Daily High Low Indicator

Daily High Low Indicator

Daily High Low Indicator For MT4 draws a line connecting daily highs and lows. Helps forex traders to identify trend direction and enter on breakouts.

The Daily High Low indicator for MT4 plots a continuous line at the daily high prices. Similarly, it connects the daily low prices and helps forex traders to identify the forex price trends. As a result, forex traders can identify the price trend on a daily time frame and trade price breakouts. It helps traders to open new positions or add additional positions in an uptrend or downtrend.

The indicator is very helpful for new and advanced forex traders. As the high and low lines are visible on all chart time frames it helps intraday traders and long term traders.

Daily High Low Indicator For MT4 Trade Setup

The indicator plots a red line connecting the daily high and dark turquoise line for the daily low. There are multiple methods to trade using this indicator.

If price makes higher lows and higher highs it indicates a bullish trend. Similarly, if price makes lower lows and lower highs the trend is bearish.

Generally, traders consider the price to be bullish once it breaks the previous day’s high. However, traders should note that the current day’s low should be higher than the previous day’s low. Traders should enter a buy position with a stop loss below the previous day’s low.

Similarly, if the current price breaks the previous day’s low it is a bearish trend. So, traders should enter sell positions and place stop loss above the previous day’s high.

Conclusion
In summary, the Daily High Low Indicator for MT4 is a simple but effective technical analysis tool. It is useful to identify bullish or bearish price trends and trade in the trend direction of the daily time frame.