If you want to fast find a High / Low spot in specified timeframe then High Low Indicator for MT4 / MetaTrader 4 is for you.
Sometimes its good to find High / Low spots on the chart based on PA (Price Action) This High Low Indicator for MT4 will show you just that. You have multiple ways to set it up… With this indicator you can select Hourly, 4 Hourly, Daily, Weekly and Monthly High / Low positions. Set Colors on it and Labels. Additional to all this you can set how you would want to draw the High / Low line.
High / Low spots are usually good to have a quick view of high / low support, resistance lines. Sometime PA will bounce from then and other times its good to play breakout out of this lines. But if you have a chance to have MTF (multiple timeframes) of High / Low lines on same chart then this should be a big advantage to you!
This are the available settings for High Low Indicator:
- H1: enable or disable Hourly High/Low
- ObjH1: How many bars in history to use for Hourly High/Low
- H4: enable or disable 4 Hour High / Low
- ObjH4: How many bars in history to use for 4 hour High / Low
- D1: enable or disable Daily High / Low
- ObjD1: How many bars in history to use for Daily H/L
- W1: enable or disable Weekly High / Low
- ObjW1: How many bars in history to use for Weekly H / L
- M1: enable or disable Monthly High/Low
- ObjM1: How many bars in history to use for Monthly High / Low
- Colors: this is just a comment
- BarsHigh: Color for High line
- BarsLow: Color for Low line
- 0: No Label
- 1: Enable Bar’s Label with Bars Index
- 2: Enable Bar’s Label with Bars Index and Price
- H1Position: if set to True draw line only on right side of chart for Hourly chart
- H4Position: if set to True draw line only on right side of chart for 4 Hour chart
- D1Position: if set to True draw line only on right side of chart for Daily chart
- W1Position: if set to True draw line only on right side of chart for Weekly chart
- M1Position: if set to True draw line only on right side of chart for Monthly chart
How to install High Low Indicator in MetaTrader 4 / MT4:
- Download/Copy/Save the MQ4/EX4 file into your C:\Program Files\MetaTrader 4\experts\indicators folder (or change the folder to your installation sometimes forex broker name)
- Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application
- On the left hand side, look for the “Navigator” window and under the “Common” tab, look into the “Custom Indicators” section
- Locate the indicator which you have just downloaded into the folder stated in Step 1
- Drag (Click and drag) the indicator onto the chart
- Choose your settings and click OK.
- TADA and your done!