The Custom High Low Indicator for MT5 is a technical analysis tool that is designed to identify market reversals.
It works by analyzing market trends and identifying potential reversal points, which are then displayed as visual signals on the chart.
Traders can use these signals to make informed decisions about when to enter or exit trades, with the aim of maximizing their profits.
The Custom High Low Indicator is typically displayed as a line chart overlaid on the main price chart. The line chart displays the highs and lows of the market over a set period of time, which can be adjusted according to the trader’s preferences.
The indicator generates signals based on the highs and lows of the market. When the market is in an uptrend, the indicator will plot a series of higher highs and higher lows. When the market is in a downtrend, the indicator will plot a series of lower highs and lower lows.
To generate a buy signal using the Custom High Low Indicator, traders should look for a downtrend in the market and wait for the market to form a new low. This new low should be identified by a price that falls below the previous low in the downtrend.
Once a new low has been established, traders should then check the Custom High Low Indicator for a corresponding signal.
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Traders should watch for an upswing in the market and wait for the market to reach a new high before utilizing the Custom High Low Indicator to generate a sell signal.
The price should rise above the previous high in the uptrend to signal the occurrence of this new high.
Traders should next check the Custom High Low Indicator for a comparable indication after a new high has been made.