MT4’s Higher High-Lower Stochastic indicator can detect new trends. It can also detect price correction areas and predict price reversals.
Forex traders can analyze the indicator’s crossovers and divergences from price to determine the best entry and exit points. Forex traders can use the indicator as an oscillator to detect overbought or oversold conditions and then trade accordingly. Forex traders can use the indicator in a variety of ways while trading multiple technical trading strategies.
The indicator can be used on all time frames, daily, weekly and monthly price charts, as well as intraday. Forex traders can also download the indicator for free and install it easily.
Stochastic indicator for MT4 trading signals. Highs – Lows – default settings
The above chart GBPJPYH4 shows the Higher High – Lower Low stochastic indicator for MT4. The indicator draws stochastic lines, as well as upper, lower and median numbers depending on the settings.
Forex traders can open buy trades when the BULLISH stochastic line moves above the upper level. The opposite signal is the best for taking profit, and the stop loss should be below the swing low. Forex traders can also open sell trades if the BEARISH stochastic is above the upper level of the indicator.
MT4’s Higher High-Lower Stochastic indicator is versatile and is combined with the classic stochastic indicator. Forex traders can use this indicator to determine the beginning and end of a bull or bear trend. Forex traders can also download the indicator for free and install it easily.