3 Bars High Low Indicator Download for MT4 - Free | Forex Indicator Download - MetaTrader 4 Resource

The3 Bars High Low Indicator combines the Commodity Channel Index (CCI) and the Average True Range (ATR) to use dynamic lines to show trend direction.

The position of the candle relative to the indicator line determines whether the trend is bullish or bearish.

The "3 Bars High and Low" indicator is one of the MetaTrader 4 indicators that, in addition to dynamic lines, plots Williams fractal points as colored points around the price.

3 high and low indicator specifications

The following table outlines some features and specifications of this indicator:

Indicator overview 3 high and low lines

When the price crosses the indicator line, the color of the dynamic line changes depending on the trend direction (bullish or bearish), which can be considered an entry signal. The continuous formation of Williams fractal points in one direction indicates the continuation of the trend.

Indicator performance in an uptrend

As shown in the image below, prices that cross the indicator line are highlighted with boxes. When price breaks above the indicator line, the line changes color from red to green, indicating a potential buy entry.

The colored markers above or below the candle are Williams fractal points.

Indicator performance in a downtrend

When analyzing the AUD/USD currency pair on the 15-minute time frame, the price fell below the indicator line and the color of the line changed to red.

As long as the price moves below the indicator line and Williams fractal points form continuously, downtrend continues.

Indicator Settings

All parameters and settings of the indicator can be viewed and modified in this section:

• Chart Theme : indicator theme customization;
• CCI Period : Set the CCI period to 50;
• ATR Period : Set the ATR period to 5;
• Alert On : Enable trend change alerts;
• Alert Email : Send alerts via email;
• Show Fractals : Display fractals on the chart;
• Lookback : Number of candles used for calculation, default is 500.

Conclusion

The 3 high and low indicators draw the Dynamic Line to identify price fluctuations without noise. The tool changes colors based on the trend direction.

The positioning and crossing of price relative to indicator lines determines the direction of the trend and can also serve as an entry signal. "3 Bars High and Low" is also considered a tool for creating horizontal indicator support and resistance levels and zones.