3 Bars High Low indicator for MT5 Download - Free - [TradingFinder]

The 3 Bars High Low Indicator combines the concepts of the Commodity Channel Index (CCI) and Average True Range (ATR) to display trend movement and volatility.

This indicator includes a dynamic line and Williams Fractal points.

When the price moves above the indicator line, the color changes to green, and when the price moves below it, the color changes to red.

Consecutive Williams points indicate the price's inclination to move in a particular direction.

Specifications of the 3 Bars High Low Indicator

This table includes the features and specifications of the indicator:

Performance of the Indicator in an Uptrend

As shown in the Ethereum (ETH) chart in the 1-hour timeframe, after forming a price range, the price breaks above the indicator line (changing to green).

The price breaking above the indicator line can indicate the beginning of an uptrend. The blue and red points are the Williams Fractal points.

Performance of the Indicator in a Downtrend

As shown in the NZD/USD pair chart in the 1-hour timeframe, the price moves out of equilibrium and breaks below the indicator line (changing to red).

The price breaking below the indicator line can indicate the beginning of a downtrend. The blue and red points also represent the Williams Fractal.

Indicator Settings

All parameters of the indicator are provided in this section to enhance performance:

• 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, using the CCI index and considering the ATR (Average True Range), can display trend reversals and retracement areas.

Additionally, besides identifying price movements, the line drawn by the indicator can be an appropriate area for placing a stop-loss (SL).