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

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Daily High Low Indicator for MetaTrader 5 Download - Free - [Trading Finder]
Daily High Low Indicator for MetaTrader 5 Download - Free - [Trading Finder] 0
Daily High Low Indicator for MetaTrader 5 Download - Free - [Trading Finder] 1
Daily High Low Indicator for MetaTrader 5 Download - Free - [Trading Finder] 2
Daily High Low Indicator for MetaTrader 5 Download - Free - [Trading Finder] 3
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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

Indicator Category

Price Action - Support and Resistance - Levels

Platforms

MetaTrader 5

Trading Skills

Beginner

Indicator Types

Trend - Reversal - Breakout

Timeframe

Multi-timeframe

Trading Style

All Styles

Trading Instruments

All Markets

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.

Bullish support conditions of the indicator
Buy Signal at Support of the Daily H-L Indicator

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.

Bullish breakout conditions of the indicator
Buy Signal at Breakout of the Daily H-L Indicator

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.

Bearish resistance conditions of the indicator
Sell Signal at Resistance of the Daily H-L Indicator

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

Bearish breakout conditions of the indicator
Sell Signal at Breakout of the Daily H-L Indicator

Daily High-Low Indicator Settings

Setting
Settings of the Daily High-Low Indicator
  • 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.

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FAQs

What is the use of the Daily High-Low Indicator?

This indicator identifies each trading day's highest and lowest prices, which can act as support and resistance, and displays them on the chart.

Can the Daily H-L Indicator be used alongside other tools?

This indicator can be combined with other technical tools, such as Reversal and Continuation Patterns, to enhance trading signals and increase accuracy.

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