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MTF High Low Forex Indicator for MT4 Free Download
The MTF High Low forex indicator for MT4 displays the high and low values of the most recent weekly, daily, and monthly highs and lows as horizontal lines on the mt4 chart.
This Forex Indicator is beneficial because forex traders can use it to find important levels in the forex market, which can act as support and resistance zones on the chart
We will see more of this in the forex formation strategies section.
How the MTF High Low forex indicator works?
When we apply the forex indicator to the chart, the forex indicator detects the location of daily, weekly, and monthly high and low for the current and most recent market sessions, and displays these values as graphical price levels.
Using these levels, traders can compare the current value with the most recent value and estimate whether the forex market is moving in a bearish or bullish direction.
See Also : Volatility Quality Zero Line Forex Indicator
MTF high-low forex indicator settings
In MTF high low indicator mt4 settings you can change the mt4 timeframe values and customize the level color as you like.
Trading Strategy for MTF High Low Forex Indicator
This Forex Indicator gives no forex trading signals to buy and sell. But the information provided by the indicator can be used to place trades.
For example, if you have an open trade at one hour (1H), the forex indicator will tell you the position of the high and the low of the current daily chart.
Therefore, on an hourly (1H) time frame, the daily chart high and low will act as forex support and resistance zones respectively.
Alternatively, you can use the forex indicator to indicate the current market trend.
Assume the current daily chart high is lower than the previous daily chart high and the current daily chart low is lower than the current daily chart low days earlier.
So now there is a higher low and a lower low will be formed. This means that the market is moving in a bearish direction, so you should avoid buying unless there is strong analysis to support it.
Conclusion
The MTF High Low Indicator is a valuable indicator for beginners as well as experienced traders.
Because it can give you an idea of support and resistance levels on the move and based on this information you can take the appropriate action to ensure that you are taking your trades in the right way.
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