Plotting Multi-Timeframe OHLC Levels for Support and Breakout Analysis
Summary
This indicator plots the latest open, high, low, and close levels from selected yearly, quarterly, monthly, weekly, daily, four-hour, and hourly periods. Settings let users choose which periods and price pairs to display, show or hide price labels, and look back to earlier completed periods. Color and labels distinguish the type and timeframe of each level, allowing several historical periods to appear on one chart.
The author presents the levels as possible support and resistance references and as inputs for breakout trading, and suggests pairing them with a separate indicator that extends lines through prior highs and lows. The supplied implementation tracks timeframe boundaries, records OHLC values, and draws horizontal lines on the latest bar. It offers a charting aid rather than a tested entry or exit system: no performance evidence or rules for confirming a level are given. The plotted levels may help organize analysis, but the document does not establish that market participants will respond to them.
Key ideas
- The indicator plots OHLC levels for selectable timeframes from hourly to yearly.
- Users can choose the price types, periods, labels, and historical look-back.
- Distinct colors and labels identify each level’s price type and timeframe.
- The author suggests using the levels to examine possible support, resistance, and breakout areas.
- No trading rules or performance evidence are supplied.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.