MT4’s MTF High/Low indicator displays past and present daily weekly, monthly and daily highs and lows on a chart. In addition, it displays weekly, daily and monthly pivot lines on the chart.
In addition, the indicator displays the weekly, daily and monthly chart areas as a rectangular shape. This means that Forex traders are able to easily spot what are the bull or bear patterns for different time frames and incorporate them into any trading strategy. The indicator can help traders identify the most profitable “buy” and “sell” exit and entry positions.
The indicator is best suited for advanced and novice traders. It is applicable to all time frames.
MTF High/Low Indicator for MT4 Trading Setups
The MTF High-Low indicator for MT4 in action. The indicator shows all the required lows and highs, as well as the pivots of the line. Therefore, pivot traders can detect the trend in the higher time frame and then decide to buy or sell on the chart in the lower time frame. In addition, the highs as well as the lows of the higher time frames usually represent the best starting point for buying or selling. It is easy to gather all the data in a short period of time and use this information in a trading strategy.
It is clear that the high and low MTF indicators on the MT4 platform provide traders in forex trading with a view of various time frames. This means that they can help traders to BULLISH and BEARISH trends effectively.