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Last High Low Stop Loss

Discover the Last High Low Stop Loss Indicator for MetaTrader. Maximize profits with optimal stop loss based on ZigZag. The indicator is a must-have tool for any Forex trader, and it is available for free on the MT4 platform.

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Description

Features of the Last High Low Stop Loss Indicator

The Last High Low Stop Loss indicator is the best MetaTrader indicator for automatically determining the stop loss. The indicator performs well because it is based on the traditional ZigZag indicator. It yields the best outcomes when support, resistance, trend lines, and channels converge. Additionally, you can download or install the indicator at no cost.

How the Indicator Can Benefit You

The Last High Low Stop Loss indicator for MT4 is a tool to determine the best stop loss level based on the traditional ZigZag MetaTrader indicator. The indicator gives stops below the swing high or low because it is based on the ZigZag indicator. Therefore, forex traders can position the stop at a safe distance to avoid market spikes.

Additionally, you can use a trailing stop loss in a bullish or bearish market because it calculates the stops continuously. You can use the indicator for both buy and sell trading signals because it positions the stop loss on the upper and lower sides of the current market price. Therefore, if the stop is below the current price, go long. On the other hand, if it is above the price, go short.

This indicator works well for both novice and experienced forex traders. New forex traders can quickly determine their stop loss and profit ratios and the appropriate lot size for each possible trade.

Expert forex traders, on the other hand, can recognize the stop loss and trade it in line with trend lines, support and resistance lines, and channels.

Indicator Setting Description

ExtDepth: Allows you to change the depth of the ZigZag calculation.

ExtDeviation: Allows you to change the deviation value for ZigZag calculation.

ExtBackstep: Allows you to change the backstep to calculate ZigZag indicator values.

MinimumStopLoss: Allows you to change the Minimum acceptable stop loss.

BackLookBars: Allows you to change the number of bars to look back in history.

NumericalOffset: Allows you to change the offset for the values display.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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