MetaTrader’s Highest-Lowest Indicator is a trading tool that tracks the price of any tradable assets and highlights the highest and lowest levels it reached.
What’s the high-low in MT4?
In this context, high/low refers to the highest/lowest price an asset has seen in a given trading period. This could be yesterday’s high/low or last week’s low/high, etc.
These areas (high/low), are crucial arrears for trading as the price can reverse or break an earlier high/low. Many traders will be able to either BUY or SELL at this level.
To help you highlight and identify the highest/lowest points of trading sessions, the Highest-Lowest indicator could be useful. To identify any previous highs or lows, you might need to activate the period separator in your MT4.
The indicator is also suitable for novice and experienced traders. It can be used for swing trading, day/intraday scalping, and swing trading.
How to Trade with the Highest-Lowest Indidicator
The indicator is not a signal-generating tool that can be used to generate BUY/SELL entries. The screenshot above shows the BUY signal. It is a good indicator to show how the price responded at yesterday’s low. A possible move to the upside is also indicated by the bullish engulfing candlestick that was printed after the rejections.
Modern forex traders need to know that the Highest-Lowest indicator (MT4) is one of their most valuable trading tools. This indicator allows you to predict price reactions at the highest/lowest levels for the day, week, or month. The indicator is also free to download.