Daily and Weekly Bias from Prior-Period Highs, Lows, and Closes

Summary

This indicator assigns bullish or bearish daily and optional weekly bias using the previous period’s high and low, the current period’s developing range, and the prior close. A close beyond a previous high or low sets bias toward that level. Other rules use failed breaks, whether the current range remains inside the prior range, and whether the previous close was above or below the period’s open. Cases outside the rules can be marked as having no bias.

The display can draw prior-period high and low levels, mark when price reaches them, show reasoning labels, and issue alerts. Its table tracks how often an assigned bias is followed by a hit of the targeted level, how often price closes through a hit level, and the number of bias observations. These are built-in historical counts, not independent evidence that the approach predicts future prices; the excerpt supplies no actual results or sample details. Bias rules depend on timeframe and period boundaries, and the indicator presents context rather than a complete entry, exit, or risk-management strategy.

Key ideas

• The indicator can calculate bias from daily periods and optionally weekly periods.
• A prior-period high or low close-through points bias toward the level crossed.
• Failed breaks and the relationship between prior closes and current ranges determine additional bias cases.
• Prior highs and lows are plotted and change color when price reaches them.
• The statistics table reports target-hit rates, close-through rates, and sample counts without establishing predictive performance.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.