Introduction to the i-HighLow Indicator
Table of Contents
Price action traders typically identify trend direction based on swing highs and swing lows, whether it is consistently rising or consistently dropping. However, not all traders have the skill to correctly identify such price swings. The i-HighLow Indicator is a tool which allows traders to identify trend direction using the same concept by marking the highest highs and lowest lows.
What is the i-HighLow Indicator?
The i-HighLow Indicator is a channel type of indicator which marks the extremes of price action as the edge of its channel.
This indicator plots a gold line above price action to mark the upper extremes of the price channel and a blue line to mark the lower extremes of the price channel.
How the i-HighLow Indicator Works?
The i-HighLow Indicator uses an algorithm that identifies the highest highs and lowest lows of price action for the past n periods. This indicator is preset to use 20 bars as the n periods. It also has a buffer number of points added to the extremes of price.
The indicator then identifies the highest high for the n periods and adds the buffer points. The resulting value would be where the indicator would plot the upper gold line.
It also identifies the lowest low for the n periods and subtracts the buffer points. This value would be where it would plot the lower blue line.
How to use the i-HighLow Indicator for MT4
The i-HighLow Indicator has a couple of variables which adjusts the range of the channel it plots.
The “N” variable refers to the number of bars the indicator would base its highest highs and lowest lows from.
The “N2” variable refers to the number of pips added to the highest high and subtracted to the lowest low to act as a buffer for the channel.
Traders can use this indicator to help them visualize and qualify a market whether it is trending or not. The gold and blue lines would consistently rise in an uptrend due to a rising price action and drop in a downtrend due to a falling price action. Traders can then trade trend continuation trades entering the market on price action pullbacks.
Buy Trade Setup
When to Enter?
Identify an uptrend market based on the gold and blue lines of the i-HighLow Indicator which is consistently rising. Wait for price to pullback towards the lower half of the channel. Open a buy order as price action forms bullish reversal signal. Set the stop loss on the support below the entry candle.
When to Exit?
Close the trade as price action shows signs of a bearish reversal.
Sell Trade Setup
When to Enter?
Identify a downtrend market based on the gold and blue lines of the i-HighLow Indicator which is consistently dropping. Wait for price to pullback towards the upper half of the channel. Open a sell order as price action forms bearish reversal signal. Set the stop loss on the resistance above the entry candle.
When to Exit?
Close the trade as price action shows signs of a bullish reversal.
This indicator can be a useful indicator for traders who are trading with the trend. This is because it is easier to visualize the direction of the trend using this indicator. However, it would also be useful if there was a line in the middle of the channel to mark the half of the channel. Still, it is a very useable indicator when used for trend continuation setups.
MT4 Indicators – Download Instructions
i-HighLow Indicator for MT4 is a Metatrader 4 (MT4) indicator and the essence of this technical indicator is to transform the accumulated history data.
i-HighLow Indicator for MT4 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly. Click here for MT4 Strategies
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How to install i-HighLow Indicator for MT4.mq4?
- Download i-HighLow Indicator for MT4.mq4
- Copy i-HighLow Indicator for MT4.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 4 Client
- Select Chart and Timeframe where you want to test your MT4 indicators
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 4 Client
- Right click on i-HighLow Indicator for MT4.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator i-HighLow Indicator for MT4.mq4 is available on your Chart
How to remove i-HighLow Indicator for MT4.mq4 from your Metatrader Chart?
- Select the Chart where is the Indicator running in your Metatrader 4 Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
i-HighLow Indicator for MT4 (Free Download)
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