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MTF High Low

MTF High Low indicator automatically plots high and low of forex multiple chart time frames. Daily, weekly and monthly high and low, pivots always visible in the current chart. Helps identify strong support and resistances. Download and install it now.

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Description

The MTF High low MT4 indicator plots multiple high and low levels on the current chart time frame. It includes an exhaustive list of current and previous day, current and previous week, current and previous monthly high and low. Furthermore, it shows the daily, weekly and monthly pivots on the current chart time frame.

Features of MTF High Low MT4 Indicator

The MTF high low indicator as its name suggests plots the high and low prices of multiple chart time frames on the current chart. The high and low of these levels act as support and resistance levels. So, forex traders can be well aware of these levels and enter the markets accordingly using this indicator.

The indicator extends and draws the high and low levels of the previous day, week or month well into the current time frame. As a result, traders can keep tab of the current and previous day, week or monthly level continuously.

A simple trading strategy is to enter the markets upon the breakout or a breakout failure of these important support and resistance levels. Traders can enter buy position upon the breakout of resistance lines and open sell trades if a support is broken. Support and resistance levels are susceptible to breakout failure. So, traders should confirm breakout or breakout failures using price action before entering a trade.

Another important feature is the inclusion of daily, weekly and monthly pivots which act as strong support or resistance. Traders should consider entering trades using pivot trading rules.

In fact, the indicator inputs settings are highly customizable. So, forex technical traders can apply different colors and labels and enable or disable high / low or lines according to their requirements.

Benefits of Using the Indicator

The indicator is most beneficial for new forex traders; it helps traders with valuable information of the strongest support and resistance levels. As a result, it helps them avoid entering the markets very close to these levels.

On the other hand, breakout of these levels dictates the trend direction in the near term. So it enhances the traders to enter profitable trading positions. Since these support and resistance are of higher time frames, it helps to enter the markets with a low risk and anticipate good reward.

The indicator is visible on all intraday chart time frames and the daily, weekly and monthly price charts. As a result, it is beneficial for all levels of short and long term forex traders.

Indicator Settings Description

CountDays:, Show_LABELS:, ShowCurrDaily:, ShiftCurrDaily_LABEL:, ShowCurrWeekly:, ShiftCurrWeekly_LABEL:, ShowCurrMonthly:, ShiftCurrMonthly_LABEL: Enables these lines and shifts them continuously to the right as new candles form.

Line_color_CurrDailyUPPER:, line_color_CurrDailyLOWER:,  Line_color_CurrWeeklyUPPER:, line_color_CurrWeeklyLOWER:, Line_color_CurrMonthlyUPPER:, line_color_CurrMonthlyLOWER: CurrDaily_LineStyle:, CurrWeekly_LineStyle:, CurrMonthly_LineStyle: Changes the line color and style.

Show_PreviousDaily:, Xtend_Prev_DailyLine:, Show_PreviousWeekly:, Xtend_Prev_WeeklyLine:, Show_PreviousMonthly:, Xtend_Prev_MonthlyLine:, line_color_PreviousDaily:, line_color_PreviousWeekly: line_color_PreviousMonthly: PreviousLine_Style:, Shift_Prev_LABEL: Enables previous lines and changes color settings.

Show_CurrRectangles_Display:, Show_Rectangles:, Rectangles_Curr_DayPeriod_only:, Show_Daily_Rectangle:, Daily_Rectangle_Color:, Show_Weekly_Rectangle:, Weekly_Rectangle_Color:, Show_Monthly_Rectangle:, Monthly_Rectangle_Color: Enables to plot rectangles of the defined areas and changes the color.

Show_daily_Pivots:, Daily_Pivot_color:, Daily_Pivot_LineWidth:, Show_weekly_Pivots:, Weekly_Pivot_color. Weekly_Pivot_LineWidth: Show_Monthly_Pivots:, Monthly_Pivot_color:, Monthly_Pivot_LineWidth: ShiftPivotLABELS: Enables the daily, weekly and monthly pivot lines and changes the color.

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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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