A practical guide to displaying and customising daily price ranges on MT4 using OANDA’s High-Low indicator for short-term trades.
The OANDA-High-Low indicator on MT4: How to display and configure daily highs and lows.
This guide explains how to use the OANDA-High-Low indicator for MT4, to display the day’s high and low prices directly on your chart.
Suited for short-term trading
One of the key elements that short-term traders pay attention to is the high and low prices of the current trading day.
These prices can help identify support or resistance levels.
When the price breaks through either level, it may signal a strengthening short-term trend in that direction.
As such, the day’s high and low are important reference points when identifying entry and exit opportunities in short-term trades.
By applying the OANDA-High-Low indicator to your chart, you can easily visualise these levels.
Just being able to see where the current price sits within the day’s range can offer valuable insights into the state of the market.
The indicator also allows you to display the highs and lows over a specified number of bars.
For example, you could display the highest and lowest prices over the past five days.
Setting up OANDA-High-Low
Different parameters can be selected via the indicator’s “Inputs” tab.
You can choose the timeframe used to calculate the highs and lows (“Timeframe for high & low”).
You can specify the starting bar (“Start at bar”) and set the number of bars to include (“Number of bars to include”) to display price ranges over multiple bars.
If you wish to focus on a specific timeframe each day, use the “Daily time range” setting to define the analysis period. The OANDA Gravity indicator is simple to use.
Set alerts for price movements
The indicator can be configured to trigger alerts when price movements break through a historic high or low.
Set “Show pop-up alerts” to “Yes” to receive pop-up notifications when such events occur.
This article and its contents are intended for educational purposes only and should not be considered trading advice.
