Trend Line Channel Indicator for MT4 and MT5

Written by Dominic Walsh · Published 14 Jul 2026 · Last updated 24 Sep 2026

Drawing trend lines by hand means choosing which swings to join. The trend line channel indicator makes that choice by rule: it joins the two most recent swing highs into an upper line and the two most recent swing lows into a lower line, extends both, and marks a close that breaks out.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	2: TLC Buy Break, TLC Sell Break
Alerts	popup, push notification, email, sound
Inputs	15

What the Trend Line Channel Indicator renders

Three rays and two marks on price.

`UpperColor` `clrTomato` draws the upper line.

`LowerColor` `clrDodgerBlue` draws the lower line.

`MidColor` `clrGoldenrod` draws the midline.

`TLC Buy Break` prints lime with arrow 233.

`TLC Sell Break` prints red with arrow 234.

• TLC Buy Break: arrow, lime, arrow code 233
• TLC Sell Break: arrow, red, arrow code 234

How the Trend Line Channel Indicator does its maths

The swings

`FractalLength` `3` bars on each side confirm a swing. Only the two newest highs and two newest lows feed the lines.

The lines

Each line runs through its two swings and, with `ExtendRight` on, continues past them. `ShowMidline` adds a line halfway between.

The break

A close above the upper line, after a close at or below it, prints a buy. `CooldownBars` `3` spaces same-side marks.

Making it useful

Converging lines form a wedge.

Parallel lines form a true channel.

The lines redraw when a new swing confirms.

Marks only count breaks after the newest swing.

`ArrowATRmult` `0.6` sets the mark gap.

The forming bar never gets a mark.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

Channel breaks report through `EnableAlerts`, one per closed bar. The popup is the channel live from the start; mobile, email and sound need switching on.

Every Trend Line Channel Indicator input

Core settings

Setting	What it does	Default
FractalLength	bars each side that confirm a swing pivot. Bars on each side of a swing, `3`.	3
ATRPeriod	ATR length for arrow offset. Range window for the mark gap, `14`.	14
CooldownBars	min bars between arrows of same type. Wait between same-side marks, `3`.	3
ExtendRight	extend channel lines to the right (ray). Extend the lines as rays, `true`.	on

Display settings

Setting	What it does	Default
ArrowATRmult	arrow distance from bar as ATR multiple. Mark gap in ranges, `0.6`.	0.6
ShowMidline	draw parallel channel midline. Draw the midline, `true`.	on
UpperColor	resistance line colour. Upper line colour, `clrTomato`.	tomato
LowerColor	support line colour. Lower line colour, `clrDodgerBlue`.	dodger blue
MidColor	midline colour. Midline colour, `clrGoldenrod`.	goldenrod

Alert settings

Setting	What it does	Default
EnableAlerts	Switch for break messages, `true`.	on
EnablePopup	(see inputs panel)	on
EnablePushNotify	(see inputs panel)	off
EnableEmail	(see inputs panel)	off
EnableSound	(see inputs panel)	off
SoundFile	(see inputs panel)	alert.wav

Choosing where it lives

Two-swing lines suit charts with clear structure. EURUSD H1 is the reference chart, where a new channel forms every day or two. On M15 the lines redraw often. On D1 they match the lines most traders draw by hand.

What it will not tell you

Two swings define a line, but not a strong one.

The channel moves each time a swing confirms.

Breaks of steep lines come quickly and often fail.

The popup is the only route on at first.

Copy the compiled Trend Line Channel Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Download the Trend Line Channel Indicator for MT4 and MT5

The zip holds the compiled Trend Line Channel Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

Which swings does FractalLength 3 join?

The two most recent confirmed swing highs for the upper line, and the two most recent swing lows for the lower one. A swing needs three lower highs, or higher lows, on each side.

Why does the channel redraw?

When a new swing confirms, it replaces the older of the two used for that line. The line then runs through the newest pair, so the whole channel can tilt at once.

When does TLC Buy Break print?

On a closed bar that closes above the upper line after the bar before closed at or below it. The test starts after the newest swing, so older crossings never get a mark.

What does ShowMidline add to the channel?

A goldenrod line halfway between the upper and lower swings. It shows the channel’s centre, which price often visits during a range, and it moves with the channel whenever a swing confirms.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Trend Line Channel Indicator as one input. Always backtest before trading live.