hl bands
Info
The hl bands is a Indicator for MetaTrader 5 that the indicator displays on the chart the open, high and low levels of the period specified in parameters. you can choose between two level display modes:high/low; open/close.
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 hl bands
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 displays on the chart the open, high and low levels of the period specified in parameters.
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: Bands Stoch RSI Extreme Reversal Signals - another powerful indicator for MetaTrader 5 traders.
the indicator displays on the chart the open, high and low levels of the period specified in parameters.
Also recommended: B Bands Psar Indicator - similar indicator with strong performance on MetaTrader 5.
you can choose between two level display modes:high/low;
open/close.
and two level update modes:
only at the opening of the first candlestick of the selected period (showing high, low and open of the first candlestick of the specified timeframe);
showing levels of the entire period of the specified timeframe.
it also allows setting the period to display levels on the chart.
the indicator has three input parameters:
bands period
- the period of displayed levels;
bands update
- mode for updating levels:
at the opening of the bar
- only the current bar of the selected timeframe is updated, after that levels remain unchanged on all bars of the selected period;
always
- levels are updated when the price exceeds previous levels, i.e. minimum/maximum levels for the whole period are shown.
bands applied price
- the open line of the selected period is always displayed, you can choose between two level display modes: the high/low levels of candlesticks and the open/close levels of candlesticks.
fig.1. the d1 period on the h4 chart, high/low levels, update mode "always"
fig.2. the d1 period on the h4 chart, high/low levels, update only at the first bar of the period
fig.3. the d1 period on the h4 chart, open/close levels, update mode "always"
fig.4. the d1 period on the h4 chart, open/close levels, update only at the first bar of the period
You may also like: bollinger bands 3 sigma - 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.