The broader Tf OHLC indicator used by MT4 detects and displays the opening highs, lows and closing values of the larger market session in the current time frame on the chart. When there is a bearish or bullish trend in the market, the price follows the previous day’s trend into the next day. Therefore, once the price breaks above the previous day’s high or low, traders can buy or sell based on the trend. Forex traders are able to apply the same strategy by using any other time frame to create a trading strategy that employs OHLC.
The indicator is suitable for both novice and experienced forex traders. In addition, the indicator works perfectly on all intraday time frames as well as on weekly, daily and monthly charts. Forex traders are able to download the indicator for free and install it easily.
Larger TF OHLC indicator for MT4 trading setups
Large TF-OHLC indicator for MT4 with modified settings for this indicator. The indicator shows the starting price as a gold line and the closing price as a royal blue. Similarly to the high prices, they are shown as red and the low prices are shown as lime lines. Forex traders must look at the early time frame breakouts, which are the opening and closing prices, or the low and high prices, to calculate what entry point to use.
If the price is above the previous day’s high, then it indicates a bullish trend. Forex traders can use buy options to trade with a stop below the previous swing’s low. Forex traders can use the appropriate risk-reward ratio to take profits, as the indicator does not give a profit forecast.
A price below the previous day’s low is a sign of a bearish trend. Therefore, forex traders should take a sell position with a stop loss above the swing high. With a profitable stop-loss strategy, traders can make profits while maintaining a favorable risk-reward ratio.
The broader tf OHLC indicator is available for MT4 and allows Forex traders to identify bearish and bullish price trends with the help of the previous day’s market or higher frequency price movements.