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The Custom High Low Indicator is designed to predict future price movements and identify support and resistance levels. This MT5 support & resistance indicator plots different price interaction levels across timeframes, from daily to 1-minute charts, using horizontal and colored lines.
Custom High Low Indicator Specifications
The table below lists the features and specifications of the Custom High Low Indicator:
| Category | Signal & Prediction - Support & Resistance - Levels & Zones |
| Platform | MetaTrader 5 |
| Skill Level | Beginner |
| Trading Tool Type | Reversal - Continuation |
| Time Frame | Multi Time Frame |
| Trading Style | Fast Scalping - Scalping - Intraday Trading |
| Markets | Cryptocurrency - Forex - Stocks – Commodities |
Bullish Trend Condition
An analysis of the NZD/USD currency pair in the 15-minute timeframe demonstrates the functionality of the Custom High Low Indicator.
The chart below illustrates a trend reversal from bearish to bullish after the price touches the 4-hour support level.
Bearish Trend Condition
In Cardano's (ADA) one-hour chart, the daily and 4-hour resistance levels overlap, forming a strong resistance zone.
The image shows that the price moves downward after encountering this resistance.
Custom High Low Indicator Settings
The following options are available in the Custom High Low Support & Resistance Indicator:
Main Setting
- High Low Period: Defines the calculation period for highs and lows
- Font Size: Adjust the label font size
Time Setting
Settings for support and resistance levels across all time frames are as follows:
- Line Show: Enables or disables the display of support and resistance lines
- Line Color: Sets the color of indicator lines
- Line Style: Select the appearance of the lines
- Line Width: Adjusts the thickness of support and resistance lines
Alert Setting
- Alert ON: Enables alerts
- Alert Sound ON: Activates the indicator's sound alert
- Sound File: Select the sound file for the alert
- Alert Email ON: Enables email alerts
Conclusion
The Custom High Low Indicator is a technical tool that visualizes key price interaction levels. This MT5 Levels indicator helps traders identify market fluctuations and optimal entry and exit points.
Furthermore, its extensive customization settings make it adaptable to various trading strategies.
Is this indicator designed for professional traders?
No, this indicator suits traders of all skill levels due to its simple settings and clear visual representation.
Can this indicator identify breakout levels?
No, this indicator only plots price interaction levels using horizontal lines.