The Swing High/Low Identifier is a custom MetaTrader 5 (MT5) indicator designed to highlight significant swing points on your chart. This indicator identifies and marks swing highs and swing lows based on a configurable range of bars.
– Swing Highs are marked with red arrows above the respective candles.
– Swing Lows are marked with blue arrows below the respective candles.
This tool helps traders quickly spot important price levels and patterns, which can be crucial for making informed trading decisions.
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### Useful Strategies
1. Trend Reversal Identification:
– Swing Highs can indicate potential resistance levels where a downtrend might begin.
– Swing Lows can signify potential support levels where an uptrend might start.
2. Support and Resistance Analysis:
– Use the marked swing highs and lows to draw horizontal lines or channels that can act as key support and resistance levels.
3. Price Action Trading:
– Combine the indicator with price action techniques, such as candlestick patterns or breakout strategies, to confirm entries and exits at swing points.
4. Swing Trading:
– Utilize the swing highs and lows to determine entry and exit points based on the observed price swings and potential reversal areas.
5. Confirmation for Other Indicators:
– Use the swing points as confirmation for other technical indicators, such as moving averages or oscillators, to enhance the reliability of trading signals.
This indicator provides a visual representation of key price points, helping traders enhance their technical analysis and decision-making processes.
Size Highs And Lows - indicator MetaTrader 5 When volatility of the financial instrument became lower than some level, the long-,middle- and short-term strategies may lose profit and…
