The Swing High Low Indicator MT5
The Swing High Low 'THSL' indicator is based on price action techniques to define the last swing high and low.
It will help you identify the last swing high and previous swing low, considering a group of past and future candles.
It is a perfect indicator to help you:
- Identify Swing High and Swing Low
- Identify Market structure
- Identify changes in market structure
- Plan your trade,
- Set or trail your stop loss,
- Identify the next swing to put your take profit
It is a lagging indicator. It waits for the formation of the number of candles you define in the inputs to decide upon the next swing high and swing low. For example, if you set the inputs to two future bars, the indicator waits for the current bar to close to identify if the bar -2 to the left is a swing high or a swing low. It is essential that you wait for the current bar to close in order not to be tricked by the indicator levels.
The calculation is simple. For example, if your inputs are two future candles and two past candles. The indicator will identify a swing high if the current candle is higher than the two candles on the left and the right and if the candles on the right show a lower high. The inverse applies to a swing low formation.
MT4 Version available under: https://www.mql5.com/en/market/product/86541/
Please don't hesitate to contact us for any bug, or suggestions.