The High Low Forex channel indicator for Metatrader 4 consists of two outer bands that can be used to pinpoint trade entries in both up and down currency markets.
The indicator appears in the main trading chart window as 2 colored bands: yellow and blue.
The indicator is a simplified version of the high low middle Forex signal indicator.
The indicator works well for scalping the bands numerous times a day on the lower time frames!
Buy & sell signal:
- A buy signal is given when price touches the lower blue band and the bands are sloping up (bullish).
- A sell signal is given when price touches the upper yellow band and the bands are sloping down (bearish).
- Take profit at the opposite band.
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 strategies.
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 High Low Forex indicator to your Metatrader 4 platform?
- Download the i-HighLow.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