Highs and lows of past price action are significant levels of interest in the financial markets. They (Highs and lows) tend to act as support or resistance zones. Besides, highs and lows are also employed during technical analysis to determine the trend direction of the market. For instance, the market is uptrend when it prints steady higher highs and higher lows.
The Custom High Low indicator is a MetaTrader 5 trading tool built with algorithms that detect the highs/lows of the price on multiple timeframes and then display them on a single chart. It’s one of the invaluable Forex indicators that would be beneficial during technical analysis and in identifying trading opportunities.
Features of the Indicator
The Custom High Low indicator for MT5 detects the highs/lows of multiple timeframes and displays them on a single chart with their respective time frames. It also has an alert function that notifies users when the price touches a timeframe of interest. What’s more, the indicator’s parameters are fully customizable.
Benefits of Using the Indicator
- Support and resistance zones: The highs and lows are potential support and resistance levels to look for trend reversal/breakout trading opportunities.
- Time-Saving: The indicator’s alert system helps reduce screen time by notifying users when the price touches a high or low interest.
Indicator Description Settings
The indicator comes with the following customizable settings:
HL Period: Period to find the highs/lows.
Font Size: Defines the font size.
M1, M5, M15, M30, H1, H4, D1, W1, and M1: Display price high and low on the M1, M5, M15, M30, H1, H4, D1, W1, and M1 timeframes.
Color: Highs/lows color.
Style: Line style to display highs/lows.
Width: Line width to display highs/lows.
Popup alert: Enables/Disables popup alert on the screen.
Sound alert: Enables/Disables alert sound.
Push Notifications: Enables/Disables signal alert via mobile.
Email Alert: Enables/Disables signal alert via email when price touches a high/low.