Using Previous-Day High, Low, and Close as Intraday Levels

Summary

This document describes an indicator that plots the previous completed daily session’s high, low, and close as horizontal reference levels on an intraday chart. It frames the prior high and low as possible resistance, support, or breakout and breakdown reference points, while the prior close can serve as a directional pivot. The indicator can show levels from several prior sessions and labels each day separately, with options to toggle lines, colors, labels, and displayed prices.

The document explains that the values come from daily bars regardless of the open chart timeframe and that the levels refresh when a new daily bar begins. It provides no tested performance evidence, so the interpretations are trading conventions rather than demonstrated predictive effects. For around-the-clock markets, the broker’s definition of the daily session determines the levels; traders should check that boundary against the session they intend to analyze.

Key ideas

• The indicator projects the previous daily bar’s high, low, and close onto an intraday chart.
• The prior high and low can be watched as potential breakout or breakdown levels.
• The prior close is presented as a possible intraday reference for price direction.
• Multiple prior sessions can be displayed with separate labels and session-specific levels.
• Broker-defined daily boundaries can shift the levels for continuously traded instruments.

Tags

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