The Larry Williams Swing High/Low indicator for Metatrader 5 is designed to identify the most significant swing high and low levels within the overall market trend.
Once these levels are determined, the indicator marks them with blue-colored circles positioned above and below the swing high and low points.
The swing high level represents a resistance level, while the swing low level represents a support level.
How to use it properly?
- A price breakout above the swing high level generates a buy signal.
- A price breakout below the swing low level generates a sell signal.
- In an uptrend, the swing low level can be utilized for stop loss placement (below entry price).
- In a downtrend, the swing high level can be utilized for stop loss placement (above entry price).
Make yourself familiar with this swing indicator and test it first on a practice account for an extended period of time.
The Larry Williams Swing High/Low indicator can be applied to any trading instrument supported by the MT5 trading platform.
Configurable parameters and input settings: ignore inside bars (true, false), style.
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The following image shows how the Larry Williams Swing High/Low indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Utilizing The Larry Williams Swing High/Low Indicator?
Find a simple trading example below:
- A buy signal occurs when the candle closes above the previous swing high level.
- Open a buy trade and place a stop order below the most recent swing low level.
- Exit the buy trade for a risk to reward ratio of 1.5 or higher.
- A sell signal occurs when the candle closes below the previous swing low level.
- Open a sell trade and place a stop order above the most recent swing high level.
- Exit the sell trade for a risk to reward ratio of 1.5 or higher.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the larrywilliams_minmax.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration