The Hi Lo Signals forex indicator draws trend following dots on the Metatrader 4 chart.
This indicator works really well for trend prediction on any time frame and pair.
Its buy & sell signals are easy to follow, even for beginners:
- A green dotted signal line represents an uptrending market.
- A red dotted signal line represents a downtrending market.
For scalping and trading off the M1, M5 and M15, use the Hi Lo Signals MT4 indicator during the London and New York trading sessions.
For swing trading, use the H1 chart or higher for best performance.
Deploy as a standalone trend following forex indicator or use together with an oscillator (RSI, MACD,..).
The default trend period is set to 30, feel free to experiment with this period.
The EUR/USD 1-hour chart below displays the Hi Lo Signals Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Hi Lo Signals MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade when the Hi Lo Signals changes its signal color from red to green. Place a protective stop-loss 1-3 pips below the green dotted signal line.
Sell Signal: Open a sell trade when the Hi Lo Signals changes its signal color from green to red. Place a protective stop-loss 1-3 pips above the red dotted signal line.
Trade Exit : Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (period, count bars) 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 hi-lo-indicator.mq4 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)