New High-New Low Index - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
The New High and New Low Index is well described by A. Edler in his chapter on stock market indicators in his book Trading for a Living: Psychology, Trading Strategies, Money Management.
In our case, this indicator has been adapted to the Forex market and is calculated as the difference between the number of currency pairs that reached new highs in a given period and the number of currency pairs that reached new lows in a given period. Generally speaking, spikes are a sign that a reversal is about to occur.
This indicator was originally developed in MQL4 and published in the code base: mql4.com on April 1, 2011.
Figure 1 NH_NL indicator
Attachment download
📎 nh_nl.mq5 (9.89 KB)
Source: MQL5 #1051
New High-New Low Index - MetaTrader 5 Script | Foreign Exchange Indicator Download - MT4/MT5 Resource Usage and Screening Suggestions
New high-new low index - MetaTrader 5 script | Foreign exchange indicator download - MT4/MT5 resources are foreign exchange indicator related resources. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Focus on spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based on titles or short-term profit descriptions.
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