Overview of the RecentHighLowAlert Indicator
The RecentHighLowAlert indicator for MT4 highlights the most recent high and low within a defined number of candles and notifies traders when price touches either level. It’s a minimal yet effective tool for identifying potential breakout or reversal points.
The indicator draws a horizontal line for the highest high and lowest low over the past N candles, and issues an alert when the current price reaches one of these levels.
How to Use It in Practice
In trading, this indicator helps you:
- Spot when price approaches recent support or resistance levels.
- Get notified of potential breakout scenarios when price breaks recent highs or lows.
- Stay informed without watching the chart constantly, thanks to customizable alerts.
This indicator is useful for breakout traders or anyone who wants a quick alert when key price levels are touched.
Parameter Explanations
N
Number of bars to look back for the most recent high and low. A larger value will result in wider levels; a smaller value will tighten the range.
SoundAlert
If true, a sound alert will play when price hits the high or low level.
PopupAlert
If true, a popup message will be displayed when price touches a high or low level.
EmailAlert
If true, an email notification will be sent when price reaches the alert level.
