Breakout strategies are especially popular in many different trading strategies. It's simpler than anything else, and it is easy to set a stop loss. This MT4 indicator is especially recommended for those who use such a breakout strategy. “Today High Low” displays the high and low prices on the chart as shown in the image below.
As you can see from the image, you can easily see the high and low prices for the previous day and for the current day. This indicator is a simple tool that can be of great help. Line thickness and color can be changed based on individual preferences.
Tips on how to use:
- Can be used for a breakout strategy, such as placing a buy / sell order if the price breaks above or below the high or low prices used in a breakout strategy. In addition, various rules such as “Place an order when the price closes at the closing price” and “Place an order when the price exceeds the high and low prices by a few pips ” can be determined. Try it out and see if you can include it in a strategy that suits you.
- Fakeouts are popular with breakouts used for fakeout strategies . Fakeouts make good use of repulsion and recoil that occurs when a breakout fails. For example, the price may suddenly return even though it has exceeded the high price the previous day by a few pips. In such a case, it is better to place a sell order. If the price action such as pin bar occurs at the same time, the winning rate will increase. Fakeout also has the advantage of minimizing risk while offering the potential for a significant return.
- When placing a trade, it is a good idea to put the profit target / stop loss orders at the high and low prices of the day before. For example, when placing a buy order, a stop loss order is placed near the low price the previous day. This makes good use of the habit of the market moving in the direction at once when it breaks above and below the highs and lows of the previous day. This indicator can also be used for trailing stops which is tremendously useful on a regular basis.
Download the "Today High Low" indicator for free 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.