Different forex indicators are available online for forex traders. These indicators are very useful when you want to make a profit while trading different currency pairs. A standard forex indicator which is familiar to you is the Swing High Low Indicator MT4.
Swing High Low Indicator Mt4 emphasizes both minor and major swing points. Are you a beginner to the world of forex trading and you would like to get started with this lovely indicator.
Read the blog to know what it is, how to download, and remove it.
What Is Swing High Low Indicator MT4
As we said above, the Swing High Low Indicator is a forex indicator that highlight both slightest and major swing points of price action. That’s not just feature of this indicator; it is also the best for range trading and getting into trends very early.
For the minor and major swing points to be identified, traders require to pick the number of bars that need to be checked. The swing high low indicator is better than the default Zigzag indicator
This indicator will let you know the following:
- Resistance and support levels
- Draw channels
- Draw Trendlines
- Other chart patterns like ascending or descending triangle
You require at least 2 blue dots to draw an upward trendline.It’s pretty easy to draw downward trendlines; connect at least 2 red dots
Drawing Channels
The Swing High Low Indicator is also used to draw the below channels:
- Sideways price channels
- Download price channels
- Upward price channel
Installing this MT4 Indicator
Follow the step by step guide on how to install swing high low indicator for MetaTrader4:
- Download the indicator and copy it to your MetaTrader Directory/experts/indicator
- Restart or start the MetaTrader client
- Select timeframe and chart at the exact spot you want to test your indicator
- Look out for “custom indicators” using the navigation button. This button is mostly in the left part of your MetaTrader client
- Right-click on the indicator and attach a chart
- Where possible, modify the settings to match your trading needs and press okay
What if you want to uninstall it from your chart? Below is how to go about it:
- Select the chart where you have the indicator running in your MetaTrader client
- Look out for where you have the “indicator list” and right-click on the swing high low indicator.
- Select the indicator and click on delete
Conclusion
Swing High Low Indicator helps you make an informed decision about when to enter or exit a position. The MT4 trading platform is intended to assist both beginner and expert traders. Depending on your human intellect to explore the market could spell destiny for you; thankfully, that’s where forex indicators come in.
