MetaTrader 5 Daily High and Low Indicator Download - Free - [Trading Search] - MT4/MT5 Resources

The Daily High and Low Indicator is part of a series of indicators for MetaTrader 5 that can be a suitable tool for identifying support and resistance levels on a price chart. This indicator identifies the highest and lowest price registered by an asset or symbol during a trading day and is marked by two green and red lines.

These levels may be important for traders in the coming trading day. The prices of various assets typically react to their previous day's support and resistance levels .

Indicator Table

Indicators at a glance

The Daily High and Low Price Indicator is an ideal tool for traders seeking to determine the previous day's high and low price levels and plan their trades accordingly.

This MetaTrader5 support and resistance indicator plots the previous day's high level in green and the last day's low level in red , helping traders easily identify the previous day's price levels and utilize this information in their trading decision-making process .

Indicator’s buy signal conditions (support levels)

The chart below shows global silver prices (symbol XAGUSD) on a 15-minute time frame. On July 15, the lowest price of the day on the chart was at point (A) 530/30. On the next trading day, price returns to the same range at point (B) and exhibits a bullish reaction to the previous day's support level. Traders can look for entry triggers, such as candlestick patterns, to enter buy trades within this range on shorter time frames.

In the chart below of the USD/CHF currency pair (USDCHF), the price broke strongly above the previous day’s resistance (high) and continued its uptrend after a pullback.

Indicator's sell signal conditions (resistance level)

The chart below shows the price of Brent crude oil (symbol BRN) on a 15-minute time frame. On July 31, the highest price on the chart was at point (A), 54/81. On the next trading day, the price returned to the same range at point (B) and showed a clear bearish reaction to the previous day's resistance level, which is a key point for cautious traders to pay attention to.

Traders in this range may have identified the Ending Wedge pattern on the same time frame and entered into a Sell trade following a downward breakout.

The next day, August 2, the same symbol (Brent crude oil) broke above the previous day's lowest price and continued the current downward trend.

Daily high and low indicator settings

• Buy Color : The color in the highest price tier can be green or any preferred color;
• Sell ​​Color : The color for the lowest price level can be green or any preferred color.

Conclusion

The Daily HL Indicator identifies important and valid support and resistance levels for traders to use on their charts. These levels can be viewed as trading opportunities using a variety of complementary technical analysis tools. Furthermore, the indicator automatically displays these levels in green and red, eliminating the need to spend time analyzing the chart.