The Last High/Low Stop Loss indicator for Metatrader 4 is an interesting indicator that works well for stop loss placement.
The indicator appears in the main chart window and identifies the most significant low and high price and draws two horizontal lines.
Stop Loss Rules
- Place your stop loss 3 pips above the red line when you are in a short trade.
- Place your stop loss 3 pips below the blue line when you are in a long trade.
Utilize the indicator together with an existing trading system or strategy for both trade entry and exit signals.
General Information
- Stop loss placement indicator
- Identifies high and lows
- Works for any currency pair
- Works for any time frame
- Does not repaint
- Developed for Metatrader 4
Free Download
Download the last-high-low-stop-loss-indicator.mq4 indicator file (MT4)
Indicator Chart Example
The picture below shows the Last High/Low Stop Loss indicator attached to the Euro / U.S. Dollar M30 chart.
How to use this Forex indicator?
This Forex indicator can be used in multiple ways, find an example below:
Buy Signal:
- Deploy your own trading system for buy signals.
- Place your stop loss 3 pips below the blue horizontal support line.
- Utilize your own trading method for exiting the buy trade.
Sell Signal:
- Deploy your own trading system for sell signals.
- Place your stop loss 3 pips above the red horizontal resistance line.
- Utilize your own trading method for exiting the sell trade.
How to install the Last High/Low Stop Loss indicator to the Metatrader 4 platform?
- Download the last-high-low-stop-loss-indicator.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
