Previous Highs and Lows Indicator MT4 – Free [TFlab]

The Previous Highs & Lows indicator MT4 utilizes raw price inputs to detect the most recent high and low levels across predefined timeframes. These levels are displayed as horizontal lines (static or dynamic), offering clear visual cues on the chart.


You can download it from this link:

https://cdn.tradingfinder.com/file/4...4-by-tflab.zip

You can also access the MetaTrader 5 version of this Indicator through this page:

https://www.forexfactory.com/thread/...cator-mt5-free

For instructions on how to install:

https://www.forexfactory.com/thread/...-in-metatrader


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Indicator Categories & Platform Coverage

1. Categories: Support & Resistance, Breakout, Reversal, Levels, Multi-Timeframe, Intraday
2. Compatible Platforms: MetaTrader 4
3. Instruments: Forex, Cryptocurrency, Stock Markets

Overview of Indicator Functionality

The indicator calculates high/low levels from the current day, prior day, previous week, or most recent candle. It continuously analyzes breakout and reactive zones via emerging candlestick structure. These zones often act as support or resistance, aiding price action decisions. Reactions depend on candle momentum, volume, and overall market structure, offering entry or exit insights.

Usage in an Uptrend

1. On the 15-minute chart for AUD/USD, a break of the previous high (marked by a colored horizontal line) often precedes a strong upward leg.
2. After breakout, price tends to retest the broken level and consolidate, allowing for high-probability long entries when support holds.

Usage in a Downtrend

1. On the 5-minute GBP/AUD chart, a break of the previous low confirms weakness.
2. Return to that level often converts it into resistance, offering sell setups.
3. Additionally, candles with long wicks signal buyer weakness, reinforcing bearish pressure.

Indicator Settings in MT4

1. DRAW PIVOTS: Toggle pivot level visibility
2. ZIGZAG PERIOD: Defines period for zigzag calculation
3. ZIGZAG BACKSTEP: Minimum number of candles between Zigzag pivots
4. DISPLAY ZIGZAG: Enable or disable Zigzag lines
5. DISPLAY PIVOT LABELS: Show/hide labels for levels
6. HIGH LINE COLOR / LOW LINE COLOR: Customize color of high and low lines
7. LINE WIDTH: Set thickness of drawn lines
8. PREFIX: Label prefix for levels
9. HISTORY LIMIT: Maximum number of past candles to consider

Conclusion

The Previous Highs & Lows indicator is a structure-based technical tool emphasizing recent extremes to help interpret price behavior and market architecture. By plotting reactive price levels, it enables traders to quickly visualize support and resistance zones and refine entry and exit decisions.