OPEN-SOURCE SCRIPT
Prior OHLMC
Prior OHLC Plus Median - Free Open Source Indicator
This indicator plots essential reference levels from previous time periods to help traders identify potential support, resistance, and pivot zones. It displays the Open, High, Low, Close, and importantly, the Median (HL2) levels from the prior year, month, week, and day.
What It Does:
Plots OHLC levels from previous year, month, week, and day periods
Includes median levels (High + Low / 2) for each timeframe
Automatically updates as new periods begin
Clean, customizable display that won't clutter your charts
Why These Levels Matter:
Prior period levels serve as important reference points because they represent areas where significant price action occurred previously. These levels often act as magnets for future price movement - not because of any mystical properties, but due to the collective memory of market participants and algorithmic trading systems that reference these same historical points.
The median levels are particularly valuable yet frequently overlooked. While traders commonly watch prior highs and lows, the median often provides cleaner reaction points with less noise than the extreme levels.
Practical Application:
These levels work best as part of a comprehensive trading approach. Use them to:
Identify potential entry and exit zones
Set logical stop-loss and take-profit levels
Gauge the strength of breakouts and breakdowns
Confluence with other technical analysis tools
Important Note:
This indicator provides reference levels, not trading signals. Like any technical tool, these levels should be combined with proper risk management, market context, and additional confirmation methods. They're one valuable piece of the trading puzzle - not a standalone solution.
Available as open source - feel free to modify and adapt to your specific trading needs.
This indicator plots essential reference levels from previous time periods to help traders identify potential support, resistance, and pivot zones. It displays the Open, High, Low, Close, and importantly, the Median (HL2) levels from the prior year, month, week, and day.
What It Does:
Plots OHLC levels from previous year, month, week, and day periods
Includes median levels (High + Low / 2) for each timeframe
Automatically updates as new periods begin
Clean, customizable display that won't clutter your charts
Why These Levels Matter:
Prior period levels serve as important reference points because they represent areas where significant price action occurred previously. These levels often act as magnets for future price movement - not because of any mystical properties, but due to the collective memory of market participants and algorithmic trading systems that reference these same historical points.
The median levels are particularly valuable yet frequently overlooked. While traders commonly watch prior highs and lows, the median often provides cleaner reaction points with less noise than the extreme levels.
Practical Application:
These levels work best as part of a comprehensive trading approach. Use them to:
Identify potential entry and exit zones
Set logical stop-loss and take-profit levels
Gauge the strength of breakouts and breakdowns
Confluence with other technical analysis tools
Important Note:
This indicator provides reference levels, not trading signals. Like any technical tool, these levels should be combined with proper risk management, market context, and additional confirmation methods. They're one valuable piece of the trading puzzle - not a standalone solution.
Available as open source - feel free to modify and adapt to your specific trading needs.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.