YHL (Yesterday's high low)
Last updated
Last updated
Yesterday's high low is an indicator that plots the high and low on the chart. In day trading, the previous day's high and low are important reference points or support-resistance levels. In a bull market, the price breaks above the previous day's high at the start of the day and continues to trade above that level. In bear markets, price breaks below the previous day's low at the start of the day and continues to trade below that level. Trading ranges are formed when the price fails to successfully break the previous day's high or low. By itself, this information can improve your trading results as it gives you a clear idea of what might be happening today. Breakout trading strategies work best when the price is above or below yesterday's range. Trend following strategies also work best in this situation. When the price is within yesterday's range, counter-trend strategies work better. Oscillators like RSI and Stochastic work best in this situation.
Day's back – allows setting the number of past days for which the indicator will be plotted, the default value is 3.
This indicator looks as follows on the chart:
