This custom Forex indicator calculates last 14 days (two weeks) daily high and low prices. Plus current day high and low. You need to understand that high and low for current day are not final. During the day price can easily move high of low in current day anytime. While for previous 14 days high/low price is fixed (final).
Visually you can see 14 boxes on the chart. Each box represent one day. Including latest day. Indicator coders also output exact name of the day (mon, tue, wen, thu, fri), and two prices (the daily low and high).
Trading Benefits of Last 14 Days Daily High/Low Indicator
Some Day Traders use data for only one day (previous day). Since they are trading few positions per day all they need is previous day high/low levels in order to make Technical Analysis and open positions.
Daily High Lows and Trendline
While single day indicators gives us only info about previous day. This one will provide us more info day sessions for two weeks. Some traders need them, some don’t.
If you look closer you will find out more valuable information that indicator actually showing us. Looking at our example of GBP/USD at H1 time frame we notice bullish trend.
Charts show us first four days already created bullish trend. Connecting daily lows we get trend-line. This is one simple example how we can combine daily high/low prices with other indicators such as trend line to get more valuable information from the charts.
Connecting last two days high (also this is Two Tops pattern) we get great resistance for current day.
If we read all information correctly, we actually create simple Technical Analysis using this indicator.
If you are trading with any other indicator you can add this one as additional one will improve your trading strategy by providing more information from charts. This Day Session Indicator can be very helpful for Technical Analysis.
Most Day Traders find daily high/low prices very important so better be aware of those price levels.