Previous High-Low Indicator
The super tool to find important levels of support and resistance. High-Low indicator never repaints, it really works in Forex and other markets. Highly recommended for intraday traders.
CATEGORIES: MT4, INFORMATIONAL
Updated on: 28.10.2023
The Previous High-Low Indicator for MT4
The Previous High-Low Indicator displays the marks for important levels on the intraday price chart. It doesn’t repaint.
PDH – Previous Day High
PWH – Previous Week High
PMH – Previous Month High
PYH – Previous Year High
PDL – Previous Day Low
PWL – Previous Week Low
PML – Previous Month Low
PYL – Previous Year Low
These 8 marks are very useful for intraday traders who trade on lower timeframes. Watching small price fluctuations, they tend to miss important Highs-Lows from higher timeframes.
The Previous Highs-Lows Indicator for MT4 will help them consider important extremes of the previous day / week / month and year.
How to trade
The Previous High-Low Indicator does not generate simple buy and sell signals with arrows.
However, PDH, PWH, PMH, PYH, PDH, PWH, PMH, PYH often work as support and resistance.
Therefore, you can use Previous High-Low Indicator to give more weight to buy and sell signals that come from other indicators.
The price chart above shows a variation on how you can use Previous High-Low indicator for intraday trading.
PDL marks the Previous Day Low (not seen on the chart). See how price interacts with the PDL level on the 5-minute timeframe.
Initially, the level acted as support. Then, after a bearish breakout, the level began to act as resistance . You have the freedom to choose how to trade the PDL level:
using candlestick patterns as confirmations;
using classic oscillator (e.g. Momentum) signals as confirmations;
using trendlines.
Moreover, you can use the PDL as a self-sufficient indication. To do this, open positions at the PDL level and place protective stop-orders behind the PDL level.
The main thing is to keep an eye on the risks. Make sure the R:R ratio is in your favor. And do not ignore the major trend.
The Previous High-Low Indicator for MT4 Settings
Conclusion
The Previous High-Low indicator for Metatrader 4 uses data from higher timeframes to build:
High of the Previous Day / Week / Month / Year.
Low of the Previous Day / Week / Month / Year.
Because governments, major banks and big hedge funds pay attention to Highs-Lows on Daily / Weekly / Monthly timeframes in order to implement their strategies to manage capital.
The Previous High-Low Indicator for Metatrader 4 works on automatic. It allows you to:
take into account support and resistance from higher timeframes;
place trades near really important levels;
combine important Highs-Lows and signals from other indicators.
Keep in mind that no technical indicator in the world will not give you a signal that guarantees a 100% profit. The Previous High-Low Indicator is no exception. Therefore, take care that trading with this indicator will not crash your deposit. To do so, first train trading on a demo account with a preferable broker.
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