3 High and Low Indicators for MT5 Download - Free | Forex Indicators Download - MetaTrader 5 Resources

The "3 Bars High Low" indicator is one of the MT5 indicators that combines the Commodity Channel Index (CCI) and the Average True Range (ATR) to simply show trend direction and volatility. The indicator includes dynamic lines and Williams fractal points.

When the price is above the indicator line, the color turns green, and when the price is below the indicator line, the color turns red.

Consecutive Williams points indicate the tendency of price to move in a particular direction.

Specifications for 3 high and low indicators

The table includes the characteristics and specifications of this indicator:

Overview

A Williams fractal is a series of five candles formed in a row. A bullish fractal occurs when a candle is between two candles with higher lows. In contrast, a bearish fractal occurs when a candle is positioned between two candles with lower highs.

Indicator behavior in an uptrend

As shown on the Ethereum (ETH) 1-hour timeframe chart, after forming a price range, the price broke above the indicator line (turned green).

A price breakout of the indicator line may indicate the beginning of a trend uptrend . The blue and red points are Williams fractal points.

How the indicator behaves in a downtrend

As shown on the NZD/USD currency pair chart on the 1 hour time frame, the price went out of equilibrium and fell below the indicator line (turning red).

Price falling below the indicator line may indicate the beginning of a downtrend in price action. The blue and red dots also represent Williams fractals.

Indicator Settings

This section provides all parameters of the indicator to enhance performance:

• 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-bar High and Low indicator, using the CCI index and taking into account ATR (Average True Range), can show trend reversals and retracement areas.

Furthermore, the lines drawn by the trading tool , in addition to determining price movements , can also serve as suitable areas for setting stop losses (SL).