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Daily High Low

The Daily High Low indicator for MT4 highlights daily highs and lows of the price. It is simple to use and can be applied to any timeframe, making it a very popular and useful tool for any Forex trader.

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Description

The Daily High Low indicator for MT4 is a technical analysis tool that highlights the daily highs and lows of the price. It is a valuable tool for beginner and experienced Forex traders for market analysis, identifying support and resistance zones, and making more objective trading decisions.

The indicator is popularly used to identify trend reversal or breakout trading opportunities in the financial markets. It suits scalpers and day traders, helping them to identify short-term buy/sell trading setups at the highs and lows of the current or previous trading day.

Features of the Daily High Low Indicator for MT4

The indicator plots a continuous horizontal line on the chart at the highest and lowest levels of the price for the current or previous trading day. The highs and lows identified by the indicator are potential support and resistance, where the price tends to bounce off and reverse or break out for a trend continuation.

The dark-turquoise horizontal line represents the daily low of the price, while the crimson-colored line depicts the daily high of the price for the previous or current trading day.

Benefits of Using the Indicator

  • Identifying Key Levels: The indicator helps traders identify the daily highs and lows of the price, which are significant support and resistance zones. So, traders might consider looking for a buy/sell entry if the price bounces off the dark turquoise or crimson-colored horizontal lines. Conversely, traders can consider selling an instrument if the price breaks out and retest any of the horizontal lines, especially in a trending market.
  • Enhances Trade/Risk Management: The indicator helps traders manage their risk trades properly. For example, traders might consider closing running positions or trail stop loss if the price bounces off the previous or current daily high/low.

Indicator Settings Description

The Daily High Low indicator for MT4 doesn’t come with any customizable settings, but users can adjust the color to highlight the daily highs and lows according to their preferences.

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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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