Plotting Higher-Timeframe Open, High, Low, and Close Levels

Summary

HLBands is a chart indicator for displaying price levels from a selected timeframe, including on a chart with a shorter timeframe. It can show the period's open together with either its high and low or its open and close. A period setting controls which timeframe supplies the levels.

The indicator offers two update behaviors. In opening-only mode, it takes the levels from the first candle of the selected period and leaves them unchanged through that period. In continuous mode, the displayed extremes update when price establishes a new high or low, so the levels track the period's running range. The document illustrates these combinations with daily levels on a four-hour chart. It explains display behavior, not a trading signal or a tested strategy; it reports no performance evidence and gives no guidance on how to trade reactions at the levels.

Key ideas

• The indicator overlays selected-timeframe price levels on a chart.
• It displays the period open with either high and low or open and close levels.
• Opening-only mode fixes levels using the first candle of the selected period.
• Continuous mode updates the period extremes when price makes new highs or lows.
• The description covers chart display options but supplies no trading rules or performance results.

Tags

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