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HighOpenIndicator

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Published: 4 April 2025

Current version: 1.5

HighOpenIndicator

Name: HighOpenIndicator
SKU: 135686

Identify key support/resistance levels and potential breakouts with the HighestOpenIndicator! Based on daily, weekly, and monthly high/low/open prices, it provides clear signals for informed trading decisions. Featuring the iconic "HO" from the logo, this MT5 version is ported from the original MT4 indicator by TooSlow on ForexFactory, with contributions from Dave (4xtrader2009).

Disclaimer:

This indicator is provided for educational purposes only. The author is not responsible for any losses incurred as a result of using this indicator. Forex trading involves risk and you should consult with a qualified financial advisor before making any trading decisions. The "Highest Open / Lowest Open Trade" strategy is not a guaranteed profit system and results may vary.

**I wish you have a GautLuck and GautTrades**

GautMiliader

Trading Strategies:

o Highest Open / Lowest Open Trade (as described by TooSlow):

§ "Sell short at the highest H1 open after price goes up through it and comes back down."

§ "Buy at the lowest H1 open after price goes down through it and comes back up."

§ Stop Loss: "Stop loss is the current daily high or current daily low. Adjust your position size accordingly."

§ Take Profit: "Take profit by moving stop. When trade is +5 or more, move stop to BE+1. When trade is +10 or more, move to to BE+5, or switch to trailing stop. Optional exit is to exit part of trade position with a profit to bank it, move stop to BE+1 and watch the market."

§ Note: "Do not wait for the bar to close to enter a trade."

§ Warning: "When price breaks through yesterday's high or low or makes a new high or low today, that is a breakout! Trade the reversal with caution."

§ Tip (from TooSlow): "M15 bar must open below the lowest H1 open before you can enter. M15 bar must open above the highest H1 open before you can enter. Price will be moving in your direction when you enter the trade."

reference: https://www.forexfactory.com/thread/590623-highest-open-lowest-open-trade

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