3 Bars High Low indicator for MT4 Download - Free - [TradingFinder]

The 3 Bars High Low Indicator combines the Commodity Channel Index (CCI) and the Average True Range (ATR) to display the trend direction using a Dynamic Line.

The positioning of candlesticks relative to the indicator line determines whether the trend is bullish or bearish.

The "3 Bars High Low" indicator also plots Williams Fractal Points as colored markers around the price.

3 Bars High Low Indicator Specifications

Some of the features and specifications of the indicator are outlined in the table below:

Indicator Performance in an Uptrend

As illustrated below, the price crossing the indicator line is highlighted by a box. When the price breaks above the indicator line, the line color changes from red to green, signaling a potential Buy entry.

The colored markers above or below the candles are Williams Fractal Points.

Indicator Performance in a Downtrend

In the analysis of the AUD/USD pair on a 15 minute timeframe, the price broke below the indicator line, and the line’s color changed to red.

As long as the price moves below the indicator line and Williams Fractal Points form consecutively, the downtrend continues.

Indicator Settings

All parameters and settings of the indicator can be viewed and modified in this section:

• Chart Theme: Theme customization for the indicator;
• CCI Period: Set CCI period to 50;
• ATR Period: Set ATR period to 5;
• Alert On: Enable trend change alerts;
• Alert Email: Send alerts via email;
• Show Fractals: Display fractals on the chart;
• Lookback: Number of candles used for calculation, default is 500.

Conclusion

The 3 Bars High Low Indicator plots a Dynamic Line that identifies price fluctuations without noise. The tool changes color based on the trend direction.

The positioning and crossing of the price relative to the indicator line determine the trend direction and can also act as an entry signal.