High Low Channel Indicator
MT5Also Available for MT4High Low Channel Indicator for MT5 shows the HIGH and LOW on the Forex trading price chart over a certain period, acting as support and resistance.
Description
The High Low Channel Indicator for MT5 shows the HIGH and LOW prices of any selected trading range in eyedroppers. As a result, forex traders can use the indicator for range trading and breakout trading strategies.
Additionally, traders can customize the indicator to display the high and low, which act as support and resistance for any trading session. Thus, traders can employ different technical strategies depending on the trading sessions.
New traders will find it easy to visually locate the high and low and, in turn, identify support and resistance levels. However, experienced traders can use other indicators simultaneously to determine the best entry and exit points. Traders can apply the indicator to all intraday timeframes, as well as daily, weekly and monthly charts. Moreover, the indicator can be downloaded for free and easily installed by traders.
High Low Channel Indicator For MT5 Trading Setup
The EURUSD H1 chart shows the High Low Channel indicator for MT5 in action. The indicator draws a RED line that stretches from the start to the end hour of calculation. Moreover, the RED line is at HIGH and LOW during the calculation period of the indicator. In addition, the indicator shows the distance between HIGH and LOW in the form of 5-digit points or eyedroppers.
Forex traders can enter start and end times as per technical analysis requirements. Traders can customize the High Low Channel Indicator for MT5 to calculate any specific trading session of interest as well as the entire day. Thus, Forex traders can apply the indicator to any technical Forex trading strategy that works in any trading session. Typically, trading sessions have their own typical price ranges and volatility.
Once the high and low are determined, they act as a trading range. The maximum and minimum act as SUPPORT and RESISTANCE. Thus, Forex traders can BUY when prices reach the low of the day and target the high to take profits with a stop loss at the previous swing low. Conversely, traders can SELL as soon as prices reach a high and wait until prices bottom to take profits with a stop above the previous high.
Alternatively, forex traders use the high and low for a technical breakout trading strategy. Prices tend to stay within a range and then break out of it and move into another trading range. The breakout of the current trading range can be traded using this Forex technical indicator. In other words, the market breaks out of current support or resistance.
Thus, forex traders can BUY as soon as the price breaks the HIGH, the resistance level. Conversely, traders can SELL as soon as the market breaks LOW, the support level.
Conclusion
The High Low Channel indicator for MT5 is best for range trading and breakouts. However, for best results, traders should use other indicators for confirmation. Moreover, the indicator is free to download and easy to install.
1 2 3 4 5