Swing High Low Indicator MT4? It is no longer news that there are different forex indicators available for forex traders to use. These indicators come handy when you need to make a profit while trading various currency pairs. One standard forex indicator that you may have heard of or become familiar with is the Swing High Low Indicator MT4.
Swing High Low Indicator Mt4 is used to highlight both minor and major swing points. If you are a newcomer to the world of forex and you want to start using this lovely indicator, read on to find out what it is, how to download, and remove it. Without further ado, let’s dive into divergence and how it works.
What Is Swing High Low Indicator MT4
Just like we said in the introduction, the Swing High Low Indicator is a forex indicator used to highlight both minor and major swing points of price action. That’s not the only function of this indicator; it is also great for range trading and getting into trends early enough.
For the minor and major swing points to be determined, traders need to choose the number of bars that would be checked. The swing high low indicator is more or less a zigzag indicator, as can be seen in the chart, but it is better than the default Zigzag indicator, which you may already know.
This indicator will help you to identify the following:
- Resistance and support levels
- Draw channels
- Draw Trendlines
- Other chart patterns such as ascending or descending triangle
How to Draw Trendlines Using Swing High Swing Low Indicator
You need at least two blue dots to draw an upward trendline like the image below.
What about drawing downward trendlines? No worries, it’s pretty simple; all you need to do is to connect at least two red dots just as you can see on the image below.
How to Draw Channels
The Swing High Low Indicator can also be used to draw the following channels:
- Sideways price channels
- Download price channels
- Upward price channel
This indicator is also useful when you need to draw price chart patterns. The chart below is an example of how this indicator can be used to draw price chart patterns.
Installing this MT4 Indicator
The following is a 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
- The indicator should be available on your chart!
What about if you are no longer interested in the swing high low indicator? No worries, you can uninstall it from your chart and 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
- The indicator should be gone
Final Thoughts Swing High Low Indicator MT4
The MT4 trading platform is designed to accommodate both beginner and expert traders. Relying on your human intellect to explore the market could spell doom for you; thankfully, that’s where forex indicators come in.
Swing High Low Indicator is a fantastic resource to leverage if you want to highlight both minor and major swing points. This will enable you to make an informed decision about when to enter or exit a position.
While this is amongst one of the top ways to be victorious in trading, there are numerous more techniques to use for generating more income and you could discover them via this link and progress further into the Forex career where opportunities are endless for everyone.