As the name suggests, the Weekly High Low Forex Price indicator for MT4 draws the previous week’s high and low prices on the chart.
The indicator tells you where to find major support and resistance levels. It’s a great technical tool for swing traders.
Generally speaking, both price levels can be used for stop loss placements or to identify possible major breakout levels.
Key Features
- Based on the weekly chart
- Good for swing trading
- Versatile indicator
- Non-repaint
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as a trend breakout confirmation tool.
Free Download
Download the “Weekly_HILO_Shj.mq4” MT4 indicator
Example Chart
The EUR/USD 1-hour chart below shows the Weekly High Low Forex Price indicator in action.
Basic Trading Signals
Signals from the Weekly High Low Forex Price indicator for Metatrader 4 are easy to interpret and go as follows:
BUY:
- A new buy signal is given when the price breaks and closes above weekly resistance.
- Place a stop loss below major support.
- Exit the buy trade for a predetermined profit target or risk-to-reward ratio of 2.0 or better.
SELL:
- A new sell signal is given when the price breaks and closes below weekly support.
- Place a stop loss above the resistance.
- Exit the sell trade for a predetermined profit target or risk-to-reward ratio of 2.0 or better.
Download Now
Download the “Weekly_HILO_Shj.mq4” MT4 indicator
Weekly High/Low + Zone Trade Scalper Breakout Strategy
This strategy is designed to capture explosive price moves when the market breaks through key weekly support or resistance levels.
It combines the structure awareness of the Weekly High Low Price Indicator with the fast-entry precision of the Zone Trade Forex Scalper.
Strategy Logic
- Weekly High Low Indicator draws the previous week’s high and low directly on your chart, helping identify breakout zones and price traps.
- Zone Trade Scalper provides early buy/sell signals based on momentum shifts and zone reactions.
Best Market Conditions
- Timeframes: M5, M15, M30
- Pairs: GBP/USD, EUR/USD, USD/JPY, Gold (XAU/USD)
- Sessions: London and New York openings for the highest breakout potential
Buy Setup
- Watch for the price to approach or slightly breach the previous weekly high drawn by the Weekly High Low Indicator.
- Wait for a green buy signal from the Zone Trade Scalper.
- Enter a buy trade on the candle close after both conditions are met.
- Set your stop loss just below the high or beneath the recent structure zone.
- Take profit at 1.5x to 2x risk or trail your stop using price action zones.
Sell Setup
- Monitor when the price nears or breaches the previous weekly low.
- Wait for a red sell signal from the Zone Trade Scalper.
- Open a sell trade once confirmation appears at or near the weekly low line.
- Stop loss goes above the low breakout candle or local resistance.
- Take profit can target the next support or the recent range base.
Extra Strategy Tips
- Breakouts that occur early in the trading week (Monday-Tuesday) are often more reliable.
- Avoid trading fakeouts during extremely low-volume periods or holiday sessions.
- Use trailing stops if the breakout gains momentum after the London or NY open.
Adjustable Parameters & Settings
Space, colors, and style
More Info About This Tool
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: any
Indicator Type: support/resistance
Final Thoughts
The Weekly High Low Forex Price Indicator for MetaTrader 4 is a valuable tool for traders aiming to identify breakout zones and potential price traps.
Drawing the previous week’s high and low directly on the chart provides clear visual cues for key support and resistance levels.
This indicator is particularly useful for traders employing breakout strategies, as it helps in pinpointing areas where significant price movements are likely to occur.
To enhance its effectiveness, consider combining it with the Zone Trade Scalper, which offers early buy and sell signals based on momentum shifts and zone reactions.
This combination can provide a comprehensive approach to trading, allowing for more informed decision-making.
