PROTECTED SOURCE SCRIPT
Previous Day and Week High and Low 1.0.1
Indicator Explanation
1. Main Objective:
• The indicator provides the high and low price levels reached on the previous day and the previous week. These levels act as reference points to identify areas where the price may encounter resistance (at the previous high) or support (at the previous low).
2. How It Works:
• Weekly Lines: At the start of a new week, the indicator saves the high and low reached during the previous week. It then draws a horizontal line for the high and another for the low. These lines extend to the right edge of the chart, ensuring they remain visible regardless of zoom level.
• Daily Lines: At the start of a new day, the previous day’s high and low are recorded, and corresponding lines are drawn. These lines also extend to the right edge of the chart, helping visualize key levels from the prior day.
• Labels: Each high and low line has a label displaying custom text to indicate whether it corresponds to a weekly or daily high or low. This makes it easier to identify each line visually on the chart.
3. Customization:
• The indicator allows the user to adjust the colors, styles, and labels of the lines and text. This helps tailor the indicator to each trader’s visual preferences and ensures clarity across different chart backgrounds and color themes.
4. Benefits for Traders:
• Previous highs and lows are areas where the price might react, either finding support (if the price drops towards a prior low) or resistance (if it rises towards a prior high). These historical zones are useful for technical analysis, defining entry and exit strategies, and setting stop loss or take profit levels.
• With the lines clearly visible on the chart, traders can assess whether the current price is near an important zone and adjust their strategy accordingly.
In summary, this indicator is a visual tool that helps traders identify and analyze historical price levels in the short and medium term, based on the highs and lows of the previous day and week.
1. Main Objective:
• The indicator provides the high and low price levels reached on the previous day and the previous week. These levels act as reference points to identify areas where the price may encounter resistance (at the previous high) or support (at the previous low).
2. How It Works:
• Weekly Lines: At the start of a new week, the indicator saves the high and low reached during the previous week. It then draws a horizontal line for the high and another for the low. These lines extend to the right edge of the chart, ensuring they remain visible regardless of zoom level.
• Daily Lines: At the start of a new day, the previous day’s high and low are recorded, and corresponding lines are drawn. These lines also extend to the right edge of the chart, helping visualize key levels from the prior day.
• Labels: Each high and low line has a label displaying custom text to indicate whether it corresponds to a weekly or daily high or low. This makes it easier to identify each line visually on the chart.
3. Customization:
• The indicator allows the user to adjust the colors, styles, and labels of the lines and text. This helps tailor the indicator to each trader’s visual preferences and ensures clarity across different chart backgrounds and color themes.
4. Benefits for Traders:
• Previous highs and lows are areas where the price might react, either finding support (if the price drops towards a prior low) or resistance (if it rises towards a prior high). These historical zones are useful for technical analysis, defining entry and exit strategies, and setting stop loss or take profit levels.
• With the lines clearly visible on the chart, traders can assess whether the current price is near an important zone and adjust their strategy accordingly.
In summary, this indicator is a visual tool that helps traders identify and analyze historical price levels in the short and medium term, based on the highs and lows of the previous day and week.
Aviso legal
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