four horizontal lines
Info
The four horizontal lines is a Indicator for MetaTrader 5 that the indicator plots four horizontal lines: two basic ones (red by default) above the high and below the low of the bar numberbar and help lines (green by default) shifted from the basic ones. basic lines plotting rule line highlowupis plotted by the high of the bar number plus shift; line highlowdownis plotted by the low of the bar number minus shift.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use four horizontal lines
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
the indicator plots four horizontal lines: two basic ones (red by default) above the high and below the low of the bar numberbar and help lines (green by default) shifted from the basic ones.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: institutional dominant cycle extractor: mastering market regimes with fourier analysis - another powerful indicator for MetaTrader 5 traders.
Also recommended: fourier extrapolation indicator for price prediction - similar indicator with strong performance on MetaTrader 5.
the indicator plots four horizontal lines: two basic ones (red by default) above the high and below the low of thebar number
bar and help lines (green by default) shifted from the basic ones.
basic lines plotting rule
line
highlowup
is plotted by the high of the bar number plus
shift
;
line
highlowdown
is plotted by the low of the bar number minus
shift
. help lines plotting rule
line
differenceup
is plotted by the
highlowup
price plus the difference between prices
highlowup
and
highlowdown
and minus
shift
.
line
differencedown
is plotted by the
highlowdown
price minus the difference between prices
highlowup
and
highlowdown
and plus
shift
.
this indicator is mostly used on large timeframes, starting from h4.
fig. 1. parameter "bar number" is "2"
fig. 2. parameter "bar number" is "1"
You may also like: Vertical Horizontal Filter (VHF) - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.