. All rights reserved. Without the express written permission of ActivTrades PLC this manual may not be copied, or reproduced in any way. The content contained in the manual is for personal use only and cannot under any circumstances be divulged to a third party.

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