Four Horizontal Lines Indicator
Info
The Four Horizontal Lines Indicator is a Indicator for MetaTrader 5 that the indicator plots four horizontal lines: two basic lines (red by default) above the high and below the low of the bar number bar, and two help lines (green by default) shifted from the basic lines. The basic lines are plotted as follows:- Line highlowup is plotted at the high of the specified bar number plus the shift value.
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 Indicator
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 lines (red by default) above the high and below the low of the bar number bar, and two help lines (green by default) shifted from the basic lines.
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: Trend BOSS: Classifying Market Regimes with Symbolic Fourier Approximation - another powerful indicator for MetaTrader 5 traders.
The indicator plots four horizontal lines: two basic lines (red by default) above the high and below the low of the bar number bar, and two help lines (green by default) shifted from the basic lines.Also recommended: Unified Hull MA: Four Color-Coded Lines with Ring Buffer - similar indicator with strong performance on MetaTrader 5.
The basic lines are plotted as follows:
- Line highlowup is plotted at the high of the specified bar number plus the shift value.
- Line highlowdown is plotted at the low of the specified bar number minus the shift value.
The help lines are plotted as follows:
- Line differenceup is plotted at the highlowup price plus the difference between highlowup and highlowdown prices, minus the shift value.
- Line differencedown is plotted at the highlowdown price minus the difference between highlowup and highlowdown prices, plus the shift value.
This indicator is typically used on larger timeframes, such as H4 and above.
Fig. 1: Parameter "bar number" set to 2
Fig. 2: Parameter "bar number" set to 1
You may also like: institutional dominant cycle extractor: mastering market regimes with fourier analysis - 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.