the High Low Channel Indicator MT4 MetaTrader for scalp in Forex Free Download

Introduction to the High Low Channel Indicator for Stock and Forex Markets on MetaTrader 4 (1-hour Time Frame)

The High Low Channel indicator is a technical analysis tool used to identify price trends and trend reversals. It draws two lines on your chart: the upper line represents the highest price level (High), and the lower line represents the lowest price level (Low). These price levels are identified within a specified period, which is typically set to 14 by default.

How the High Low Channel Indicator Works

Click here to download and install The High Low Channel  Indicator.

As mentioned, this indicator is used to identify the High and Low price levels and marks them with two lines, forming a price channel. The highest and lowest prices during the specified period are used to identify changes in the trend. When candles approach the upper channel line and show a tendency to touch it, an uptrend is recognized. On the other hand, if the candles move towards the lower channel line and show a tendency to touch it, a downtrend is identified.

This indicator works better on higher timeframes, and if you’re using it on a lower timeframe, you may need to adjust its settings accordingly.

It is also recommended to use this indicator in conjunction with other indicators as part of a strategy for generating signals. Relying solely on this indicator may lead to incorrect signals. Confirming signals with other indicators and analytical tools is essential for accurate trend analysis and trading decisions.

How to Install the Indicator in MetaTrader 4  

Click here to download and install The High Low Channel  Indicator.

You can watch the installation guide video at the end of this post, where you’ll be able to install the indicator following the provided steps. When you first draw the indicator on your chart, you’ll see a window asking you to enable the “Allow DLL” option and click OK to confirm.

High Low Channel Settings for MetaTrader 4

Click here to download and install The High Low Channel  Indicator.

In the Inputs tab, you can modify key technical settings, such as the period, according to your preferences. The Color tab allows you to customize the appearance of the indicator’s lines.

Buy Signal Using the High Low Channel Indicator (MQL4-14 Code)

Click here to download and install The High Low Channel  Indicator.

When to Enter a Buy Position:

1. The best buy signal occurs when candles are in the oversold zone.
2. When a low price level is formed by an upward candle and the overall trend is moving upwards.
3. Enter a buy position after a consolidation candle that confirms the trend change.
4. Set your stop-loss at the previous price swing or at the Low price level, or according to your trading strategy.

When to Exit the Buy Position:

Continue holding the position until you see a bearish reversal candle or price hits the High price level.

Sell Signal Using the High Low Channel Indicator (MQL4-14 Code)

Click here to download and install The High Low Channel  Indicator.

When to Enter a Sell Position:

1. The best sell signal occurs when candles are in the overbought zone.
2. When a high price level is formed by a downward candle and the overall trend is moving downwards.
3. Enter a sell position after a consolidation candle that confirms the trend change.
4. Set your stop-loss at the previous price swing or at the High price level, or according to your trading strategy.

When to Exit the Sell Position:

Continue holding the position until you see a bullish reversal candle or price hits the Low price level.

The High Low Channel is a trend-following indicator that identifies trend changes by recognizing High and Low prices, forming a price channel on the chart. The indicator identifies trend changes within a specified period and displays them with two red lines. For accurate signal generation and trading decisions, it’s recommended to use this indicator alongside other analysis tools.