This simple MT4 indicator displays the previous weekly high and low price + previous daily high and low price.
It’s a great price action indicator that can be used to trade daily and weekly price breakouts.
The indicator plots the H-L levels directly on the trading chart.
How to trade price breakouts?
- A buy breakout occurs when price closes above the daily or weekly high price.
- A sell breakout occurs when price closes below the daily or weekly high price.
The GBP/CHF 15-Minute chart below displays the Daily/Weekly Price Breakout Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the Daily/Weekly Price Breakout MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade when price closes above the daily or weekly high.
Place a stop loss below support or use your own preferred SL method.
Sell Signal: Open a sell trade when price closes below the daily or weekly high.
Place a stop loss above resistance or use your own preferred SL method.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (colors) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: price action breakout trading
Copy and paste the DayWeekHL_v1.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)