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The Daily HL indicator for MT4 calculates HIGH and LOW prices and displays them in the current charts. Forex traders that use high and low to calculate entry points and exit points can get the most out of this indicator.
Furthermore, it can be used as a trend indicator since the indicator plots the highs and lows as a continuous line.
Both novice and professional forex traders can use the indicator. The indicator is compatible with all time frames. The indicator also works well on daily, weekly, monthly and monthly charts.
For best results, however, the indicator should be used in conjunction with other indicators and price action to confirm entry signals.
Daily H-L Mt4 Indicator Signals
The EURUSD M30 chart shown above shows the DailyH-L indicator of MT4 in action. It plots the high in LIME, and the low (in RED) as a continuousline. Furthermore, it can calculate the high or low for any time frame and plot it on the current chart.
Forex traders who use a daily high-low trading strategy can BUY when prices reach the daily low. In this case, the daily Low acts like a support and gives the trader an entry point to place a trade.
The market will have the ability to fluctuate but the stop loss is the lowest. On the other side, the daily HIGH offers the best possible take profit positions.
If the price moves from the daily HIGH forex traders may enter a SELL position. Because the high acts like resistance, this position can be held until the position reaches the daily LOW. It will be the best exit to book profits.
Forex traders also have the option of using the HIGH and LOW indicators to help them identify the trend direction. If the price keeps breaking the lows, this indicates a strong BEARISH market trend.
However, if prices keep breaking the HIGH, then it is indicating that the predominant BULLISH tendencies are strong.
The Daily HL indicator for MT4 is able to be used to trade multi time frames (mtf). Trends in higher time frames tend to last longer. Forex traders can then identify the trend and enter the market within a shorter time frame.
Conclusion
The Daily HL indicator for MT4 is a good choice for forex traders using the BUY AT LOWS and SELL AT HIGH forex trading strategy. Additionally, the indicator can be downloaded free of charge and installed easily.
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