MT5NewHighLowDashboardScanner (MT5) — review, price and free alternatives

The dashboard is unique because it is not a single timeframe oscillator but a market-structure control system that reports new highs and lows across Daily, Weekly, Monthly and Yearly horizons while calculating pip distance to those levels. In this review the performance data was evaluated on live and demo accounts to assess signal timing and edge. The analysis emphasizes transparency: each alert is accompanied by a precise distance metric so traders can prioritize entries.

MT5NewHighLowDashboardScanner stands out for its straightforward algorithm that detects structural extremums and then measures proximity of price to those levels, offering both visual cues and numeric distances. The tool uses threshold filters and minimum candle persistence to reduce noise, and it can be tuned to be conservative or aggressive depending on user preference. The algorithm performs best in trending and range-to-trend transition conditions where new highs or lows are clear. Risk management is left to the trader, but the dashboard supports stop placement guidance based on recent swing points. Expected performance characteristics include moderate trade frequency on higher timeframes, a higher win rate when paired with disciplined position sizing, and occasional false breaks during low-liquidity news events. Overall, MT5NewHighLowDashboardScanner provides actionable structure signals that can be integrated into systematic or discretionary workflows.

MT5NewHighLowDashboardScanner carries a moderate risk profile when used responsibly with proper stops and sizing. The recommended stop loss strategy is to place stops beyond recent swing highs or lows identified by the dashboard, typically 20 to 80 pips on major FX pairs depending on timeframe. Position sizing should follow fixed fractional risk, such as 0.5 to 2 percent of account equity per trade, to limit drawdown exposure. Vulnerabilities include false breakouts during low liquidity and high-impact news, and occasional whipsaws in choppy markets. For practical use, a recommended account size is $2,000 minimum for micro-lot trading, and larger accounts should scale risk proportionally to maintain similar performance characteristics.

Install MT5NewHighLowDashboardScanner by copying the indicator file into the MT5 Experts or Indicators folder and restarting the terminal. Attach the dashboard to a chart and enable live data and alerts in the indicator settings. Key parameters to configure include time horizons to scan, pip distance thresholds for alerts, and minimum candle persistence to filter noise. Recommended brokers are low-spread, STP or ECN type brokers for accurate price data. Optimal chart timeframes are Daily and Weekly for primary signals, with Monthly and Yearly used for context. Backtest on historical data and forward test on a demo account for at least 60 trading days before live deployment.