Custom High Low Indicator
The Custom High Low Indicator for MT5 plots the previous and the current daily, weekly, and monthly high and low levels in the chart.
As a result, forex traders can easily identify the BULLISH or BEARISH trends in multiple time frames and incorporate them in any technical trading strategy. So the indicator can assist the trader in identifying the best BUY and SELL entry and exit points.
You can easily change the indicator’s settings to customize it for you.
The indicator works best for new and advanced traders. It works on all timeframes and forex traders can download the indicator for free and install them easily.
Custom High Low Indicator For MT5 Trading Setup
The above AUDJPY Daily chart shows the Custom high low indicator for MT5 in action. The indicator shows all the necessary high and low levels together with the pivot lines. So, pivot traders can identify the trend in the higher timeframes and decide to BUY or SELL in a lower time frame chart. Also, the highs and lows of the higher timeframes tend to be the best entry point to BUY or SELL. It is obvious to find all the information in a snapshot and apply them accordingly in a technical trading strategy.
Setting
HL Period: Period for calulating of the indicator.
Font Size: Change the font size.
Show_CurrDaily: Shows the current day high/low.
Shift_CurrDaily_LABEL: Changes the location of the label further.
Show_CurrWeekly: Shows current week high/ low.
Shift_CurrWeekly_LABEL: Shifts the label’s location further.
Show_CurrMonthly: Displays the current month’s high/low.
Shift_CurrMonthly_LABEL: Shifts the label further.
line_color_CurrDailyUPPER: Color of daily high.
line_color_CurrDailyLOWER: Color of daily low.
line_color_CurrWeeklyUPPER: Weekly high color.
line_color_CurrWeeklyLOWER: Weekly low color.
line_color_CurrMonthlyUPPER: Color of Monthly high.
line_color_CurrMonthlyLOWER: Color of Monthly low.
CurrDaily_LineStyle: Daily Line style.
CurrWeekly_LineStyle: Weekly Line style.
CurrMonthly_LineStyle: Monthly Line style.
Show_PreviousDaily: Shows the previous day’s high and low.
Xtend_Prev_DailyLine: Extends the previous daily high and low further.
Show_PreviousWeekly: Shows the previous week’s high and low further.
Xtend_Prev_WeeklyLine: Extends the previous Week’s high and low further.
Show_PreviousMonthly: Shows the previous month’s high and low.
Xtend_Prev_MonthlyLine: Extends the previous month’s high and low further.
line_color_PreviousDaily: Color of previous day line.
line_color_PreviousWeekly: Color of previous week line.
line_color_PreviousMonthly: Color of previous month line.
PreviousLine_Style: Line style.
Shift_Prev_LABEL: Shifts the label further.
Show_CurrRectangles_Display: Displays the current chart area in a rectangle.
Show_Rectangles: Displays as a rectangle.
Rectangle_Curr_DayPeriod_only: Shows the current day in a rectangle.
Show_Daily_Rectangle: Shows daily chart areas as a rectangle.
Daily_Rectangle_color: Color of the daily rectangle.
Show_Weekly_Rectangle: Shows weekly chart areas as a rectangle.
Weekly_Rectangle_color: Color of a weekly rectangle.
Show_Monthly_Rectangle: Shows monthly chart areas as a rectangle.
Monthly_Rectangle_color: Color of a monthly rectangle.
Show_Daily_Pivots: Draws the daily pivot lines on the chart.
Daily_Pivot_color: Color of the pivot line.
Daily_Pivot_LineWidth: Width of the line.
Show_Weekly_Pivots: Draws the weekly pivot lines on a chart.
Weekly_Pivot_color: Color of the pivot line.
Weekly_Pivot_LineWidth: Line width of a weekly pivot.
Show_Monthly_Pivots: Draws the monthly pivot lines on a chart.
Monthly_Pivot_color: Pivot line color.
Monthly_Pivot_LineWidth: Line width.
ShiftPivot_LABELS: Shifts the location of the label further.
Conclusion
Obviously, the Custom high low indicator for MT5 provides a snapshot of multiple timeframes to the forex trader. As a result, they assist the trader in both BULLISH and BEARISH trends effectively. Additionally, the indicator is free to download and easy to install.
