Yesterday High & Low V2 Indicator

Yesterday High & Low V2 Indicator

Yesterday High & Low V2 Indicator For MT4 plots resistance and support line at the previous day’s high and low price. Best for breakout trading strategy.

The Yesterday High & Low V2.0 indicator for MT4 provides forex trading signals based on the high and low prices of the previous trading day. Traders consider the previous days high and low as a valid support and resistance. So, a breakout or failure at these price levels provides a trading opportunity. This indicator plots horizontal lines on the high and low and helps traders identify the support and resistance.

The indicator is easy to apply and helps new and advanced forex traders. It identifies the daily high and low price of the previous trading day. However, it plots these lines on all chart time frames.

Yesterday High & Low v2 Indicator For MT4 Trade Setup

The indicator plots the high and low and the comments on the line as yellow. The best trading strategies are to enter the markets based on the breakout or a breakout failure throughout the trading day.

If the price breaks the upper resistance or the yesterday high, traders can enter a buy trade. A stop loss should be placed below the previous swing low. This indicator does not have a profit target, so traders should exit with a good RR.

However, if the price fails to break the resistance and reverses from there traders should enter a sell trade.

A similar trading strategy can be applied if the price breaks below the support line which corresponds to the yesterday low price. Here again, a failure to break below the support invokes a buy trade.

Conclusion
In summary, the Yesterday High & Low V2 indicator for MT4 plots a support and resistance line on the high and low price of the previous trading day.