Four horizontal lines
This tool for MetaTrader 5 is specifically engineered to streamline your trading operations. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup 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.
Description & Settings
The indicator plots four horizontal lines: Two basic ones (red by default) above the High and below the Low of the
Bar 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"
