High Low Close Previous Day Indicator. I think name of indicator explain everything. Simple and useful indicator gives us three important price levels from previous day, Daily high, daily low and close price of previous day. If you are day trader this will be useful since this three levels are important and they can be support or resistance price levels.
Daily High Low Close in Day Trading.
Every day trader need to keep eye on those levels, especially on daily high/low price levels. If you read about Daily HL Indicator and Last 14 Days Daily High/Low indicators you will understand importancy of high/low levels in day trading. Some of coders create indicators only for current day, which is wrong. When we have current day levels on chart it is confusing, since price move/push them up and down. This is not helping at all.
If you apply basic technical analysis such as trendlines, channels or any other simple indicator you will get a lot of important support and resistance levels.
Along time ago there was strategy based on daily H/L. It was based on simple concept. If price break yesterday”s high or low price will likely continue in that direction. The concept is simple but not complete in my opinion. To make it works you need include more indicators as I mention in text above.
The fact is when you master day trading you can use almost any indicator and profit. From today I will post at the end every indicator or post list of things that we could learn from post. Here is the first one:
What We Learn?
- Daily high and low are very important
- Previous Daily H/L is the most relevant
- If you are day trader always check this levels
MetaTrader 4 Indicator