Previous Day High/Low Levels [OWI]

6 hari lalu

📘 How to Use the “Previous Day High/Low Levels [OWI]” Indicator

This TradingView indicator automatically tracks and displays the previous day's high and low during the Regular Trading Hours (RTH) session. It’s perfect for traders who want to visualize key support/resistance levels from the prior day in futures like NQ1! and GC1! .

🛠 Setup Instructions

1. Customize RTH Session Times
- In the Settings panel, adjust the following under the Levels group:
- RTH Start Hour and RTH Start Minute: Default is 9:30 AM (New York time).
- RTH End Hour and RTH End Minute: Default is 4:15 PM.
- These define the active trading session used to calculate the day’s high and low.

2. Toggle Labels
- Use the Show PDH/PDL Labels checkbox to display or hide the “PDH” and “PDL” labels on the chart.
- Labels appear after the session ends and follow price dynamically.

📊 What the Indicator Does
- During the RTH session:
- Tracks the highest and lowest price of the day.
- After the session ends:
- Draws horizontal lines at the previous day’s high (green) and low (red).
- Optionally displays labels ("PDH" and "PDL") at those levels.
- Lines extend into the current day to help identify potential support/resistance zones.

✅ Best Practices
- Use this indicator on intraday timeframes (e.g., 5m, 15m, 1h) for best results.
- Combine with volume or price action analysis to confirm reactions at PDH/PDL levels.
- Adjust session times if trading non-US markets or custom hours.

kelmarin

Nota Keluaran

Update Note for 'Previous Day High/Low Levels [OWI]'

This script plots the Previous Day's High (PDH) and Previous Day's Low (PDL) levels on your chart, offering traders a powerful reference framework for intraday decision-making. These levels are widely used to identify potential support/resistance, liquidity zones, and breakout triggers.

🧠 What Makes This Script Original?

Unlike generic high/low indicators, this script is designed with precision and flexibility for serious intraday traders:

- 📊 RTH-Based Tracking: Captures highs/lows only during Regular Trading Hours (RTH), filtering out overnight noise and focusing on institutional price action.
- 🔄 Auto Reset: Levels are updated at the end of each RTH session, keeping visuals clean and relevant.
- 🎛️ Customizable Settings: Users can adjust session times, line colors, and toggle labels to suit their market and style.
- 🎯 Minimalist Mode: Option to hide labels and focus solely on PDH/PDL lines, ideal for traders who prioritize price action clarity.

For example, a Higher High and Higher Low relative to PDH/PDL suggests a bullish intraday structure. Or, when PDH overlaps with pre-market highs, it may signal a strong resistance zone.
- Show intraday PDH and PDL.

- Dismiss PDH and PDL label in Settings. Show PDH and PDL last day solely.


🔍 What It Does

1. Session Detection: Based on user-defined RTH start/end times (default: 9:30 AM to 4:15 PM EST), the script identifies when the market is actively trading.
2. High/Low Tracking: During the session, it continuously updates the highest and lowest prices.
3. Session Close Logic: Once the session ends, the script stores the final high/low as PDH/PDL and resets the tracking variables

🧭 How to Use It

PDH/PDL levels are reaction zones, not trade signals by themselves. The real edge comes from combining them with candlestick patterns, opening range, and liquidity structures like order blocks and fair value gaps (FVGs).
1. Candlestick Confirmation. Bullish engulfing pattern near PDH => Breakout Buy

2. Opening Range Confluence. Engulfing at overlapping PDH/opening range → strong reaction zone

3. Order Block. PDH breakout from previous rejection block → continuation setup

4. Fair Value Gap (FVG) Retest. PDH breakout followed by FVG retest → liquidity-based entry


More confluence = higher probability. These levels act like magnets for price, and the key is observing how price behaves when it reaches them.

19 jam lalu

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Chart Update