Four Price Levels Derived from a Selected Bar’s High and Low

Summary

This indicator plots four horizontal price levels based on a user-selected bar. The two basic levels sit above that bar’s high and below its low by a configurable shift. Two additional guide levels are placed farther outward: the upper guide adds the high-to-low range and subtracts the shift, while the lower guide subtracts that range and adds the shift. The document illustrates changing the selected bar number and says the indicator is mainly intended for larger timeframes, starting around H4.

The description explains the construction rules but gives no trading entry, exit, or risk-management method. It includes no historical test, sample market, or evidence that the lines predict support, resistance, or profitable trades. The levels are therefore best understood as visual reference points whose usefulness depends on how a trader interprets them and on the instrument and timeframe used.

Key ideas

• The indicator anchors its levels to the high and low of a selected historical bar.
• The basic upper and lower lines offset that bar's high and low by a shift value.
• The guide lines extend outward using the range between the basic levels and the same shift.
• The author recommends larger chart timeframes, beginning around H4.
• No trading rules or performance evidence are provided.

Tags

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