The Hi Lo Range Oscillator is an overbought and oversold type indicator for MT4 that can help you in identifying great buy & sell trade entries.
The indicator appears in a bottom window in the form of an oscillator with 0 and 100 extreme boundaries.
The 20 value is considered oversold while 80 overbought.
Buy & sell signal:
- Open a buy position when the indicator turns back above 20 from below and the underlying trend is moving upwards.
- Open a sell position when the indicator turns back below 80 from above and the underlying trend is moving downwards.
Deploy the Hi Lo Range Oscillator on the M5 and M15 charts for scalping and day trading.
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 Range Oscillator indicator to your Metatrader 4 platform?
- Download the hi-lo-range-oscillator.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