Daily H-L Indicator
Daily H-L indicator for MT4 plots high and low of any time frame in current chart. Best for BUY Low, SELL high forex trading strategies.
Description
The Daily H-L indicator for MT4 calculates the HIGH and LOW prices of any time frame and displays them in the current chart. So forex traders using trading strategies that use HIGH and LOW to calculate entry and exit points can benefit the best from this indicator. Moreover, the indicator can acts as a trend indicator as forex traders can interpret the BULLISH and BEARISH market conditions since the indicator plot the highs and lows as a continuous line.
The indicator can be used by new and experienced forex traders. The indicator works well in all intraday time frames and in daily, weekly and monthly charts. However, for best results, the indicator should be combined with other indicators or price action for confirmation of reversals that are essential for entry signals. Additionally, the indicator is free to download and easy to install.
Daily H-L Indicator For MT4 Trading Signals
The above EURUSD H1 chart shows the Daily H-L indicator for MT4 in action. The indicator plots the high in LIME and the low in RED as a continuous line. Moreover, the indicator can calculate the high and low of any time frame and plot on the current chart.
Forex traders having a trading strategy based on daily high low can BUY when the price reaches the daily LOW. In this instance the daily Low acts as a support and provides an entry point for the trader to place a BUY trade. The best stop loss for this trade is below the previous swing low. Because this provides the market the necessary gap to fluctuate while providing the best stop loss to avoid whipsaws. On the other hand, the best take profit positions for this trade will be the daily HIGH.
Oppositely, if the price bounces from the daily HIGH forex traders can enter a SELL position. Because the high acts as resistance. This position can be held until it reaches the daily LOW, as it will be the best exit point to book profits. Similarly, the best stop loss for these positions could be the previous swing high.
Alternately, forex traders can use the HIGH and LOW to identify the trend direction. For example, if the price continues to break the lows it indicates a strong BEARISH trend. On the other hand, if the market continuously breaks the HIGH it indicates that the prevalent BULLISH trend is strong.
The Daily H-L indicator for MT4 can be used to trade multi- time frame (mtf) charts. Trends in the higher time frame tend to stay longer. So forex traders can identify the trend in the higher time frame and enter the market in a lower time frame.
Conclusion
The Daily H-L indicator for MT4 works well for forex traders using the BUY at lows and SELL at high forex trading strategy. As the indicator plots the values continuously the output can be used for auto trading systems. Additionally, forex traders can download the indicator for free and install with easily.