Daily HL Indicator – High/Low for All Days
Daily HL Indicator (high/low) draws two lines at the chart. Upper green (daily high), and blue for daily low (daily low). Indicator calculate and shows on the chart HL for all days including current day. I”m not big fan of so much details (all days from the past). Since I consider that most of them are irrelevant. The most important information is HL from previous day. Good thing, we are all different so maybe this indicator is perfect for your day trading strategy.
Every Day Trader will check daily high/lows in his Technical Analysis. Means they are very, very important. For example previous indicator that we review cover last 14 Days High/Low.
Current Day HL Indicator Levels
Daily HL indicator calculate current day high/low prices all the time (check image above). This mean those price levels are not final, price is going to move those lines during a day. Which is not good if you are not experienced day trader. They can only confuse you. But all indicators are coded for needs of specific group of traders. Maybe they are useful for you. I”m just not fan of current day high/low prices since they are not closed.
Suggested Time Frames for Daily HL
The best Time Frame for any Daily HL indicator is H1 and Time Frames below (M30, M15, smaller time frames are not important for Day Trading). H1 gives you the best overview of the market.Look how indicator looks on H4 and Daily Time Frames (images bellow).
Looking in H4 Time Frame this indicator is not going to help you so much. If you are Day Trader, you will use H4 and Daily Time Frames only to look for some Patterns or Trend Lines in combination with Daily HL prices for previous day.
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MetaTrader 4 Indicator
Daily HL Indicator – High/Low for All Days
