The Hi Lo Forex scalper is an excellent indicator built for Metatrader 4 that is somewhat based on the Half Trend indicator.
The indicator draws a buy & sell signal line on the chart that changes color whenever the trend turns.
Hi Lo is always trading in the market, either with a buy or sell position.
Buy & sell signal:
- Open a buy position when the green signal line starts printing on the chart
- Open a sell position when the red signal line starts printing on the chart
Use on the M5 and M15 chart for scalping and day trading purposes.
From our testings, the indicator does not repaint and works for any currency pair and time frame without slowing down the trading platform.
It can be used as a standalone technical tool or it can be combined with other technical indicators and trading systems.
Try first on a demo account until you fully understand how this indicator works!
Indicator Chart Example
The picture above shows the indicator attached to the Euro / U.S. Dollar chart.
How to install the Hi Lo Forex scalper indicator to your Metatrader 4 platform?
- Download the Hi-Lo.mq4 indicator file here and save it to your computer
- Open your Metatrader 4 platform
- Click on “File” (top menu) and then select “Open Data Folder” from the drop down menu
- Click on “MQL4” and open the “Indicators” folder
- Paste the indicator file in this folder
- Restart Metatrader 4 and you’re ready to start using the indicator
How to edit the indicator?
- Attach the indicator to any trading chart of your preference
- Right click in the chart and select “Indicators List” from the drop down menu
- Select the indicator from the list and click on “Edit”
- Now you can start editing the indicator (Inputs, Colors and Visualization)
- Final step, click on the “OK” button to save the new configuration