MTF High Low indicator for mt4 displays the high and low values for the most recent and current daily, weekly and monthly highs and lows in the form of horizontal lines on the chart.
This indicator is beneficial because traders can use it to find the key levels in the market that can act as support and resistance zones; we will discuss it more in the training strategy section.
Working of MTF High Low indicator for MT4
When we apply the indicator to the charts, the indicator will show detect where the daily, weekly and monthly high and low values for current and most recent sessions are and display those values in the form of price levels. Using these levels, the traders can compare the current values with the most recent ones and estimate if the market is moving in a bearish or bullish direction.
Settings of the MTF High Low indicator
Inside the settings of the mtf high-low indicator, you change the values of timeframes and customise the level’s colour as you prefer.
Trading Strategy for MTF High Low Indicator
The indicator itself does not give any trading signals for buying and selling. But the information provided by the indicator can be used to place trades. For example, if you are trading at an hourly time frame, the indicator will show you where the current daily highs and lows are. So for the hourly time frame, the daily high and low will act as resistance and support zones, respectively. Also, you can use the indicator to indicate current market trends.
Let’s say the current daily high is lower than the previous daily high, and the current daily low is lower than the previous daily low. So now there is a formation of higher low and lower low. That means the market is moving in a bearish direction, so you should avoid going long unless there is a solid analysis to support it.
Conclusion
The MTF High Low indicator is a valuable indicator for the beginner as well as experienced traders. Because it can give you an idea about support and resistance levels on the go, and based on this information, you can take the appropriate steps to make sure you are on your trades.
To download the indicator for free, please click on the button below.
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