Double Trend Envelopes
This Old Kings indicator for MetaTrader 4 is called Double Trend Envelopes. As the name suggests, the idea behind it is moving-average envelopes and following the trend. In the code it works with moving averages and ATR. It draws arrows on the chart and can send alerts. It has 11 settings, for example period (default 60), koef (default 0.4) and alerts On (default true). Attach it to a chart to see what it draws, then compare it with price on a few timeframes. Inside: 4 indicator files with source code (.mq4) you can open and edit in MetaEditor. Old Kings are classic community tools shared as-is. Not tested by PolyMaria. Try it on a demo account first. Are you the author of this tool? Message us on Telegram (@abumarket_support) and we will credit you or take it down.
Indicator · MT4 · v1.0 · Free
About Double Trend Envelopes
Double Trend Envelopes is an indicator for MetaTrader 4 based on Moving Average and ATR. It draws buy and sell arrows on the chart and can alert you with a pop-up, sound, email or push message. It has 11 settings, such as Period, Koef and Alerts on. MQL source code included.
Files in the download: TraderVersity.Com-DoubleTrendEnvelopes\TraderVersity.Com-User Guide URL.txt, TraderVersity.Com-DoubleTrendEnvelopes\Indicators\THV_Arrows.ex4, TraderVersity.Com-DoubleTrendEnvelopes\Indicators\THV_Arrows.mq4, TraderVersity.Com-DoubleTrendEnvelopes\Indicators\TrendEnvelopes_v2.ex4, TraderVersity.Com-DoubleTrendEnvelopes\Indicators\TrendEnvelopes_v2.mq4, TraderVersity.Com-DoubleTrendEnvelopes\Template\TraderVersity.Com-DoubleTrendEnv.
Settings
| Setting | Default | What it does |
|---|---|---|
| Period | 60 | Period or timeframe used by the calculation |
| Koef | 0.4 | |
| Alerts on | true | Turn this alert on or off |
| Alerts on current | true | Turn this alert on or off |
| Alerts message | true | Turn this alert on or off |
| Alerts sound | true | Turn this alert on or off |
| Alerts notify | false | Turn this alert on or off |
| Alerts email | false | Turn this alert on or off |
| Sound file | alert.wav | Turn this alert on or off |
| Arr otstup | 5 | |
| Ma period | 34 | Period or timeframe used by the calculation |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: Channels & Envelopes · Trend · Buy/Sell Arrows · Alerts · Moving Average · ATR · MT4 Indicator · MQL4 Source Code