Introduction to the MTF High Low Indicator
The MTF High Low Indicator is responsible for drawing high and low levels of previous and current daily, weekly, and monthly periods. These levels are often respected as market turning points, thus traders can take advantage of trading at them.
The MTF High Low Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
Closer look on the MTF High Low Indicator
When you load up the indicator in your MT4 platform, you will see a couple of horizontal lines that reflect important market levels including monthly hig and low, weekly high and low, previous monthly high and low, previous weekly high and low, previous daily high and low. Each level has its own label, so one quickly can recognize it. Take a look at example chart:
Buy Trade Example
In the example below, one can see how the price reacts to the previous monthly high level. There is a Doji candle that touched the level only once and then upward impuls occurred. In that case, the resistance level became the support level.
Sell Trade Example
In the example below, one can see how the price reacts to the previous weekly high level. That level acts as the resistance level and the price rejected it forming three soldiers bearish pattern.
How to set up the MTF High Low indicator in MetaTrader (MT4)?
Download the MTF High Low.rar archive at the bottom of this post, unpack it, then copy and paste the MTF High Low.ex4 or MTF High Low.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
Summary Of That Forex Indicator
The MTF High Low indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 indicators to download and try.
Download Free Forex MT4 MTF High Low Indicator
To download the MTF High Low Indicator for Metatrader 4 (MT4) for free just click the button below: