In this post, we will go through a complete guide on how to use and trade using the forex High Low forex indicator for mt4.
The good thing about the forex MetaTrader platform is that there is an abundance of trading forex indicators that you can use freely to make pretty good setups and forex strategies.
The indicators give you a well-hidden analysis and save you hours.
So we will show how you can use one of the best forex indicators for drawing any instrument’s forex highs and lows on the forex mt4 charts.
What is high and low?
If we define chart high and low in simple terms, The high refers to the highest level reached by the market price at a specific chart timeframe, and the low refers to the chart lowest level reached by price at a specific chart timeframe.
Importance of Forex High/Low indicator for mt4 in trading
Knowing the forex highs and lows at higher mt4 timeframes is very important for understanding the market trend’s direction so that you can always place your forex trade with the trend at lower timeframes.
Also, the highs and lows of daily chart timeframes can act as support and resistance at lower timeframes for your intraday trading.
High/low forex indicator for mt4
Even if you can manually find the highs and lows on mt4 charts, why reinvent the wheel every time? You can use the forex high-low indicator for mt4 to draw the highs and lows for whichever mt4 timeframe you want.
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You can pay more attention to correctly analyzing your mt4 chart instead of building your mt4 charts, ultimately resulting in a very high probability of you making some good profits.
Characteristics of session forex high/low indicators for mt4
This forex indicator has some excellent features, like you can use it to draw highs and lows for any mt4 timeframe, be it monthly, weekly, or four h, and so on. You can also choose how many hours or weeks you want to select your highs and lows from
Trading setup for using forex high/low indicator for mt4
After you apply the high-low forex indicator to your charts, it will ask you to input the following settings.
- N (main default = 20) — number of values for the period of recent High/Low levels.
- SoundAlert (main default = true) — if true, you will receive an alert whenever the price break above or below the high/low levels.
- PopupAlert (main default = false) — if true, you will receive a forex mt4 popup whenever the chart price breaks above or below the high/low levels.
- EmailAlert (main default = false) — if true, an email message will be sent whenever the chart price breaks above or below the High/Low bands.
There is no doubt that a high-low forex indicator is an excellent indicator. Still, you should keep in mind that only one forex indicator is not enough for you to finalize your forex trading strategy. Always use this forex indicator with the Aroon indicator to make your best trading strategy.