Using MQL5 Daily High and Low Levels Across Timeframes

Summary

The document describes an MQL5 chart indicator that plots upper and lower price levels for a selected timeframe. Users can choose whether those levels come from the period’s actual high and low, the greater and lesser of its open and close, or its highest and lowest closing prices. A setting can shift the displayed levels to the previous period, which provides historical reference levels. The default timeframe is daily, and the indicator is described as preventing a selected timeframe smaller than the chart timeframe.

The suggested application is to use these levels as potential support and resistance in breakout or reversal analysis. The text outlines buffer initialization and calculation at a high level, but supplies no source code, chart examples, or test results. It does not establish that price reactions at the plotted levels are predictive, so the indicator should be treated as a way to display reference prices rather than a validated trading signal.

Key ideas

• The indicator plots high and low reference levels for a user-selected timeframe.
• It supports actual highs and lows, open-close extremes, or closing-price extremes.
• A setting displays levels from the previous period for historical context.
• The described use is to inspect possible support, resistance, breakout, and reversal levels.
• The document provides no performance evidence that these levels predict price movements.

Tags

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