High Low Channel Indicator
High Low Channel Indicator for MT4 shows the HIGH and LOW in forex trading price chart for custom period acts as Support and Resistance.
Description
The High Low Channel Indicator for MT4 shows the HIGH and LOW prices of any chosen trading range in pipettes. As a result, forex traders can use the indicator for range trading and breakout trading strategy. Additionally, traders can customize the indicator to show the high and low, which acts as the support and resistance for any trading session. So, traders can apply a different technical strategy based on the trading sessions.
New traders will find it visually easy to locate the high and low and in turn identify the support and resistance level. However, advanced traders can apply other indicators in confluence to identify the best entry and exit points. Traders can apply the indicator to all intraday timeframes and daily, weekly and monthly charts. Additionally, the indicator can be downloaded for free and installed easily by traders.
High Low Channel Indicator For MT4 Trading Setup
The EURUSD M30 chart shows the High Low Channel Indicator for MT4 in action. The indicator draws a RED line that stretches from the starting to the end hour of calculation. Moreover, the line RED line is at the HIGH and LOW during the indicator calculation period. Additionally, the indicator shows the distance between the HIGH and LOW as 5 digit pips or pipettes.
Forex traders can input the start hour and end hour as per their technical analysis requirements. Traders can adjust the High Low Channel Indicator for MT4 to calculate any particular trading session of interest, as well as the entire day. So forex traders can apply the indicator to any forex technical trading strategy which works on any trading session. Generally, trading sessions have their typical price ranges and volatility.
Once the High and Low are defined, it acts as the trading range. The high and low act as a SUPPORT and RESISTANCE. So, Forex traders can BUY when prices hit the low of the day and target the High for profit booking with a stop loss at the previous swing low. Oppositely, traders can SELL once the price reaches the High and wait for prices to move to the low for booking profits with a stop above the previous high.
Alternately, forex traders use the High and Low for breakout technical trading strategy. Prices tend to stay within a range and then break the range and moves to another trading range. The breakout from the current trading range can be traded using this forex technical indicator. In other words, the market breaks out from current support or resistance.
So, forex traders can BUY once the price breaks the HIGH, the resistance level. Oppositely, traders can SELL once the market breaks the LOW, the support level.
Conclusion
The High Low Channel Indicator for MT4 is best for range trading and breakouts. However, for best results traders should apply other indicators for confirmation. Additionally, the indicator is free to download and easy to install.