The Last High-Low Stop-Loss forex indicator for Metatrader 4 is a useful indicator for the placement of stop-losses.
The indicator draws two lines on the forex chart:
A blue stop-loss line for buy trades and a red stop-loss line for sell trades.
- For buy trades, place a stop-loss a few pips below the blue indicator line
- For sell trades, place a stop-loss a few pips above the red indicator line
You can set a minimal distance for the suggested stop-loss, for instance 15 pips.
Change the default SL settings directly from the indicator’s inputs menu.
The EUR/USD H1 chart below displays the Last High-Low Stop-Loss forex indicator in action.
Basic Trading Signals
No signals from this indicator.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (MinimumStopLoss, BackLookBars) 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 last-high-low-stop-loss.mq4 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)