Hi Lo Indicator
MT5Also Available for MT4The Hi Lo indicator for MT5 shows the trend direction of the market with a bullish/bearish signal point.
Description
The Hi Lo Indicator for MetaTrader 5 is a trend following technical tool that shows the direction of the market using bullish/bearish signal points. This is an easy to use trading system that will come in handy during technical analysis and trade execution.
Does the Hi-Lo indicator recolor?
The signal points of this indicator are very reliable because they do not repaint. It just appears as a blue line above/below the price and remains regardless of how the candle closes.
As such, the indicator will be invaluable to scalpers, day/intraday and swing traders as it makes it easy to identify the tendency of a financial trading asset to trend. In addition, it can also help you identify the potential end of a bullish/bearish pullback.
How to Use the Hi Lo Indicator
The image above shows the action of the HiLo indicator on the AUDUSD currency pair on the H1 timeframe. The indicator is very sensitive to the direction of the market trend; it shows a blue line below the price for an up move (bullish) and above the price for a move down (bearish).
In addition, the indicator is ideal for use in trending markets. Therefore, you can use it to join an already established trend after a slight pullback. However, price action or any other technical trading tool is also recommended to be used in conjunction with the indicator to find suitable trade entry zones as shown in the image above.
Conclusion
The Hi Lo indicator for MT5 displays the direction of the market and also helps to find suitable entry/exit zones for a trade. Finally, the indicator is free to download.
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