As the name suggests, the Weekly High Low Forex Price indicator for MT4 draws the previous week’s high and low price on the chart.
The indicator tells you where to find major support and resistance levels. It’s a great technical tool for swing traders.
Generally speaking, both price levels can be used for stop loss placements or to identify possible major breakout levels.
After you downloaded and installed the indicator on the MT4 trading platform, it should look like the image as shown below.
- Based on the weekly chart
- Good for swing trading
- Versatile indicator
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as a trend breakout confirmation tool.
Indicator Example Chart
The EUR/USD 1-hour chart below shows the Weekly High Low Forex Price indicator in action.
Basic Trading Signals
Signals from the Weekly High Low Forex Price indicator for Metatrader 4 are easy to interpret and goes as follows:
- A new buy signal is given price breaks and closes above weekly resistance.
- Place stop loss below major support.
- Exit the buy trade for a predetermined profit target or risk-to-reward ratio of 2.0 or better.
- A new sell signal is given price breaks and closes below weekly support.
- Place stop loss above resistance.
- Exit the sell trade for a predetermined profit target or risk-to-reward ratio of 2.0 or better.
Download This Forex Indicator
Adjustable Parameters & Settings
Space, colors, style
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: any
Indicator Type: support/resistance
How to install the Weekly High Low Forex Price indicator in Metatrader 4?
- Copy and paste the Weekly_HILO_Shj.mq4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove the indicator from the chart?
- Right click in the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button