3 Bars High Low indicator for MT5 Download — Free — [TradingFinder]

The 3 Bars High Low indicator for MetaTrader 5 (MT5) is a technical analysis tool that integrates the Commodity Channel Index (CCI) and Average True Range (ATR) to provide insights into market trends and volatility.

💎source:
https://tradingfinder.com/products/indicators/mt5/3bars-high-low-free-download/

💎free indicator download:
https://cdn.tradingfinder.com/file/267009/3-bars-high-low-mt5-by-tflab-v1-2.zip

💎TradingFinder Support Team (Telgram):
https://t.me/TFLABS

It features a dynamic line that changes color based on price movements and incorporates Williams Fractal points to identify potential trend reversals.

Specifications

💰Overview

The indicator utilizes Williams Fractal patterns, which consist of five consecutive candles.

A bullish fractal is identified when a candle is positioned between two candles with higher lows, while a bearish fractal occurs when a candle is between two candles with lower highs.

Performance in Different Market Conditions

Uptrend

In an uptrend scenario, such as observed in the Ethereum (ETH) 1-hour chart, the price breaks above the indicator line, which then changes color to green. This movement suggests the initiation of an upward trend. The blue and red points on the chart represent the Williams Fractal points, indicating potential support levels.

Downtrend

Conversely, in a downtrend, as seen in the NZD/USD 1-hour chart, the price moves below the indicator line, turning it red. This indicates the beginning of a downward trend. The Williams Fractal points in this context highlight potential resistance levels.

🔺Indicator Settings

The 3 Bars High Low indicator offers customizable settings to enhance its functionality:

• Chart Theme: Customize the visual theme of the indicator.
• CCI Period: Set to 50 by default, adjustable based on user preference.
• ATR Period: Default is 5, modifiable to suit different trading strategies.
• Alert On: Enable or disable alerts for trend changes.
• Alert Email: Option to receive alerts via email.
• Show Fractals: Toggle the display of fractal points on the chart.
• Lookback: Determines the number of candles used for calculation; default is 500.

Conclusion

The 3 Bars High Low indicator is a valuable tool for traders seeking to identify trend directions and potential reversal points. By combining CCI and ATR with Williams Fractal analysis, it provides a comprehensive view of market dynamics. The dynamic line not only signals trend changes through color shifts but also serves as a reference for setting stop-loss levels.

❓What is the 3 Bars High Low indicator used for?
It helps identify trend direction and potential reversal points.

❓What indicators does it use internally?
It combines CCI, ATR, and Williams Fractal.

❓Is it suitable for all markets?
Yes, it works with Forex, Crypto, Stocks, Commodities, and Indices.

❓Can I use it on any timeframe?
Yes, it’s a multi-timeframe indicator.