Previous Period High, Low, and Close as Support and Resistance
Summary
The document describes a chart indicator that displays the high, low, and close from the previous day, week, or month. These prior-period prices are commonly watched as possible support and resistance levels. The indicator leaves gaps between periods so traders can distinguish one period’s plotted levels from the next, and it can show levels for different periods using separate chart instances.
The source gives no rule for entering or exiting trades when price reaches a level, and it presents no backtest or evidence that the levels predict reversals or breakouts. It also notes a data-loading limitation: after changing time-shift or precision settings, displayed levels may be temporarily incorrect while the platform downloads required bars. Users are advised to confirm that the relevant history is available. The material explains a visualization and its settings caveat, rather than a tested trading system.
Key ideas
- The indicator plots the previous period’s high, low, and close for daily, weekly, or monthly periods.
- These prices are presented as commonly used potential support and resistance levels.
- Gaps between plotted periods make changes in the reference period easier to see.
- Levels may be temporarily incorrect while the platform downloads bars needed for selected settings.
- No trade 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.