The Daily H-L indicator shows the chart’s highs and lows of any timeframe. This forex indicator is ideal for High SELL and Low BUY forex trading strategies.
How does the daily H-L indicator MT4 work?
The Daily H-L for MT4 analyzes the HIGH and the LOW values for any mt4 timeframe and then shows them on the present chart. Forex traders who utilize HIGH and LOW strategies to determine the trade exit and entry points will benefit from this forex indicator. In addition, it can serve as a trend gauge since traders can discern BEARISH or BULLISH market conditions as it plots the lows and highs in one continuous line.
The forex indicator is a great trading tool to use by both experienced and beginner forex traders. It is effective across all intraday mt4 time frames and in weekly, D1, or monthly charts. For the best performance, one must use the indicator, in conjunction with other price indicators, to confirm the reversals necessary for trade entry signals.
Trading with Daily H-L
The above EURUSD H1 mt4 chart displays an indicator for the forex daily H-L of the MT4 chart hand in action. The color arrow shows its highs of the day in LIME color, while the lower in RED color is an uninterrupted line. Additionally, the forex indicator can determine the high and low of any timeframe and plot them on the present chart.
Forex traders with a strategy based on the daily highs and lows can buy when the chart price is at the everyday chart low. In this case, the daily chart Low serves as chart support and the opportunity for forex traders to make a Buy entry trade. The ideal stop loss(SL) to place in this forex trade is lower than the previous low of the chart swing. This forex strategy gives the market the needed gap while offering the most effective stop loss(SL) to prevent whipsaws. However, the most profitable take-profit(TP) options for this type of market trade will be the daily high.
The price fluctuates from the daily chart HIGH, forex traders can take a SELL, and the high serve as resistance. The position can hold until it hits the daily LOW, which is the ideal way to profit. The best stopping point for such positions may be the previous high of the swing.
Trends by H-L indicator
Additionally, forex traders can use high and low indicators to determine the direction of the trend. For instance, if a price keeps breaking the lows, it indicates a highly BEARISH trend. However, If the market consistently exceeds the high, it is a sign that the current BULLISH trend is strong.
The indicator Daily H-L for MT4 can be utilized to trade a multi-timeframe (MTF) chart. Trends higher in the time frame are more likely to last longer. Forex traders can recognize trends in the upper timeframe and then enter the market in the lower timeframe.
Inputs of Daily H-L indicator
The following table image shows the input parameters of daily H-L. Feel accessible to experiment with these parameters for perfect results.
The Daily H-L forex indicator is ideal for new forex traders who BUY entry at Lows and SELL at high levels. Since the forex indicator plots value continuously, we can use the output in automated trading systems. In addition, forex traders can download the forex indicator for free and set it up without difficulty.