Code Plots - High, Low, Open, Close—Daily, Weekly, & Monthly!!!

The Code Plots - High, Low, Open, Close—Daily, Weekly, & Monthly!!! indicator provides automated plotting of key price levels across multiple timeframes to help traders identify critical support, resistance, and breakout zones.

Usage

The Usage section describes how the script can be used to monitor significant price levels from higher timeframes on a lower-interval chart. Traders can utilize these plots to identify liquidity pools or potential reversal points.

• Intraday Trading: Plotting the previous day's high and low is a common method for identifying breakout levels or areas where price may find support or resistance during the current session.
• Swing Trading: Using weekly and monthly levels on daily charts helps identify long-term structural points that often influence market sentiment over several days or weeks.
• Visual Distinction: Current timeframe levels (Daily, Weekly, or Monthly) are represented as circles, while previous period levels are represented as crosses to ensure clear differentiation on the price action.

Details

The script utilizes the request.security function to fetch Open, High, Low, and Close (OHLC) data from Daily (D), Weekly (W), and Monthly (M) timeframes regardless of the current chart interval.

The implementation focuses on two main states for each timeframe:

1. Current Levels: Tracks the developing OHLC of the active day, week, or month.
2. Previous Levels: Tracks the finalized OHLC of the completed previous day, week, or month.

By default, the script is optimized for visual clarity with distinct colors for each price type: Open (Foreground color), Close (Blue), High (Green), and Low (Red).

Settings

The settings are categorized by timeframe and allow for granular control over which levels are displayed on the chart:

• Show Todays OHLC?: Toggles the display of the current day's open, high, low, and close levels.
• Show Yesterdays OHLC?: Toggles the display of the previous day's open, high, low, and close levels.
• Show This Weeks OHLC?: Toggles the display of the current week's open, high, low, and close levels.
• Show Previous Weeks OHLC?: Toggles the display of the previous week's open, high, low, and close levels.
• Show Monthly OHLC?: Toggles the display of the current month's open, high, low, and close levels.
• Show Previous Months OHLC?: Toggles the display of the previous month's open, high, low, and close levels.

FAQ

How can I use these levels for breakouts? Traders often look for price to hold above the previous day's high as a bullish signal or break below the previous day's low as a bearish signal. These levels act as psychological barriers where liquidity is typically concentrated.

Can I set alerts for when price hits these levels? Yes, the script includes built-in alert conditions for price crossing the daily open, and additional alerts can be configured using the technical levels provided by the indicator's plots.

How do I access the Code Plots - High, Low, Open, Close—Daily, Weekly, & Monthly!!! tool? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.