ForexPen – Download Free Forex EA, Indicators and More for Your Trading Needs

MTF High Low Forex Indicator for MT4 Download

The MTF High Low forex indicator for MT4 displays horizontal lines on the MT4 chart that represent the high and low values for the most recent and latest weekly, daily, and monthly chart highs and lows.

This forex indicator is useful because it allows forex traders to identify pivotal price levels that can serve as areas of support and resistance on charts; we’ll learn more about it in the section on learning forex strategy.

Working of indicator

The weekly, daily, and monthly high and low values for the current and most recent market sessions will be located and displayed as chart price levels when we apply the forex indicator to the charts. By comparing the current values to the most recent ones using these levels, forex traders may determine if the market is trending in a bullish or bearish manner.

Settings of the MTF High Low forex indicator

You can alter the mt4 timeframe values and adjust the level’s color in the indicator settings of the mtf high-low indicator.

Trading Strategy for MTF High Low Forex Indicator

The forex indicator does not provide buy or sell indications for forex trading. but can conduct trades using the information the indicator provides. The forex indicator, for instance, will display the highs and lows of the most recent daily chart if you have your trading session open at an hourly (1H) time frame. Therefore, the daily chart high and low will serve as resistance and support zones for the hourly (1H) time frame, respectively. The forex indicator can also be used to show current market patterns.

Let’s imagine that the current daily chart high and low are both lower than the prior daily chart high and low, respectively. Thus, a higher low and lower low have formed on the chart. As a result, you should refrain from getting long until there is a strong analysis to back it up. This indicates that the market is headed in a bearish manner.

No Minimum Deposit

ECN Acount

No Commission

Min Deposit of 20$
Allow USA Traders
Levergae up to 1:500

Conclusion

Both new and seasoned traders can benefit from using the MTF High Low indicator. As a result, you can take the necessary actions to ensure that you are on your trades by having an understanding about support and resistance levels while you are on the go.

Share:

Facebook
Twitter
Pinterest
LinkedIn

Leave a Reply

Your email address will not be published. Required fields are marked *

On Key

Related Posts

FAN Trading Robot

An automated trading system called the FAN Trading Robot was created to profit from major news stories that cause notable volatility in the currency markets.

AA Forex Robot

The adaptable MT4 Robot Advanced Automated Forex Robot is available for free download. An adaptable algorithm that continuously fine-tunes and optimizes itself forms the basis

SG Forex EA

Specifically built for trading gold (XAUUSD), this SG EA is a fully automated Gold Forex EA. This article delves into the nuances of this EA,

TOP BOTTOM INDICATOR

Top Bottom Indicators provide a major advancement in manual trading tactics by identifying the tops and bottoms of market patterns. This indicator is special since