“Custom High Low Indicator” is a really useful indicator. Even if you change the timeframe you are in, it is an indicator that automatically draws the latest highest high and lowest low of the pair you are analyzing. It works in the Metatrader5 terminal.
The Custom High Low Indicator for MT5 plots the previous and the current daily, weekly, and monthly high and low levels in the chart.
It will be very useful especially in the analysis that we call “top-down analysis”, which is done from high timeframe to low timeframe. It automatically draws you daily-weekly high-lows.
You can change many settings of the indicator. If you do not like the colors or lines, you can change them. You can even get automatic alerts.
You can turn off the high-low drawing of timeframes that you do not want. For example; You can turn it off in M1 timeframe because it will change very frequently.
However, I recommend that you do not close high timeframes. Why? Imagine. You have entered a great BUY entry and you have been holding your position for a long time. You are aiming for more profit.
However, you forgot the top-down analysis and the price has reached the weekly-high point. Since it is a weekly-high, even if there is a small retracement, you can experience very serious pip loss.
The trade you hold for hours can backfire by half in a very short time. In order not to cause such situations, the Custom High Low Indicator will be very useful.
Even if you forget, since the indicator draws the weekly-high, you can close the trade at that point and aim to take profit.
I liked the extremely useful and helpful Custom High Low Indicator Wool. You may also want to add it to your chart and add power to your analysis.
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