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Indicators

Hi/lo mod - indicator for MetaTrader 5

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Published by:
Mladen Rakic
Views:
2570
Rating:
votes: 16
Published:
2018.01.25 13:02
Hi-low mod.mq5 (6.61 KB)view

It is a very old version of High/Low indicator (basically the idea comes from a Gann High Low activator with some modifications).

Modification was made at that time to allow users to use the indicator in scalping but as well in trending mode.

Usage is simple :

  • It signals a buy/sell opportunity when the indicator changes color.
  • If using it in that signaling mode, close opposite orders (if opened) on a new signal.


Recommendations

  • Use it for scalping opportunities when using short calculating periods.
  • Use it for trend assessment when using long calculating periods.
  • In both cases, use it in combination with some other indicator that can filter out some of the signals of this indicator.
  • For experts developers - use buffer 2 (3rd buffer) of the indicator for custom calls (simple +1 and -1 states in that buffers).
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