Previous Day, Week, or Month High, Low, and Close Levels Indicator for MT5
Info
The Previous Day, Week, or Month High, Low, and Close Levels Indicator for MT5 is a Indicator for MetaTrader 4 that metatrader 5 indicator: previous high, close, and low levelsthis indicator displays the high, close, and low prices from the previous day, week, or month. These levels are frequently utilized by traders as support and resistance zones.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Previous Day, Week, or Month High, Low, and Close Levels Indicator for MT5
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
MetaTrader 5 Indicator: Previous High, Close, and Low LevelsThis indicator displays the high, close, and low prices from the previous day, week, or month.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: Previous Day Closing Price Indicator - another powerful indicator for MetaTrader 4 traders.
MetaTrader 5 Indicator: Previous High, Close, and Low LevelsAlso recommended: Previous Candle Hi-Lo - similar indicator with strong performance on MetaTrader 4.
This indicator displays the high, close, and low prices from the previous day, week, or month. These levels are frequently utilized by traders as support and resistance zones. The indicator draws these levels and includes a gap between periods to clearly delineate the start of a new period.
Update 1.1: Incorporated optimizations.
Update 1.1.1: Resolved a compilation error in recent MetaTrader compilers.
Indicator Settings
Precision:
Determines the timeframe used for calculating the previous period's high, close, and low. This setting is crucial when 'Time Shift' is active; otherwise, it can be disregarded. For instance, to calculate GMT 0 levels on a GMT 2 broker, set 'Hour Shift' to -2 and 'Precision' to H1. This allows the indicator to use the hourly chart for calculations, impacting the closing value. Choose this setting carefully.
Period:
Select one option: Previous Day, Previous Week, or Previous Month. To display levels from multiple periods, add additional instances of the indicator to your chart.
Periods to Calculate:
Specifies the number of past days, weeks, or months to display on the chart. Only the relevant prices for these periods will be calculated and shown.
Hours Shift:
Adjusts the hour shift. Note that this requires 'Precision' to be set to at least H1.
Minutes Shift:
Adjusts the minute shift. Note that this requires 'Precision' to be set to a multiple of the minutes shift (e.g., a 15-minute shift requires Precision set to at least M15).
Ignore Sunday:
Merges Sunday's trading data into Monday's. This setting only affects the 'Previous Day' mode.
Ignore Saturday:
Merges Saturday's trading data into Friday's. This setting only affects the 'Previous Day' mode.
Buffer Visibility:
Allows you to show or hide individual indicator lines as needed.
Probe Visibility:
Allows you to show or hide the value labels for each line.
Probe Size:
Adjusts the size of the value labels.
Data Window Label:
Customizes the text displayed in the data window and tooltips for each line.
Important Information:
When using 'Time Shift' and 'Precision' settings, the indicator might briefly display incorrect levels while MetaTrader downloads the necessary historical bars. If you set 'Precision' to H1, verify that the hourly bars have been downloaded.
The example image displays the high, close, and low for the previous day (green), previous week (blue), and previous month (red). Three instances of the indicator were applied to the chart. As shown, only the monthly lines display the value tag at their end (configured via 'Probe' settings). A template demonstrating this configuration is available for download.
You may also like: Graphical Indicator for Current Trend Across All Time Frames - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.1"
#property strict
#property indicator_chart_window
#property indicator_buffers 3
#property indicator_color1 c'83,173,52'
#property indicator_color2 c'83,173,52'
#property indicator_color3 c'83,173,52'
#property indicator_style1 style_dash;.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.