The Previous High-Low indicator is a useful technical analysis tool for forex traders who use the MetaTrader 4 (MT4) platform. This popular and free indicator helps traders identify the previous highest high and lowest low prices of a currency pair, and can be used to determine potential support and resistance levels. The indicator works by analyzing historical price data and plotting horizontal lines on the chart to represent the previous high and low points. These lines can be used by traders to identify potential areas of interest, such as entry and exit points, and to help manage risk by setting stop-loss and take-profit levels. Overall, the Previous High-Low indicator is a simple yet effective tool for forex traders looking to improve their technical analysis skills. It is easy to install and use on the MT4 platform, and its versatility makes it suitable for traders of all experience levels.
Previous High Low
The Previous High Low Indicator is a popular and useful tool for forex traders, available for free on the MT4 platform. It works by identifying the most recent high and low prices in a given time period, and displaying them on the chart. This information can be used to identify potential support and resistance levels, and to make more informed trading decisions. With its user-friendly interface and accurate data, the Previous High Low Indicator is a must-have for any serious forex trader.
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Category: Support & Resistance
How to Install
How install MT4/5 indicator in the terminal?
To install an MT4/5 indicator in the terminal, follow these steps:
Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.
Open the MT4/5 terminal and click on “File” in the top left corner.
Select “Open Data Folder” from the dropdown menu.
In the window that opens, double-click on the “MQL4/5” folder.
Double-click on the “Indicators” folder.
Drag and drop the indicator file from your computer into the “Indicators” folder.
Close the data folder window and restart the MT4/5 terminal.
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.