OHLC is a free mt4 (Metatrader 4) Forex indicator that informs traders about the open, high, low and close price for today and yesterday.
The indicator displays all information in the upper left part of the main chart.
The indicator that opens up in the main chart window of your trading platform.
OHLC is very reliable, lightweight, and will not slow down your trading platform.
Free Download
Download the “OHLC.mq4” indicator for MT4
Indicator Chart (EUR/USD M15)
The picture below shows the OHLC mt4 indicator in action on the trading chart.
Indicator Specifications
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Candlestick
Repaint? Does not repaint the oscillator trend bars.
OHLC + Discipline Oscillator Forex Intraday Strategy for MT4
This MT4 strategy blends the OHLC Forex Indicator and the Discipline Arrows Oscillator.
The OHLC indicator shows today’s and yesterday’s open, high, low, and close.
The Discipline Oscillator provides momentum signals: a green histogram indicates bullish momentum, while a red histogram indicates bearish momentum.
Together, they help you enter trades when momentum aligns with price context.
This method works best on the M5 and M15 timeframes, during the overlap hours between London and New York.
It’s suitable for intraday traders who prefer clean setups with defined risk.
Buy Entry Rules
- Wait until the current price is above the previous day’s high (breakout context) or above today’s open (if trending).
- The OHLC indicator helps you see where those levels lie.
- Confirm that the Discipline Arrows Oscillator histogram turns green.
- Enter a buy at the close of the confirmation candle.
- Stop loss: place it slightly below the nearest swing low or below yesterday’s high (whichever is stronger).
- Allow 10–20 pips buffer depending on pair volatility.
- Take profit: aim for 1.5× to 2× risk (e.g., if risk is 20 pips, target 30–40 pips), or exit when the histogram flips red.
Sell Entry Rules
- Wait until the current price is below the previous day’s low (breakout downside) or below today’s open (if downtrend).
- Use the OHLC indicator to visualize those key levels.
- Confirm that the Discipline Arrows Oscillator histogram turns red.
- Enter a sell at the close of that confirmation candle.
- Stop loss: slightly above the nearest swing high or above yesterday’s low, with a buffer (10–20 pips).
- Take profit: aim for 1.5× to 2× risk, or exit when the histogram turns green.
Advantages
- Combines price-level context (OHLC) with momentum confirmation (Oscillator).
- Helps avoid trades in range phases by requiring a breakout or alignment with momentum.
- Visual and relatively simple to monitor during active hours.
- Flexible across multiple pairs (just adjust stop/target for volatility).
Drawbacks
- False breakouts can occur, especially during low-volume times.
- Whipsaws when the oscillator flips quickly near a level.
- Requires discipline to wait for both criteria before entering.
- In very quiet markets, signals may rarely trigger.
Case Study 1: EURUSD on M5
In the London session, the price broke above yesterday’s high.
The OHLC indicator clearly marked the prior high.
At that same moment, the Discipline Oscillator flipped to green.
A buy was entered at 1.1105. A stop was placed at 1.1088 (below a recent swing low).
The trade moved strongly within 20 minutes to reach 1.1130.
The histogram eventually turned red, prompting exit. Net gain of 25 pips, roughly 1.7× risk.
Case Study 2: AUDJPY on M15
During the early US session, the price dropped below yesterday’s low. OHLC showed the low boundary.
The oscillator turned red, confirming downward momentum.
A sell was entered at 91.45, stop at 91.65.
Price moved downward steadily, reaching 91.10 before a small retrace.
The histogram then turned green, so the trade was exited for a 35-pip profit.
Strategy Tips
- Trade only during active sessions (London & New York overlap) to increase probability.
- Keep a minimum spread requirement (avoid pairs when the spread is too wide).
- Use a trailing stop (e.g., trailing by 10 pips) once the price moves into profit to protect gains.
- If price reverses rapidly and flips the oscillator before your target, exit early—don’t wait.
- Backtest across several pairs to find those with consistent behavior (e.g., EURUSD, GBPUSD, AUDJPY).
By combining a clear price structure from the OHLC indicator and momentum confirmation from the Discipline Arrows Oscillator, this MT4 intraday strategy helps you enter trades with both context and momentum.
Use strict risk management, avoid trading during low volatility, and you’ll be better positioned to catch meaningful intraday moves.
