Bigger TF OHLC Indicator
Bigger tf OHLC indicator for MT4 plots the open, high, low, close prices of a higher time frame in a current price chart.
Description
The bigger tf OHLC indicator for MT4 identifies and plots open, high, low, and closing values of the higher time frame market session on the current chart. During bullish and bearish trending markets, prices continue the last day’s trend into the next day. So, traders can BUY or SELL accordingly once the price breaks the previous day’s low or high. Forex traders can apply the same method using any higher time frame to form trading strategies using the OHLC
The indicator is best suitable for new and advanced forex traders. Furthermore, the indicator works well in all intraday time frames and the daily, weekly, and monthly price charts. Additionally, forex traders can download the indicator for free and install it easily.
Bigger TF OHLC Indicator For MT4 Trading Setup
The above AUDUSD, H1 price chart, shows the bigger tf OHLC indicator for MT4 in action with modified indicator settings. The indicator shows the Opening price in the Gold Line and the Closing price as Royal Blue. Similarly, the high prices are in the Red, and the low prices are in the Lime colored line. Forex traders should look for the breakout of the previous time frames open and close or high and low to calculate the entry points.
If the price breaks above the previous day’s high, it signals a bullish trend. So, forex traders can enter the market with a BUY position with a stop loss below the previous swing low. Traders can book profits with a good risk-reward ratio as the indicator does not provide a profit projection.
A price break below the previous day’s low signals a bearish price trend. So, forex traders should place a SELL position with a stop loss above the swing high as a good take profit strategy traders can book profit with a good risk-reward ratio.
Conclusion
The bigger tf OHLC indicator for MT4 helps forex traders to identify the bullish and bearish price trends using the previous day’s market or higher time frame price action. The indicator does not offer and stop loss or take profit projections. So, forex traders should Buy and Sell with caution.