Previous High-Low Indicator

The Previous High-Low indicator displays the marks that indicate crucial ranges on the daily chart of prices. It doesn’t change color.

PDH: Previous Day High
PWH: Previous Week High
PMH: Previous Month High
PYH: Previous Year High
PDL: Previous Day Low
PWL: Previous Week Low
PML: Previous Month Low
PYL: Previous Year Low

These marks are helpful for intraday traders who trade with lower timeframes. Observing small price changes can cause them to overlook important highs and lows that are on higher timeframes.

The indicator for the previous highs and lows in MT4 will assist traders in evaluating the crucial extremes from the previous week, day, and month.

How do you trade?

The previous high-low indicator was not able to generate simple sell and buy signals using arrows.

In contrast, PDH, PWH, PMH, and PYH typically serve as forms of resistance and support.

So, you can utilize the Previous High-Low indicator to give more importance to the buy and sell signals that originate via other indicators.

The chart below shows an alternative method for how you can utilize the previous high-low indicator in intraday trading.

PDL is PDL as the Previous Day Low (not seen on the chart). Check out how price reacts to the PDL level in five minutes.

At first, the level functioned as a support. After an upward break, it started to become a resistance. It is your choice to decide how to make trades at this level. PDL level:

• Using candlestick patterns as confirmations
• using traditional oscillator (e.g., momentum) signals for confirmations;
• using trendlines.

Additionally, you can utilize the PDL as an indication that is self-sufficient. For this, you need to you can open positions to the PDL level and then place stop-orders on at the PDL level.
The key is to be aware of the dangers. Check that the R:R ratio is favorable to you. Don’t ignore the main trend.
The previous high-low indicator for MT4 settings

Conclusion

The indicator of Previous High-Low in Metatrader 4 utilizes data from earlier timeframes to create:

• High of the previous day, week, month, or year.
• Low of the Previous Day / Week / Month / Year.

As a result, banks, government agencies, and major hedge funds keep track of highs and lows in the daily, weekly, or monthly timespans in order to devise strategies for managing capital.

The previous high-low indicator for Metatrader 4 works automatically. It lets you:

• Consider the support and resistance of higher timeframes.
• Trades should be placed near to the most important levels;
• Combine important signals from Highs-Lows as well as signals of other indicator.

Be aware that every technological indicator cannot give you an indicator that will guarantee a 100% return on investment. The previous high-low indicator is not an exception. It is important to ensure that trading with this indicator won’t squander your bank account. To ensure this, learn to trade on the demo account of an appropriate broker.
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