Previous Day Week Highs & Lows

The Previous Day Week Highs & Lows indicator plots the historical highs and lows of previous days, weeks, and months to provide key support and resistance levels across multiple timeframes.

Usage

The Usage section focuses on identifying institutional liquidity zones and significant price pivots based on historical period extremes. Traders can use these levels to anticipate price reversals or breakouts.

• Intraday Analysis: Daily levels are automatically displayed on intraday timeframes, helping scalpers and day traders identify previous session ranges.
• Swing Trading: Weekly and Monthly levels provide a broader context of market structure and are visible on daily and intraday charts.
• Projections: By enabling "Show Projections," the script extends the levels into the future, making it easier to visualize potential interactions with upcoming price action.
• Recency Visuals: The "Show Gradient" feature applies a color fade to older levels, allowing users to quickly distinguish between the most recent extremes and older historical data.

Details

The indicator utilizes the request.security function with lookahead_on to accurately capture the high and low values of higher timeframes without repainting the historical levels once the period is closed. It maintains a buffer of lines using Pine Script arrays, ensuring that only the user-defined number of previous periods (lookback) are displayed.

To maintain chart clarity, the script includes logic to filter visibility based on the current chart timeframe:

• Daily Levels: Only visible on intraday timeframes.
• Weekly Levels: Visible on intraday and daily timeframes.
• Monthly Levels: Visible on all timeframes except the monthly chart.

Settings

Highs & Lows

• Daily: Toggles visibility of previous daily highs and lows. Includes color selection and a lookback setting to determine how many previous days to display.
• Weekly: Toggles visibility of previous weekly highs and lows. Includes color selection and a lookback setting for the number of weeks.
• Monthly: Toggles visibility of previous monthly highs and lows. Includes color selection and a lookback setting for the number of months.

Style

• Show Projections: Extends the previous period lines into the right margin of the chart by a specified offset.
• Show Gradient: Enables a transparency gradient where the newest lines are solid and older lines become increasingly transparent based on the lookback depth.

FAQ

How do I use this indicator for breakout trading? Traders often monitor price action around the previous day or week high/low; a sustained break above these levels can signal bullish momentum, while a break below can signal bearish momentum.

Why are the Daily lines not appearing on my Daily chart? Daily levels are filtered to only show on intraday timeframes to prevent clutter and because the high/low of a daily bar is already represented by its wick on a daily timeframe.

How can I get access to the Previous Day Week Highs & Lows? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.