The Four horizontal lines Metatrader 5 Forex indicator is a technical tool that plots four horizontal lines: two basic horizontal lines that are red by default, above the high and below the Low of the Bar number bar and help lines that are green by default moved from the basic ones.
Plotting rule for basic lines
- The High Low Up line is plotted via the High of the Bar number plus Shift;
- The High Low Down line is plotted by the Low of the Bar number minus Shift.
Plotting rule for help lines
The Difference Up Line is plotted by the High Low Up price plus the difference between prices High Low Up and High Low Down and Minus Shift.
The Difference Down Line is plotted by the High Low Down price Minus the difference between price High Low Up and High Low Down and Plus Shift.
The USD/JPY H4 chart below displays the Four horizontal lines Metatrader 5 forex indicator in action
Basic Trading Signals
Buy Signal: Go long when price break above the upper outer lime green horizontal line of the Four horizontal lines MT5 indicator following a confirmation bullish signal from other indicator(s).
Sell Signal: Go short when price break out below the lower outer lime green horizontal line of the Four horizontal lines Metatrader 5 forex indicator following a confirmation bearish alert from other indicator(s).
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, price is seen to drop below the upper outer lime green line of the Four horizontal lines MT5 forex indicator.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, price is seen to jump above the lower outer lime green line of the Four horizontal lines MT5 forex indicator.
Tip: The Four horizontal lines Metatrader 5 forex indicator is mostly used on large timeframes, beginning from 4-hour, which makes it a suitable tool for long term traders.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (HighLow: Line color, Difference: Line color, Line style, Line width, Background line, Highlight to move, Hidden in the object list, Priority for mouse click, Bar number, Shift), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the Four horizontal lines.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)