HighLow Arrow is simply an indicator that indicates the main lows and highs on the chart.
This indicator is not intended for use in trading. It’s just a visual assistant that allows you to have a clean chart and see the price action.
HighLow Arrow is used by traders who use the Micro Trend System (https://www.mql5.com/ru/market/product/20589).
In this case, the HighLow Arrow indicator signals that a new high or low is being formed, and that you can prepare to search for new signals using the Micro Trend System.
The HighLow Arrow indicator has several input parameters:
- MaxBars: number of bars to calculate the indicator
- symbolarrow: Select the symbol that will be used to display the arrows
- arrowcodeup: Character code of the Windings font to display the up arrow (select _custom in the symbolarrow parameter to use this character code)
- arrowcodedown: The character code of the Windings font to display the down arrow (select _custom in the symbolarrow parameter to use this character code)
- Distance: the distance between the arrow and the candle
The HighLow Arrow indicator can be used on any timeframe with any assets: Forex, binary options, commodities, indices, stocks, futures.