Previous Highs and Lows Indicator MT5 – Free [TFlab]

The Previous Highs and Lows indicator MT5 is a price-action-based tool designed to identify key market levels across various timeframes. By analyzing raw price data, the indicator determines significant highs and lows from time periods such as the current day, previous day, past week, or latest candlestick. These levels are plotted as static or dynamic horizontal lines on the chart and serve as crucial support and resistance zones.
These price points represent areas where market participants have historically reacted, making them valuable for identifying potential reversals or breakouts.


You can download it from this link:

https://cdn.tradingfinder.com/file/4...5-by-tflab.zip

You can also access the MetaTrader 4 version of this Indicator through this page:

https://www.forexfactory.com/thread/...cator-mt4-free

For instructions on how to install:

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


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Key Features

1. Platform Compatibility: MetaTrader 5 (MT5)
2. Trading Skill Level: Intermediate
3. Indicator Categories:
   1. Support & Resistance
   2. Breakout
   3. Reversal
   4. Multi-Timeframe
   5. Trading Assist

4. Trading Instruments:
   1. Forex
   2. Cryptocurrencies
   3. Stocks

5. Trading Style: Intraday and short-term analysis

How the Indicator Works

The Previous Highs and Lows indicator marks historical high and low levels as horizontal lines based on past market performance. These zones become reactive areas where the price might:

1. Reverse its current trend
2. Break through and continue trending in the same direction
3. Consolidate before resuming a move

These reactions provide trading signals for both entry and exit points, depending on the prevailing market structure and confirmation through volume or candlestick patterns.

Bullish Trend Example

In an uptrend, a break above the previous high is typically interpreted as a sign of strength in the bullish structure. For example, on the AUD/USD 1-hour chart, the price breaks above a key resistance (indicated by a blue line), confirming bullish momentum.

1. Following the breakout, the market often pulls back to retest the broken high.
2. If the level holds, it becomes support, offering a favorable buy entry.
3. The rejection from this level signifies continued buying pressure.

Bearish Trend Example

In a downtrend, price action below a previous low confirms ongoing weakness. On the EUR/NZD 5-minute chart:

1. A break beneath the previous low confirms bearish sentiment.
2. A return to this level, which then acts as resistance, offers a valid sell setup.
3. Candle rejections and long upper wicks further support the continuation of the downtrend.

Indicator Settings Panel in MT5

Users can customize the visual and functional aspects of the indicator within MetaTrader 5. The configuration includes:

1. DRAW PIVOTS: Enable/disable pivot level display
2. ZIGZAG PERIOD: Adjust the Zigzag pattern sensitivity
3. ZIGZAG BACKSTEP: Define minimum distance between Zigzag pivot points
4. DISPLAY ZIGZAG: Show Zigzag structure on the chart
5. DISPLAY PIVOT LABELS: Toggle visibility of level labels
6. HIGH LINE COLOR / LOW LINE COLOR: Customize color for high and low levels
7. LINE WIDTH: Modify the thickness of horizontal lines
8. PREFIX: Add custom prefixes to level labels
9. HISTORY LIMIT: Set the number of past candles for analysis

Conclusion

The Previous Highs and Lows indicator for MetaTrader 5 is a technical tool tailored for traders seeking to identify significant historical price levels. By marking these reactive zones, the indicator enhances the trader’s ability to detect support and resistance, validate breakouts, and recognize high-probability trade entries in both trending and ranging markets.
This indicator is especially useful in intraday trading strategies, where precise level identification is crucial for managing risk and improving accuracy.

I can't make it work on MT5 - used black background, used white, nothing.

It's fine on MT4

Any suggestions? No other indicator conflict, just on its own, take a look.