Highs and lows indicator.
This tool is intended exclusively for determining daily price lows and highs; all calculations are performed in a fully automatic mode and displayed on the chart of the currency pair.
The lows and highs indicator allows you to find out the highest and lowest price values on the daily timeframe; calculations can be carried out for up to one month.
After you download this indicator, copy it to the folder of your terminal, then restart the trader’s terminal and proceed directly to the installation.
The tool, as usual, is located in the “Custom Indicators” section, and to install it, just click on the “Trade Day” script and click OK.
The program works fine with preset settings. But if you still want to change them, I will write a description of the main parameters below. Once installed, several squares will appear on your chart indicating the high and low prices for each trading day. The number of days displayed directly depends on the set scale and the selected timeframe. It is clear that you will not see any information on M1; the time period must be at least H1.
At the bottom of each square the minimum price per day is displayed, and at the top its maximum value; the days themselves are written in red.
Settings:
color2 – color of the main lines and price values on the daily timeframe , the default is gray.
Limit – analysis time in days, set to 30 days.
Sho_bars – if this indicator is removed, all the most important data will disappear, only the number of days will be visible on the graph.
The indicator of minimums and maximums, in addition to the main indicators, also helps to get an idea of market volatility , since thanks to the constructed support and resistance lines, you can immediately see the width of the price range for each day.
If we consider its application in practice, the high-low indicator can be used in strategies such as breakout trading, inside a price channel. The information received will also help you decide when placing a take profit .
Download the high and low indicator.