Past high and low prices may become resistance lines or support lines. It is this “HiLoBands” that shows the past price movements. This MT4 indicator will be especially helpful for those who like breakout strategies. Here we will explain how to use the HiLoBands indicator.
This indicator shows the high and low prices for the past N periods. For example, if N is 3 and today is January 5, the high and low prices for the past three days (January 2, January 3, January 4) will be displayed (same as the Don Chian channel).
The higher the value of N in this indicator, the more important the band indicated by the indicator. For example, if you set N to 100, you can see the high and low prices for the past 100 days. Since many traders are paying close attention to these numbers, the price movements become more intense as they approach these high and low prices.
Tips for using :
1. This indicator is best used for breakout strategies.
- For example, if the price is higher or lower than indicated by the indicator, it is better to place a buy/sell order. Also, in this case, various rules can be decided such as “Place an order when it exceeds the closing price” and “Place an order when the price exceeds the high/low price”.
2. Use this indicator for profit confirmation and cutting losses.
- If the limit approaches the high/low price displayed in this indicator, you may decide to make a profit or cut a profit. This will close the order at the best time. For example, look at the highlighted red part in the image below. A good example of how the market reacts to “HiLoBands”.
- CountBars - Defines how many bars will be counted
- N Period - Refer to the article
Download the “HiLoBands” MT4 indicator from the button below
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.