I’ve been using Metatrader a lot more recently. At first I didn’t really like Metatrader but now that I have been using it more often, it is actually pretty flexible. The great part is that I can find custom indicators and systems online for free.
The latest one that I have found is the daily high/low indicator. It marks the high and low of the previous day. This indicator is helpful because these levels can act as support and resistance. During the Asian session price doesn’t seem as likely to break the previous day’s high or low and can be a good potential trading zone.
I don’t like to have charts that are too cluttered, so I make this indicator dark gray and only mark off the daily highs/lows for the previous 5 days. Combined with pivots, fibs and support/resistance levels, this can be a nice little indicator for your toolbox.
I’m still backtesting it, but try it out for yourself: Click here to download
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