About the OHLC Forex Indicator
The OHLC Forex Indicator is a practical price reference tool designed for MetaTrader 4 traders who rely on precise market levels.
It displays the Open, High, Low, and Close prices for both the current trading day and the previous day.
The indicator appears directly in the main MT4 chart window and presents all data in the upper left corner of the chart.
This layout allows traders to quickly view key price levels without drawing manual lines or switching timeframes.
The OHLC indicator is commonly used for intraday analysis, session-based trading, and level-based strategies.
Many traders use these values to identify potential support and resistance zones, plan entries, or manage existing trades.
It works across all currency pairs and timeframes, making it suitable for scalping, day trading, and swing trading.
Free Download
Download the “OHLC.mq4” indicator for MT4
Key Features
- Displays open, high, low, and close prices.
- Shows data for both today and yesterday.
- Appears directly on the main chart window.
- Information positioned in the upper left corner.
- Useful for intraday and session-based trading.
- Works on all currency pairs and timeframes.
Indicator Chart
The chart shows the OHLC Forex Indicator displayed in the main MT4 window.
Price data for the current and previous day is listed clearly on the chart, allowing traders to reference key levels instantly.
These values help identify important market zones that often influence intraday price behavior.
Guide to Trade with OHLC Forex Indicator
Buy Rules
- Use the previous day’s low as a potential support reference.
- Look for bullish price action near key OHLC levels.
- Confirm entries with additional price or momentum signals.
- Open a buy trade when price reacts positively from support.
Sell Rules
- Use the previous day’s high as a potential resistance reference.
- Watch for bearish price reactions near OHLC levels.
- Confirm entries with price rejection or momentum weakness.
- Open a sell trade when price fails to break resistance.
Stop Loss
- Place the stop loss beyond the next significant OHLC level.
- Allow enough room for normal intraday volatility.
- Avoid placing stops directly on round numbers.
- Keep risk aligned with overall account management rules.
Take Profit
- Target the next OHLC level in the direction of the trade.
- Use today’s high or low as an intraday profit objective.
- Secure partial profits near key price reactions.
- Exit trades if price stalls at major reference levels.
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).
Download Now
Download the “OHLC.mq4” indicator for Metatrader 4
FAQ
Why are OHLC levels important in forex trading?
These levels often act as natural reference points where price may react due to institutional activity.
Can the indicator be used on lower timeframes?
Yes, many scalpers use OHLC levels on M5 and M15 charts for intraday setups.
Does the indicator repaint?
No, the values update only when new price data becomes available.
Is the OHLC indicator a trading system?
No, it is a reference tool best used alongside price action or other indicators.
Summary
The OHLC Forex Indicator for MT4 provides traders with quick access to essential daily price data directly on the chart.
By displaying today’s and yesterday’s open, high, low, and close levels, it simplifies market analysis.
Its usefulness across multiple trading styles makes it a valuable support tool for intraday planning and trade management.
When combined with price action and disciplined execution, OHLC levels can significantly improve trade timing and confidence.
