Weekly HiLo Indicator

Weekly HiLo Indicator

The Weekly HiLo indicator for MT4 identifies the last week’s highs and lows of the price.

The Weekly HiLo indicator for MetaTrader 4 is a technical indicator built with algorithms that identifies and plots the last week’s highs and lows of the price. It’s an incredible technical trading tool that is suited for trend continuation and breakout traders.

What is the high-low indicator in MT4?

The high and low indicator is simply a forex trading indicator designed to mark the past highs and lows of the price. Highs and lows indicators are valuable in the financial markets because they are essentially support and resistance detectors.

Therefore, the Weekly HiLo indicator is ultimately a support and resisitnce indicator of past price actions. The indicator may look very elementary to some forex traders; however, it’s a great trading asset recommended for all categories of trader. This is because it identifies one of the most reliable support and resistance zone of interest in the financial trading industry, which is the weekly highs and lows.

How to Use Trade With the Weekly HiLo Indicator for MT4

The attached screenshot shows how the Weekly HiLo indicator identified the highs and lows levels of the price for the past weeks. The dotted orange-red color line on the chart depict last week’s low, while the royal blue dotted line signifies the last week’s high.

Furthermore, the indicator also signals when the price breaks out of either of the highs and lows, which is depicted by a thick line. This makes the indicator suitable to easily identify trend breakout and continuation trading opportunities.

Thus, you may look for an opportunity to buy or sell an instrument if the price bounces off the Weekly HiLo indicator. Conversely, you may also look for an opportunity to buy or sell an instrument after the price breaks out of the indicator’s last-week high/low, as illustrated above.

Conclusion
The Weekly HiLo indicator for MT4 is an indicator that is recommended for scalpers, day/intraday, and swing traders in identifying the support/resistance zones at the previous weekly highs and lows of the price.