High Low Channel Indicator for MT4:
The High Low Channel Indicator for MT4 is one the best indicator to show you HIGHs and LOWs. This indicator is best used when you are trading in a range, in case, let’s say, when you are doing options, or it also gives good results for breakout trading strategies. You can also customize this indicator and use it to show you support and resistance levels. This can give you ideas of how to use it in your trading. But it depends mostly on combining it with other indicators like(Put the link to some other hand) to make effective trading strategies.
How Does High Low Channel Indicator work?
As explained above, the High Low Channel Indicator Draws the highs and lows of a range on the charts. Let’s see how it draws these lines. The image above shows that the indicator has drawn red lines at highs and lows of a range of prices on charts. It takes the input of the start hour and the end hour from the trader and starts drawing a line whenever it finds a high or low, which stretches to the end hour of the given range. Also, the line remains visible during the whole calculation period.
The indicator displays the number of pip between high and low in the form of a five-digit number.
High Low Channel Indicator Settings:
Applying a high low channel indicator on your mt4 charts asks you for four inputs. Those inputs and their explanation is given below.
StartHour: Starting hour for High Low calculation range.
EndHour: End hour for High Low calculation.
FontSize: The size of font you want to use to display pips.
TextColor: Text color you want to use to display pips.
After putting these values, you can hit ok on, and then the indicator will start drawing the highs and lows on your mt4 charts.
Once you apply the indicator, it will start drawing the highs and lows, acting as supports and resistances. After that being a trader, you can buy an instrument when it hits the low and consider the high line your profit. Also, never forget to put your stop loss just below the low level in this case.
You can use a similar strategy to sell when the price hits the high and target the low as your take profit.
If you want to trade the breakouts, then you can use this indicator as well.
Usually, the price tends to move in a range of high and low, and then it breaks out and makes another range either above or below the current range. So you get an opportunity to buy when the price breaks the high of the range and sell when the price breaks the low of the range.
High Low Channel Indicator for MT4 is arguably one of the top-notch indicators for drawing highs and lows of the ranges on charts. However, it would be best to always use the indicators in combination to carve out a profitable trading strategy.
Don’t forget to checkout our other amazing forex indicators for mt4Download