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Market Structure Low High

The Market Structure Low/High indicator for MT4 highlights local highs and low candlestick formation. The indicator also provides visual cues to help traders identify trend reversals and potential entry and exit points.

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Description

The Market Structure Low/High indicator for MT4 is a trend analysis tool that marks the local highs and lows candlestick formation. For context, local highs and low patterns are spotted within three candlesticks, where the middle candle is higher or lower than the other two.  So, a local high is when the middle candle is higher than the other two (first and third) candles, while a local low is when the middle candle is lower than the other two candles.

The local high/low candlestick formation is used to catch price break out for a potential buying or selling opportunity. For example, trades may look for a buy entry if the price breaks out and closes above a local high candlestick formation.  Conversely, traders may look for selling opportunities when the price closes below the local candlestick’s low.

Features of the Market Structure Low/High Indicator for MT4

The indicator is built with algorithms that recognize and mark local high/low candlestick formation. It also plots a price channel, which shows the overall trend direction of the market.

Benefits of Using the Indicator

  • Breakout Identification: The indicator is primarily used to identify breakout trading opportunities. Therefore, it increases trading efficiency by plotting the local high and low candlestick formation.
  • Support and Resistance: The local high/low candlestick formation is a potential support and resistance zone for trend reversal/continuation. Thus, the indicator helps trades anticipate a trend reversal or continuation when the price reacts to the local high/low zone after a retracement.
  • Trend identification: Finally, the indicator’s price channel makes it easy for traders to identify the trend direction of the market.

Indicator Settings Description

The indicator comes with the following customizable settings:

PipRange: Determines the pip range counter for trend analysis.

Porcent: Defines the percentage of range for analysis.

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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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