Previous High-Low Indicator, Unlock Critical Support & Resistance

Description

The MT4 Previous High-Low Indicator

The indications for significant levels on the intraday price chart are shown by the Previous High-Low Indicator. It doesn’t repaint.

PDH – Previous Day High
PWH – Previous Week High
PMH – Previous Month High
PYH – Previous Year High
PDL – Previous Day Low
PWL – Previous Week Low
PML – Previous Month Low
PYL – Previous Year Low

For intraday traders who trade on shorter periods, these eight marks are particularly helpful. They frequently overlook significant Highs-Lows from longer durations when monitoring minor price swings.

They can take into account significant extremes from the preceding day, week, month, and year with the aid of the preceding Highs-Lows Indicator for MT4.

How to trade Previous High-Low Indicator

Simple buy and sell signals with arrows are not produced by the Previous High-Low Indicator.

Nonetheless, PDH, PWH, PMH, PYH, and PDH frequently serve as resistance and support.

As a result, you can utilize the Previous High-Low Indicator to give buy and sell signals from other indicators additional weight.

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The price chart above shows a variation on how you can use Previous High-Low indicator for intraday trading.

PDL marks the Previous Day Low (not seen on the chart). See how price interacts with the PDL level on the 5-minute timeframe.

Initially, the level acted as support. Then, after a bearish breakout, the level began to act as resistance . You have the freedom to choose how to trade the PDL level:

• Employ candlestick patterns for confirmation signals.

• Use classic oscillators (such as Momentum) to confirm trades.

• Incorporate trendlines as additional confirmation tools.

Additionally, the PDL can be used as an independent indicator. This is accomplished by placing protective stop-orders behind the PDL level and opening positions at the PDL level.

The most important thing is to monitor the hazards. Make sure you have a favorable R:R ratio. Additionally, pay attention to the main trend.
The MT4 Settings’ Former High-Low Indicator

Conclusion

Using information from longer time periods, the Previous High-Low indicator for Metatrader 4 constructs:

• High of the Previous Day / Week / Month / Year.
• Low of the Previous Day / Week / Month / Year.

Governments, major banks, and large hedge funds closely monitor daily, weekly, and monthly highs and lows to execute their capital management strategies.

The Previous High-Low Indicator for MetaTrader 4 operates automatically and enables you to:

• Consider support and resistance levels from higher timeframes;

• Enter trades near significant price levels;

• Combine key highs and lows with signals from other indicators.

Remember, no technical indicator guarantees a 100% profit, and the Previous High-Low Indicator is no exception. To protect your capital, it’s essential to practice trading with this indicator on a demo account first, using your preferred broker.

Download the Previous High-Low Indicator for MT4 for free today!