Reversals are popular with FX traders seeking high-return lorries. Many people feel that contrarian trading is more fun than trend-following methods.
This MT4 indicator is something you want to try if you like such contrarian trading. By using this “HiLoLines” MT4 indicator, it will be easier to visualize the potential reversal levels.
“HiLoLines” displays the high/low price (high line / low line) for a certain period (set by the “Lookback” parameter).
Lines (buy-line and sell lines) that are separated from the high and low prices (set by the parameter "difference") are also displayed. This makes it easy to trade the important technical levels, such as “sell before the resistance zone” or “buy before the support zone”.
How to use:
Basically, this indicator is made for the purpose of reversal trading. Therefore, it is recommended to use it accordingly.
For example, the above image shows the high and low prices and their sell line and buy lines for the past 15 days. If the price approaches the sell line, prepare to place a sell order and if the price approaches the buy line, prepare to place a buy order.
At this time, be sure to also take into account the price action and possible chart patterns that might form at these lines which should help to increase the win rate.
For buy orders try setting the Stop Loss a few pips below the low line and the target to the high line.
- LookBack - Defines how many days this indicator looks back
- Difference for BuyLine - Distance between BuyLine and LowLine
- Difference for SellLine - Distance between SellLine and HighLine
Download the "HiLoLines" 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.