Hi Lo Range Oscillator Indicator

Hi Lo Range Oscillator Indicator

Hi Lo Range Oscillator Indicator For MT4 is a non-repainting indicator that gives forex oversold and overbought trading signals based on High and Low prices

The Hi Lo range oscillator indicator for MT4 is an excellent concept to identify the overbought and oversold forex market condition. It identifies by calculating the previous high and low prices to determine an oscillator value within 0 to 100. As a result, forex traders can buy or sell with a better price in the beginning of a new trend.

The indicator is simple to use and is beneficial for both new and advanced forex traders. Moreover, it does not repaint after the candle close. Furthermore, it works on all intraday price charts and above and is suitable for scalper, intraday traders. Traders should note that higher time frames above H4 may be beneficial to long-term forex traders.

Hi Lo Range Oscillator Indicator For MT4 Trading Signals

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

If the indicator line moves higher than the overbought 80 levels and reverses below 80 it indicates an excellent selling opportunity. So traders should open sell positions with a stop loss above the previous swing high. It is prudent to wait for the indicator values to move to the oversold levels and book profits.

Traders can employ a similar trading strategy and open buy trade if the price moves lower than the 20 level and reverses above it.

Conclusion
In summary, the Hi Lo range oscillator indicator for MT4 is a non repainting indicator that identifies the overbought and oversold forex market.