HLR Oscillator Metatrader 5 Forex Indicator
HLR is short for Highest Lowest Range and typifies a Metatrader 5 forex indicator that defines the relative price position in range of the several N previous bars.
Seemingly, the HLR MT5 forex indicator is equal zero when price gets situated at the range bottom (speaking of a fresh low), while the indicator equals 1 (or 100%) when price gets positioned at the top of the range (speaking of a fresh high).
The indicator carries a value of 0.5 or 50% if price gets stuck in the middle of the range.
The EUR/CAD H4 chart below displays the HLR Oscillator Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the red line of the HLR Metatrader 5 forex indicator breaks above the 50 level.
Sell Signal: Go short when the red line of the HLR Metatrader 5 forex indicator breaks below the 50 level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the red line of the indicator dips below the 50 level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the red line of the indicator surges above the 50 level.
Tips: Trading the Highest Lowest Range (HLR) should be accompanied with trend indicators (for instance moving averages), when modeling profitable trading strategies for intraday traders, scalpers and swing traders.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable [Period, Horizontal shift (in bars)], Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the hlr.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)