Previous Day High and Low + Separators Daily/Weekly

The Previous Day High and Low + Separators Daily/Weekly indicator automates the plotting of daily and weekly session boundaries while highlighting key liquidity levels from the previous day's trading range. This tool helps traders maintain market context by organizing the price action into clear temporal segments and identifying significant price extremes for potential continuation or reversal plays.

Usage

The Usage section describes how the script can be used to organize price action and identify key intraday levels.

• Session Separation: The indicator automatically plots vertical separators for each new trading day and week based on a user-defined UTC offset. This allows traders to visually group price action and understand the specific time location within the trading week.
• Liquidity Levels: The script identifies the High of Day (HOD) and Low of Day (LOD) from the previous session. These levels are extended throughout the current session, serving as potential areas of support, resistance, or breakout triggers.
• Contextual Analysis: By observing where price opens and trades relative to the previous day's extremes, users can gauge market sentiment. Trading above the previous high may suggest bullish momentum, while trading below the previous low may suggest bearish bias.

Details

The script utilizes time-based logic to determine session transitions. By calculating the start of each day and week according to the specified UTC offset, it ensures consistency across different global markets. The previous day's high and low are captured using persistent variables that update only when a new daily session begins.

Additionally, the tool employs dynamic labeling at the top and bottom of the chart to display the current day of the week and a timestamp, providing immediate chronological reference without cluttering the main price area.

Settings

Time Configuration

• UTC Offset (in hours): Adjusts the session start time to align with specific time zones (ranging from -12 to 12).

Daily Separator

• Color: Sets the color of the vertical daily separator lines and top labels.
• Style: Choose between "Solid" or "Dotted" line styles.
• Width: Adjusts the thickness of the daily vertical lines.
• Label Text Color: Sets the color for the date/time labels at the bottom of the chart.

Weekly Separator

• Color: Sets the color of the vertical weekly separator lines.
• Style: Choose between "Solid" or "Dotted" line styles.
• Width: Adjusts the thickness of the weekly vertical lines (default is thicker to distinguish from daily lines).

Previous Day H&L

• Color: Sets the color of the horizontal lines representing the previous day's high and low.
• Text Color: Adjusts the color of the "HOD" and "LOD" labels.
• Style: Choose between "Solid" or "Dotted" for the horizontal level lines.
• Width: Adjusts the thickness of the high and low lines.

FAQ

How do the daily separators help in trading? Daily separators provide a visual boundary that helps traders identify the "Opening Range" and how price develops throughout a single session, making it easier to spot patterns that occur at specific times of the day.

Can I use this on any timeframe? While the indicator works on various timeframes, it is most effective on intraday charts (e.g., 1m, 5m, 15m, 1h) where daily and weekly cycles are clearly visible.

How do I get access to this indicator? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.