Historical Highs and Lows Indicator MT4 – Free Download [TradingFinder] – MetaTrader 4 Resources

The Previous Highs and Lows indicator uses raw price data to detect the latest high and low levels within a predefined time frame and displays them as horizontal (static or dynamic) lines on the chart.

These levels are calculated based on the high and low prices of the current day, the previous day, the previous week, or the last candle. The algorithm continuously analyzes breakout and reaction levels based on new candlestick structures.

Historical highs and lows indicator table

General Features Previous high and low indicators are shown in the table below.

Previous Highs and Lows Indicator Overview

In the Previous Highs and Lows indicator, the highs and lows are typically areas where price tends to react. Once contacted, the market may reverse or continue trending, especially if the breakout is valid.

Converting these levels into support or resistance provides suitable trade entries. The type of price reaction depends on candle strength, volume, and overall market structure.

Indicators are in an upward trend

On the 15-minute time frame of the AUD/USD currency pair, the price began a dramatic upward phase after breaking above the previous high indicated by the blue horizontal line. This breakout confirms the bullish structure and the beginning of a new wave of buying pressure.

Subsequently, the price fell back to the breakout level and consolidated, but there was no deep correction. The positive reaction to this level and the failure to break below provide an ideal setup for a buy entry.

Indicators are in a downward trend

The chart below shows the GBP/AUD currency pair on the 5-minute time frame. In a downtrend, a break above the previous low confirms further market weakness. A return to this level and subsequent transition into resistance provides a good opportunity for a sell entry.

Additionally, the long candle highlights buyer weakness and dominant selling pressure.

Settings panel for previous high and low indicators

The image below shows the settings panel of the Previous Highs and Lows indicator in MetaTrader 4:

• DRAW PIVOTS : Displays the drawing pivot level;
• ZIGZAG PERIOD : Zigzag indicator period;
• ZIGZAG BACKSTEP : The minimum candle distance between zigzag turning points;
• DISPLAY ZIGZAG : Display zigzag lines on the chart;
• Show pivot labels : Show pivot level labels;
• HIGH LINE COLOR : The color of high-end lines;
• LOW LINE COLOR : The color of low-level lines;
• LINE WIDTH : The width of the drawn line;
• PREFIX : level label prefix;
• HISTORY LIMIT : Limit on the number of past candles to be analyzed.

Conclusion

The Previous Highs and Lows indicator is a structure-focused indicator. Technical analysis tool emphasizes highs and lows, helping to understand price action and analyze market structure.

By plotting reaction levels against price data, this indicator enables traders to effectively visually identify areas of support and resistance.