High Lows Indicator

High Lows Indicator

The High Lows Indicator for MT5 draws a line connecting the daily highs and lows. Helps Forex traders determine the direction of the trend and enter the breakout.

The High Lows indicator for MT5 displays a continuous line at the highest prices of the day. Likewise, it links daily low prices and helps forex traders identify forex price trends. As a result, forex traders can identify the price trend on a daily time frame and trade price breakouts.

This helps traders open new positions or add additional positions during an uptrend or downtrend.

The indicator is very useful for new and experienced Forex traders. Since the high and low lines are visible on all time frames of the chart, it helps intraday and long-term traders.

High Lows Indicator For MT5 Trade Setup
The indicator draws a red line connecting the daily high and the dark turquoise line of the daily low. There are several trading methods using this indicator.

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

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

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

Conclusion
Thus, the High Lows indicator for MT5 is a simple yet effective technical analysis tool. It is useful to identify bullish or bearish price trends and trade in the direction of the daily timeframe trend.