This basic MT4 indicator shows the past week by week high and low price + past everyday high and low price. It can be utilized to trade day by day and week after week price breakouts.
The indicator portrays the H-L levels straightforwardly on the trading chart. It’s an incredible price action indicator.
How to trade price breakouts?
Perhaps the most concerning issue with day trading breakouts is bogus breakouts. Trading bogus breakouts is a system all alone, which implies bogus breakouts happen as often as possible.
A bogus breakout is a point at which the price moves surpassing a level that makes you think a breakout is happening, and possibly getting you into a trade. Yet then the value moves the other way bringing about a loss. Hence, you may try the simple rule as follows while trading with price action breakouts.
- When price closes over every day or week after week high price, then a buy breakout happens.
- When price closes underneath the day by day or week by week high price, then a sell breakout happens.
Below you can see the GBP/CHF M15 chart that showing Daily and Weekly price breakout MT4 indicator in action:
Basic Trading Signals
Signs from daily or weekly price breakouts MT4 forex indicator are anything but difficult to decipher and goes as follows:
Buy Signal – When price closes over every day or week by week high, open a buy trade. Set a stop-loss beneath support or utilize your favored SL technique.
Sell Signal – When price closes beneath the day by day or week after week high, open a sell trade. Set a stop-loss above resistance or utilize your selected SL technique.
MT4 Indicator Features
- You can utilize any forex pair to trade with the dynamic pivot point indicator on the MT4 platform.
- It is a chart window type indicator.
- Use variable (colors) width & style, customization options.
- You can use any timeframes, such as1 Minute to Daily.
To install the DailyWeekly HL MT4 Indicator, copy the DailyWeekly HL MT4 Indicator.ex4 indicator file and paste it into the MQL4 indicators folder of the MetaTrader 4 trading platform.
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