High Low Open Close Indicator
MT5Also Available for MT4High Low Open Close Indicator shows accurate daily market highs, lows, open and close prices using horizontal support/resistance levels. Best suited for MTF price action Forex traders.
Description
The High Low Open Close indicator is an excellent price action analysis companion for MT5 Forex and Equity traders. Technically, price often intends to reverse or build solid breakouts around daily market high, low, open and close levels.
Once you accurately track these levels, you can identify high potential trading opportunities.
This detailed trading guide explains how you can use the indicator in MT5 to predict accurate buy/sell signals.
How to trade forex and stocks using the High Low Open Close indicator in MT5
The indicator uses short horizontal levels to display key price levels on MT5 charts. Try to anticipate the big picture of market sentiment using daily open, close, high and low prices. For example, a price break below the previous day’s low indicates a sell opportunity after a bearish breakout. Alternatively, you can focus on going long while price sees high, low, open, and close levels as support.
In addition, support/resistance levels will also help you set your stop loss and possible take profit zones.
Conclusion
High Low Open Close is the best MT5 price action indicator for Forex and stock day traders. This allows you to anticipate short-term trading opportunities based on daily price levels. In addition, you can use it to cross-check key price levels on live MTF charts under any market conditions.
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