The Higher High Lower Low (HHLL) indicator for MT4 is a powerful tool for forex traders. It identifies the best entry points to increase positions during a trend. Moreover, it determines the direction of the trend and identifies the best stop loss points. As a result, it allows traders to maximize profits by adding multiple positions during a profitable trend trade.
Features of Higher High Lower Low MT4 Indicator
The HHLL indicator uses a simple visual system: it plots blue lines when a new high is formed and red lines for a low. A series of higher highs and higher lows plotted by the indicator signifies an uptrend. Conversely, a series of lower highs and lower lows indicates a downtrend and provides message and sound alerts.
In an uptrend, traders are advised to enter the market with a BUY position if the price breaks a previous high. Placing a stop loss below the red line will secure the position. Traders can also add additional BUY positions whenever the price breaks the previous high level and move the stop loss to the recent low indicated by the red line.
Similarly, during a downtrend, traders can add SELL trades as long as the price breaks below the previous low level. It’s crucial for traders to continuously assess the strength of the trend to avoid entering the markets at the end of a trend.
Benefits of Higher High Lower Low MT4 Indicator
The HHLL indicator is versatile and works effectively across all chart time frames, including daily, weekly, and monthly charts. It is beneficial for various trading styles, such as intraday trading, short-term trading, and long-term trading.
Although the trading strategy is straightforward, novice forex traders are advised to use price action to comprehend trend exhaustion. This strategy helps prevent entering trades at the end of a trend.
Indicator Settings Description
SoundAlert:, PopUpAlert:, SendAlertEmail: Enables alerts.