Last Two Highest High and Lowest Low as Horizontal Lines – Yearly Quarterly, Monthly, Weekly, Daily, 4 Hour and 1 Hour

v10.3
Last Two Highest High and Lowest Low as Horizontal Lines – Yearly Quarterly, Monthly, Weekly, Da ...

This indicator does the same calculations as my ‘Last Two Highest High and Lowest Low Horizontal Lines – Yearly Quarterly, Monthly, Weekly, Daily, 4 Hour and 1 Hour’ indicator but displays the results only on the last bar as a horizontal line where the latest projection is calculated to be.

At the start of a new period this indicator calculates lines connecting the previous two periods highest highs and previous two lowest lows. It then projects these lines forward throughout the latest period and draws horizontal lines on the chart at the latest projection values.

It can find the last two yearly, quarterly, monthly, weekly, daily, 4 hourly and 1 hourly highest highs and lowest lows and calculates how those lines would project forward At the start of a new year, quarter, month, week, day, 4 hour period, 1 hour period new lines and their projections forward are calculated.

Values for the latest projection are shown. These can be turned off with the ‘Values’ setting.

You can turn on or off the lines using the ‘Lines’ setting.

The indicator can be used on any time frame chart but if there is not enough data to provide two HH or two LL then it won’t draw any lines for that time period. You can only draw slower time frame lines on a faster time frame chart so for example you obviously cannot draw H1 lines a daily chart

For daily calculations Sunday candles are included in Fridays data so the projected lines on a Monday are from the Thursday daily HH and daily LL and the daily HH and daily LL of Friday and Sunday combined. Weeks start at the open of the Sunday candle.

Each line is labelled.  If you add this indicator to the same chart as my ‘Last Two Highest High and Lowest Low Lines – Yearly Quarterly, Monthly, Weekly, Daily, 4 Hour and 1 Hour’ indicator and turn off the lines and values then it can provide up to date labels for that indicator.

Apply to the price chart

The lines can be used as support and resistance or for breakout trading – however you wish.

It will be slow to draw if you apply it to a lot of historical bars.

I suggest downloading and importing the indicator to get full functionality.

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Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

ProRealTime ITF files and other attachments : How to import ITF files into ProRealTime platform?

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  1. Vonasi • 187 days ago #

    There has been a minor bug fix as lines were drawn incorrectly if both HH or both LL values were identical. The code and ITF file in this library post have been updated. Anyone who has already downloaded or copied the code should now download v1.1 or copy the amended code found here.

  2. dario ti • 184 days ago #

    Excellent, i was looking for something like that, but could be great if you add the option to switch from High/Low to Open/Close because they are very sensitive retracement levels for scalping!
    Thank you very much

  3. DaxRider • 131 days ago #

    Thank U for ur sharing Vonasi

  4. jandehaas • 78 days ago #

    Hello Vonasi, I tried it but it does not seem to work,any idea why ? Thanks,Jan

    defparam drawonlastbaronly = true

    //Y = 0
    //Q = 0
    //M = 1
    //W = 0
    //D = 0
    //H4 = 0
    //H1 = 0
    //Lines = 1
    //Values = 1

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