HLR Indicator

HLR Indicator

The HLR Indicator for MT5 is a non-repaint indicator that provides oversold and overbought trading signals based on high and low prices.

The HLR Indicator for MT5 or High Low Range is a great concept for identifying overbought and oversold conditions in the Forex market. It identifies by calculating previous price highs and lows to determine an oscillator value ranging from 0 to 100. As a result, forex traders can buy or sell at a better price at the start of a new trend.

The indicator is easy to use and useful for both new and experienced Forex traders. Moreover, it is not redrawn after the candle closes.

Additionally, it works on all intraday price charts and above and is suitable for scalpers and day traders. Traders should note that higher timeframes above H4 may be beneficial for long-term forex traders.

HLR Indicator For MT5 Trading Signals

The indicator draws a red signal line. And the lines of the upper 0 level and the lower 20 level in a separate indicator window. Any indicator value above 80 is considered overbought, and any value below 20 is considered oversold. The trading strategy is to enter the market based on the reversal of the indicator line from these extreme levels.

If the indicator line rises above the overbought level of 80 and turns below 80, it indicates a great selling opportunity. Therefore, traders should open sell positions with a stop loss above the previous swing high. It is reasonable to wait for the indicator values to move to oversold levels and take profits.

Traders can use a similar trading strategy and enter a buy trade if the price falls below the 20 level and turns above it.

Conclusion
Thus, the HLR indicator for MT5 is a non-redraw indicator that detects overbought and oversold conditions in the Forex market.