Hello! Today I want to share with you a very useful forex indicator for MetatTrader4. Last High Low Stop Loss Indicator provides the best stop loss levels for both BUY and SELL forex trades.
Indicator Description
While the entry point is crucial for successful trading, most traders need to pay more attention to the importance of exit points. If you set the stop loss too far, you will most likely suffer from a big loss. Similarly, a tight loss will likely be hit too early because you didn’t give the trade enough breathing space. Last High Low Stop Loss Indicator is designed to solve this problem.
The tool I’m presenting you today identifies the best stop loss levels for the current market conditions based on the classic ZigZag MetaTrader indicator. The ZigZag indicator provides the stops below the swing high or low. As a result, forex traders can place the stop at a safe distance to avoid whipsaws.
Moreover, as the indicator continuously calculates the stops, it can be used as a trailing stop loss during a Bullish or Bearish market. Since the indicator places the stop loss both on the upper and lower side of the current market price, it can be used for both BUY and SELL trading signals.
What is more, it is possible to combine the Last High Low Stop Loss Indicator with other indicators that give good entry points. Or you can use it on its own with your own trading strategies — the decision is yours to make.
Indicator Installation
- Unzip the file you’ve downloaded.
- Find the file that is called “last-high-low-stop-loss.ex4” and copy it.
- Open your MT4.
- Go to “File – Open Data Folder – MQL4”.
- Paste the file into the “Indicators” folder in MQL4.
- Restart your MT4.
After the installation, your trading chart will look like this:
The above EUR/USD M15 price chart shows the Last high low stop loss indicator in action. The indicator plots the upper stop loss in the dotted RED line and the lower stop loss in the dotted line in BLUE. Moreover, it shows the stop loss price values and the distance from the current market price.
Forex traders in a current BUY position should place the stop loss below the lower stop loss line in BLUE. Since the stop loss is located below the previous low which also corresponds to the last swing low, it provides the trader with the best stop loss for the position.
Similarly, during a SELL trade, the best possible stop loss is the upper stop loss line in RED, located above the last swing high.
The indicator works on all price charts including the daily, weekly, and monthly charts. As a result, forex traders can use the indicator to trade multi-timeframe (mtf) forex trading strategies. The indicator derives its values from the classic Zig Zag. That’s why the stop loss levels on higher time frame charts can be used to understand the swing high and swing low areas. This also helps to validate the stops in a lower timeframe price chart.
My conclusion on the Last High Low Stop Loss Indicator
The Last high low stop loss indicator for MT4 is the best indicator for identifying the stop loss levels automatically. The indicator is well suited for new and advanced forex traders. New forex traders can easily identify their stop loss points and calculate the risk to reward ratio for any potential trade and calculate the lot size accordingly.
On the other hand, advanced forex traders can identify the stop loss and trade it in confluence with support and resistance lines, trend lines, and channels.
P.S. Have problems with installation? Email me at olivermurphy@altraforex.com or support@altraforex.com
I would love to help!
P.S.S. Check out software by Altra Forex Group here
Thank you Oliver for really useful tools!
Thanks, Mr Murphy. Are you working on anything new now?
I am, I will let you know when it’s ready
It’s helpful but I like when you get a fixed TP and SL with a signal like when trading with Oracle Scalper EA
Great Thank you Oliver the Great