MTF HighLow Indicator
The super tool to find important levels of support and resistance. High-Low indicator never repaints, it really works in Forex and other markets. Highly recommended for intraday traders.
Description
Introducing the MTF High Low forex indicator, a robust tool exclusively designed for the MT5 or MT5 platform. It effortlessly charts the previous high and low price levels across a wide range of periods, including today, historical data, and even custom timeframes.
These levels are visually presented as lines on your chart, conveniently labeled with the corresponding timeframe acronym. With a variety of layout options available, you can customize the indicator to suit your preferences.
Additionally, you have the option to include dotted projections or price tags, ensuring maximum visibility of the crucial high and low levels.
These marks are very useful for day traders trading on lower time frames. By observing small price fluctuations, they tend to miss important highs and lows of higher time frames.
The FXSSI MTF HighLow Indicator for MT5 will help them take into account the important extremes of the previous day/week/month and year.
How to trade with MTF HighLow Indicator
The previous High-Low indicator does not generate simple buy and sell signals with arrows.
However, price levels often act as support and resistance.
Thus, you can use the Previous High Low indicator to give more weight to the buy and sell signals coming from other indicators.
The price chart above shows the use of the Previous High Low indicator for intraday trading.
24H marks the previous day’s low (not visible on the chart). See how price interacts with the Red 24H level on the 5-minute time frame.
Initially, the level acted as support. Then, after the bearish breakout, the level began to act as resistance. You have the freedom to choose how to trade at the Red 24H level:
- using candlestick patterns as confirmation;
- using classical oscillator signals (for example, Momentum) as confirmation;
- using trend lines.
Moreover, you can use the Red 24H as a self-sufficient indication. To do this, open positions at the Red 24H level and place protective stop-orders behind the Red 24H level.
The main thing is to keep an eye on the risks. Make sure the R:R ratio is in your favor. And do not ignore the major trend.
The Previous High-Low Indicator for MT5 Settings
Conclusion
The Previous High-Low indicator for Metatrader 5 uses data from higher timeframes to build:
- High of the Previous Day / Week / Month / Year.
- Low of the Previous Day / Week / Month / Year.
Because governments, big banks and big hedge funds look at the highs and lows on daily, weekly and monthly time frames to implement their money management strategies.
The Previous High-Low Indicator for Metatrader 5 works on automatic. It allows you to:
- take into account support and resistance on higher timeframes;
- place trades near really important levels;
- combine important highs and lows and signals from other indicators.
Keep in mind that no technical indicator in the world will give you a signal that guarantees 100% profit. The previous High-Low indicator is no exception. Therefore, make sure that trading with this indicator does not ruin your deposit. To do this, first practice trading on a demo account with your preferred broker.
Download the previous High-Low indicator for MT5 for free now!