HL R
Info
The HL R is a Indicator for MetaTrader 5 that alexjouthe highestlowestrange (hlr) determines the relative price position in range of the several x bars ago. If price located at range bottom (in case of the new low), the indicator is equal to 0, if price position at the top of the range (in case of the new high), the indicator is equal to 1 (or 100%).
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 R
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
alexjouThe HighestLowestRange (HLR) determines the relative price position in range of the several X bars ago.
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: Price Channel Indicator - another powerful indicator for MetaTrader 5 traders.
alexjou
The HighestLowestRange (HLR) determines the relative price position in range of the several X bars ago. If price located at range bottom (in case of the new low), the indicator is equal to 0, if price position at the top of the range (in case of the new high), the indicator is equal to 1 (or 100%). If the price located in the middle of the range, the indicator is equal to 0.5 or 50%.
Also recommended: Multi-Timeframe Moving Average Indicator (v03) - similar indicator with strong performance on MetaTrader 5.
Trade signals.The long position is opened when HLR overcomes the 0.8 level, the postion is reversed to short when HLR breakdowns the 0.2 level, in other words, the position is opened when the price is located in the upper or lower bounds (20%) of the price range. The indicator was tested with system, based on 40-day channel breakout.
The HLR indicator and its use is described in article by , Active Trader, Vol. 2 (see also ).
This indicator was first implemented in MQL4 and published in 25.01.2007.
HighestLowestRange (HLR) indicator
You may also like: Multi-Timeframe Relative Strength Index (MTF RSI) Indicator for MT4/MT5 - excellent alternative for indicator users on MetaTrader 5.
⚠ 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.