Hi Lo Indicator
MT4Also Available for MT5The Hi Lo indicator for MT4 shows the trend direction of the market with a bullish/bearish signal dot.
Description
The Hi Lo indicator for MetaTrader 4 is a trend-following technical tool that tells the direction of the market with bullish/bearish signal dots. It is an easy-to-use trading system that would come in handy during technical analysis and trade executions.
Does the Hi Lo Indicator Repaint?
The signal dots of this indicator are very reliable because they do not repaint. It simply pops up a red or lime-green dot above/below the price and remains regardless of how the candlestick closes.
Thus, the indicator would be invaluable to scalpers, day/intraday, and swing traders for easy identification of the trend bias of a financial trading asset. Besides, it can also help you in identifying the potential end of a bullish/bearish pullback.
How to Use the Hi Lo Indicator
The above image shows the action of the Hi Lo indicator on the EURUSD currency pair in the M30 timeframe. The indicator is very sensitive to the trend direction of the market; it plots a lime-colored dot for an upward move (bullish) and red for a downward move (bearish).
Furthermore, the indicator is ideal to be used in trending markets. Therefore, you may use it to join an already-established trend after a minor pullback. However, price action or any other technical trading tool is also recommended to be used along with the indicator to find suitable trade entry zones, as illustrated in the above image.
Conclusion
The Hi Lo indicator for MT4 displays the market direction and also helps you to find suitable trade entry/exit zones. Finally, the indicator is free to download.
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