Previous Highs & Lows [LuxAlgo]

22 Jul

The Previous Highs & Lows indicator highlights a user-set amount of previous maximum/minimum prices made within specific intervals, these are displayed as levels customizable levels.

Additionally, one upper and lower zone constructed from the previously displayed highs/lows is included, providing support/resistance areas.

🔶 USAGE



Previous highs/lows are often perceived as key trading levels with the potential of generating multiple reactions upon being reached.



While the daily interval is more commonly used, users can use different intervals, with the indicator supporting hourly, daily, weekly, monthly, and yearly intervals. Using higher intervals on low timeframes can return more distant levels relative to the most recent price, which might not be relevant.

Each level is numbered, with more recent previous highs/lows having a lower number associated with them, users can also highlight more recent levels through a transparency gradient.



Users can control the amount of previous highs/lows displayed using the "Show Last" settings, with a higher value providing more potential support/resistance. Returned previous highs/lows can eventually be filtered out based on their position by enabling the "Filter Based On Position" setting, only keeping previous highs above the current closing price and previous lows below the current closing price, giving more relevant levels as a result.

🔹Previous High/Low Areas



The indicator includes two areas constructed from the respective percentiles of the returned previous highs/lows. These can be useful as more general support/resistance areas.

Wider areas are often indicative of a group of previous highs or lows being more dispersed, resulting in areas that are easier to reach. Wider areas can also be obtained by increasing the "Areas Width" setting.

Note: Areas will only be displayed if "Show Last" is greater than 1

🔶 SETTINGS

• Show Last: Determines the amount of more recent previous highs and previous low levels displayed by the indicator.
  
• Interval: Interval used to capture maximum/minimum price values,
  
• Areas Width: Width of the displayed top/bottom areas, with higher values returning wider areas.
  
• Filter Based On Position: When enabled only display previous highs above the current closing price and previous lows below the current closing price.
  

🔹Style

• Minimum Gradient Transparency: Minimum transparency value applied to the colors of the oldest displayed previous highs/lows levels.