The HighestLowestRange (HLR) determines the relative price position in range of the several X bars ago. If price located at range bottom (in case of the new low), the indicator is equal to 0, if price position at the top of the range (in case of the new high), the indicator is equal to 1 (or 100%). If the price located in the middle of the range, the indicator is equal to 0.5 or 50%.
Trade signals. The long position is opened when HLR overcomes the 0.8 level, the postion is reversed to short when HLR breakdowns the 0.2 level, in other words, the position is opened when the price is located in the upper or lower bounds (20%) of the price range. The indicator was tested with system, based on 40-day channel breakout.
The HLR indicator and its use is described in “The countertrend HLR” article by Jose Cruset, Active Trader, Vol. 2 (see also Russian translation).
This indicator was first implemented in MQL4 and published in Code Base 25.01.2007.
MT5 Indicator – Download Instructions
HLR is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
HLR provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install HLR.mq5?
- Download HLR.mq5
- Copy HLR.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on HLR.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator HLR.mq5 is available on your Chart
How to remove HLR.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator: