Using Prior-Day Price Levels and Volume for Market Context

Summary

This document describes an MQL5 chart script that summarizes the previous trading day’s open, close, high, low, and volume, alongside current-day volume. It draws horizontal lines at the prior-day high and low and places the values and brief market commentary on the chart. The intent is to make common price-action references available at a glance without manually gathering historical data.

The script labels the prior day bullish, bearish, or neutral according to its close relative to its open. It also compares current-day volume with the previous day’s total and uses these comparisons to suggest possible continuation, weakness, or uncertainty. The article explains the chart display and presents the script as a reference and learning aid. These interpretations are heuristic: the document supplies no performance evidence, and a partial day’s volume is not directly comparable to a completed day’s total. The author recommends combining the tool with a trader’s own strategy rather than treating its commentary as a forecast guarantee.

Key ideas

• The script displays the prior day’s open, close, high, low, and volume on the active chart.
• It marks the prior-day high and low as support and resistance reference levels.
• The prior day’s close relative to its open determines a simple bullish, bearish, or neutral label.
• Current-day volume is compared with the prior day’s volume to generate sentiment commentary.
• The commentary is heuristic, and the article does not provide quantified evidence of predictive performance.

Tags

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