Daily High Low Indicator for MetaTrader 5 Download - Free - [Trading Finder]

The Daily High-Low Indicator is part of a series of indicators for MetaTrader 5 that can be a suitable tool for identifying support and resistance levels on price charts. This indicator identifies the highest and lowest prices an asset or symbol registers on a trading day and marks them with two green and red lines. These levels can be significant for traders in the next trading day. The prices of various assets often react to their previous day's Support-Resistance levels.

Indicator Table

Buy Signal Conditions of the Indicator (Support Level)

The chart below shows the price of global Silver (symbol XAGUSD) in a 15-minute timeframe. On July 15th, the chart had the lowest price of the day at point (A) of 530/30. On the next trading day, the price returned to the same range at point (B) and showed a bullish reaction to the previous day's support (Support) level. Traders could have looked for an entry trigger, such as candlestick patterns, to enter Buy trades in this range on lower timeframes.

In the chart below for the USD to CHF currency pair (USDCHF), the price strongly broke the previous day's resistance level (the highest price) and continued its uptrend after a retracement.

Sell Signal Conditions of the Indicator (Resistance Level)

The chart below shows the price of Brent Crude Oil (symbol BRN) in a 15-minute timeframe. On July 31st, the chart had the highest price of the day at point (A), 54/81. On the next trading day, the price returned to the same range at point (B) and showed a significant bearish reaction to the previous day's resistance (Resistance) level, a crucial point to note for cautious traders.

Traders in this range could have identified an Ending Wedge pattern in the same timeframe and entered Sell trades upon breaking it downwards.

The next day, on August 2nd, the same symbol (Brent Crude Oil) broke the previous day's lowest price and continued the current downtrend.

Daily High-Low Indicator Settings

• Buy Color: The color for the highest price level can be green or any preferred color;
• Sell Color: The color for the lowest price level can be green or any preferred color.

Conclusion

The Daily H-L Indicator identifies significant and valid support and resistance levels for traders on the chart. These levels can be considered trading opportunities using several complementary technical analysis tools. Additionally, this indicator automatically shows these levels with green and red colors without spending time analyzing the chart.