Skip to content
All library documents

Using Previous Week High and Low as Intraday Reference Levels

Article MQL5 code base
Read the original

Summary

The indicator reads the high and low of the last completed weekly bar and plots them as horizontal levels on lower-timeframe charts. Traders can use the prior high as a possible resistance or breakout reference and the prior low as possible support or a breakdown reference. It can also display levels from several earlier weeks, each limited to the week when it applied, and refreshes when a new weekly bar begins.

Inputs control how many weeks to show, whether to display either level, line appearance, labels, and price values. The document describes intended chart use rather than a tested trading strategy, and gives no performance evidence. Weekly boundaries depend on the broker’s server time, which can affect the calculated levels, especially around shortened holiday weeks; traders should check that definition against their own trading calendar.

Key ideas

  • The indicator sources both levels from the prior completed weekly bar, regardless of the chart timeframe.
  • The previous high can serve as a resistance or breakout reference, while the previous low can serve as support or a breakdown reference.
  • Multiple historical weeks can be displayed with levels confined to the week in which they applied.
  • The broker’s weekly bar boundary determines which prices are included in each level.

Tags

Technical indicatorsBreakoutForex

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