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