The New Highs-New Lows Index was very well described by A. Edler in his book “Trading for a Living: Psychology, Trading Tactics, Money Management ” in the chapter dealing with Stock Market Indicators.
In our case, the indicator has been adapted to the foreign exchange market and is calculated as the difference between the number of currency pairs that reached new highs over a given period and the number of currency pairs that reached new lows over a given period. The peak is, as a rule, a sign of a forthcoming reversal.
This indicator was originally developed in MQL4 and published in Code Base at mql4.com 01.04.2011.
MT5 Indicator – Download Instructions
New Highs-New Lows Index is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
New Highs-New Lows Index 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 New Highs-New Lows Index.mq5?
- Download New Highs-New Lows Index.mq5
- Copy New Highs-New Lows Index.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 New Highs-New Lows Index.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator New Highs-New Lows Index.mq5 is available on your Chart
How to remove New Highs-New Lows Index.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: