MTF High Low forex indicator for mt4 shows the high and low values for the most current and recent weekly, daily, and monthly chart highs and lows in the form of horizontal lines on the mt4 chart.
This forex indicator is beneficial because forex traders can use it to find the critical levels in the forex market that can act as chart support and resistance zones; we will see it more in the training forex strategy section.
Working of MTF High Low forex indicator for MT4
When we apply the forex indicator to the charts, the forex indicator will detect where the weekly, daily, and monthly high and low values for current and most recent market sessions are and show those values in the form of chart price levels. Using these levels, the forex traders can compare the current values with the most recent ones and estimate if the forex market is moving in a bearish or bullish direction.
Settings of the MTF High Low forex indicator
Inside the indicator settings of the mtf high-low indicator, you change the values of mt4 timeframes and customize the level’s color as you prefer.
Trading Strategy for MTF High Low Forex Indicator
The forex indicator does not give any forex trading signals for buying and selling. But can use the information provided by the indicator to place trades. For example, if you are open trading at an hourly(1H) time frame, the forex indicator will show you where the current daily chart highs and lows are. So for the hourly(1H) time frame, the daily chart high and low will act as forex resistance and support zones, respectively. Also, you can use the forex indicator to indicate current market trends.
Let’s say the current daily chart high is lower than the previous daily chart high, and the current daily chart low is lower than the previous daily low. So now there is a formation of chart higher low and lower low. That means the market is moving in a bearish direction, so you should avoid going long unless there is a solid analysis to support it.
The MTF High Low indicator is a valuable indicator for beginner as well as experienced traders. Because it can give you an idea about support and resistance levels on the go, and based on this information, you can take the appropriate steps to make sure you are on your trades.