Last High Low Stop Loss Indicator

Last High Low Stop Loss Indicator

Last High Low Stop Loss Indicator For MT4 provides the best stop loss automatically for both BUY and SELL forex trades.

The Last High Low Stop Loss indicator for MT4 is a tool to identify the best stop loss (SL) based on the classic ZigZag MetaTrader indicator. As the stop loss is based on the ZigZag indicator it provides the stops below the swing high or low. As a result, forex traders can place the stop at a safe distance to avoid whipsaws.

Moreover, as the indicator continuously calculates the stops, it can be used as a trailing stop loss during a Bullish or Bearish market. Since the indicator places the stop loss both on the upper and lower side of the current market price it can be used for both BUY and SELL trading signals.

The indicator is well suitable for new and advanced forex traders. New forex traders can easily identify their stop loss points and calculate the risk to reward ratio for any potential trade and calculate the lot size accordingly.

On the other hand, advanced forex traders can identify the stop loss and trade it in confluence with support, resistance lines, trend lines, and channels. As forex traders can place the stop loss below the support and resistance lines as it reduces the chances of hitting the stop loss considerably.

Last High Low Stop Loss Indicator For MT4 Trading Setup

The above GBPUSD M30 price chart shows the Last high low stop loss indicator in action. The indicator plots the upper stop loss in the dotted RED line and the lower stop loss as dotted BLUE. Moreover, it shows the stop loss values and the distance from the current market price.

Forex traders in a current BUY position should place the stop loss below the lower stop loss line is BLUE. Since the stop loss is located below the previous low which also corresponds to the last swing low. It provides the trader with the best stop loss for the position.

Similarly, during a SELL trade, the best possible stop loss is the upper stop loss line, located above the last swing high.

The indicator works on all intraday price charts including the daily, weekly, and monthly charts. As a result, forex traders can use the indicator to trade multi-timeframe (mtf) forex trading strategies. The indicator derives it values from the classic Zig Zag. So the stop loss levels on higher time frame charts can be used to understand the swing high and swing low areas. This helps to validate the stops in a lower time frame price chart.

Conclusion
The Last high low stop loss indicator for MT4 is the best MetaTrader indicator for identifying the stop loss automatically. The indicator works well as it is based on the classic ZigZag indicator. And provides the best results in confluence with support, resistance, trend lines, and channels. Moreover, the indicator is free to download and install.