High Low Indicator
Enhance your winning probability with the High Low Indicator for MT4, providing great insight on the chart to trade reversals or breakouts.
Description
The High Low indicator for MT4 has two bands, black and blue. Both the bands encapsulate the lows and highs of the price. The bands can be used to trade the continuation or breakout.
How To Use The High Low Indicator For MT4
There are two main uses of the indicator:
- Find a breakout trading opportunity
- Find a continuation trading opportunity
First of all, the bands indicate the directional bias of the market. The market is in the bearish phase if the bands point to the downside and vice versa. Once you know the bias, you are half done. Then, you can look for the appropriate trade entries.
If the bands are wide, you can look for a continuation setup. You can take a short entry whenever the price touches the upper bands. Similarly, when the price touches the lower bands in an uptrend, you can enter the long trades.
When the bands are narrow, it is likely for the market to face a breakout/reversal. In this case, wait for the breakout candle to close and the direction of bands to shift.
Conclusion
High Low is a straightforward indicator that works the same as Bollinger Bands. To find efficacy, you should test the indicator on broader timeframes and different assets. Always test on the demo before running on your live account.