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The Last, High and Low Stop Loss indicator (MT4) is a tool that helps identify the best stop-loss (SL) indicator. It’s based on the ZigZag MetaTrader indicator. Forex traders can use this indicator to place stop losses at a safe distance to avoid whipsaws.
Additionally, the indicator continually calculates the stops so that it can be used as an indicator to place a trailing stop loss during Bullish or Bearish markets. The indicator places the stop loss on either the upper or lower side of the current price. This can be used both for BUY and SELL signals.
The indicator is ideal for advanced and new forex traders. It allows them to identify their stop losses and calculate risk to reward for each trade. They can also calculate lot size.
However, forex traders who are skilled can identify the stop loss and trade it with confluence with trend lines, support lines and channels. This reduces the likelihood of losing the stop loss.
Last High Low Stop Loss Indicator For Metatrader4 setup
The EURUSD-M30 price chart below shows the last high and low stop loss indicator. It plots two lines: the red dotted RED line shows the upper stop loss and the dotted BLUE the lower. Additionally, it displays the stop loss values as well as the distance from the current price.
Forex traders with a current BUY order should set the stop loss below the lower line of BLUE. This allows the trader to have the best stop loss for their position.
The same applies to SELL trades. The highest stop loss possible is the upper stop-loss line located above the last swing high.
The indicator works with all intraday charts, including daily, weekly, or monthly. As such, forex traders can use it to trade multitimeframe (mtf), forex trading strategies.
The indicator uses the classic Zig Zag to calculate its values. The stop loss levels for higher time frames can be used to identify swing high and swing lower areas. This can help validate stops on a shorter time frame.
Conclusion
The best MetaTrader indicator to identify the stop loss is Last High Low for MT4. It is based on the ZigZag indicator. The indicator provides excellent results in confluence with trend lines, support, resistance, and channels.
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