Higher Timeframe High & Low [ChartPrime]

27 maj

The Higher Timeframe High & Low Indicator plots key levels (high, low, and average price) from a higher timeframe onto the current chart, aiding traders in identifying significant support and resistance zones.
The indicator also detects and labels breakout points and can display trend directions based on these higher timeframe levels breakout points.


Key Features:

◆ Higher Timeframe Levels:
Plots the high, low, and average price from a selected higher timeframe onto the current chart.
Extends these levels into the future for better visualization.


◆ Breakout Detection:
Identifies and labels breakouts above the higher timeframe high or below the higher timeframe low.
Breakout points are clearly marked with labels indicating "High Break" or "Low Break" with timeframe mark.
If the following break out type is the same that previous, it does not marked by labels, but still marked by bar color.


◆ Trend Visualization:
Optionally displays trend direction by changing bar colors and line styles based on breakout conditions.
Trend indication helps in identifying bullish or bearish market conditions.


◆ Support and Resistance Indication:
Marks support and resistance points with '◆' symbols when the current timeframe's high or low interacts with the higher timeframe's levels.


◆ Period separation:
Background color changes to indicate period separation if enabled.


◆ Inputs:

• Extension to the right of High and Low: Sets the number of bars to extend the high and low lines into the future.
  
• Timeframe: Selects the higher timeframe (e.g., Daily) to use for plotting high and low levels.
  
• Period Separator: Toggles the visual separator for periods.
  
• Show Trend?: Toggles the trend visualization, changing bar colors and plot styles based on breakouts.
  
• Show Breakout Labels?: Toggles the Breakout Labels visualization.
  

Indicator Logic:

• Historical vs. Real-Time Bars: Adjusts values based on whether the bar is historical or real-time to ensure accurate plotting.
  
• High and Low Prices: Retrieves the high and low prices from the selected higher timeframe.
  
• Breakout Conditions: Determines if the current price has crossed above the higher timeframe high (high break) or below the higher timeframe low (low break).
  
• Color and Trend Logic: Adjusts colors and checks for breakouts to avoid multiple labels and indicate trend direction.
  

Usage Notes:
This indicator is ideal for traders looking to integrate multi-timeframe analysis into their strategy.

The higher timeframe levels act as significant support and resistance zones, helping traders identify potential reversal or continuation points.

The breakout labels and trend visualization provide additional context for trading decisions, indicating when the price has breached key levels and is likely to continue in that direction.

This indicator enhances chart analysis by providing clear, visual cues from higher timeframe data, helping traders make more informed decisions based on a broader market perspective.