OPEN-SOURCE SCRIPT
Previous Hour High and Low

### **🔷 Previous Hour High & Low Indicator – Description**
#### 📌 **Overview**
The **Previous Hour High & Low Indicator** is designed to help traders identify key levels from the last completed hourly candle. These levels often act as **support and resistance zones**, helping traders make informed decisions about potential breakouts, reversals, and liquidity grabs.
#### 🎯 **How It Works**
- At the start of every new hour, the indicator **locks in** the **high and low** from the **previous fully completed hour**.
- It then **draws horizontal lines** on the chart, marking these levels.
- Works **only on intraday timeframes** (e.g., 1m, 5m, 15m, 30m), ensuring clean and relevant levels.
- Updates dynamically **every new hour** without repainting.
#### 🔑 **Why Is This Useful?**
✔ **Identifies Key Liquidity Zones** – The market often reacts to previous hour highs/lows, making them useful for stop hunts, liquidity grabs, and order block setups.
✔ **Works Well with ICT Concepts** – If you're trading **ICT kill zones**, these levels can help in finding optimal trade entries.
✔ **Helps with Breakout & Rejection Setups** – Traders can watch for price breaking or rejecting these levels for trade confirmation.
✔ **Useful for Scalping & Day Trading** – Works best for short-term traders looking for intraday movements.
#### ⚙ **Customization Options**
- The high and low levels are color-coded:
🔵 **Previous Hour High (Blue)** → Acts as potential resistance or breakout point.
🔴 **Previous Hour Low (Red)** → Acts as potential support or breakdown level.
#### 📊 **Best Timeframes to Use This On**
- **1-minute, 5-minute, 15-minute, 30-minute charts** → Most effective for intraday trading.
- Avoid using on **hourly or higher timeframes**, as these levels become less relevant.
---
🚀 **This indicator is perfect for traders looking to track short-term price reactions at key levels.** Let me know if you want to add alerts, zone shading, or any other enhancements! 🔥
#### 📌 **Overview**
The **Previous Hour High & Low Indicator** is designed to help traders identify key levels from the last completed hourly candle. These levels often act as **support and resistance zones**, helping traders make informed decisions about potential breakouts, reversals, and liquidity grabs.
#### 🎯 **How It Works**
- At the start of every new hour, the indicator **locks in** the **high and low** from the **previous fully completed hour**.
- It then **draws horizontal lines** on the chart, marking these levels.
- Works **only on intraday timeframes** (e.g., 1m, 5m, 15m, 30m), ensuring clean and relevant levels.
- Updates dynamically **every new hour** without repainting.
#### 🔑 **Why Is This Useful?**
✔ **Identifies Key Liquidity Zones** – The market often reacts to previous hour highs/lows, making them useful for stop hunts, liquidity grabs, and order block setups.
✔ **Works Well with ICT Concepts** – If you're trading **ICT kill zones**, these levels can help in finding optimal trade entries.
✔ **Helps with Breakout & Rejection Setups** – Traders can watch for price breaking or rejecting these levels for trade confirmation.
✔ **Useful for Scalping & Day Trading** – Works best for short-term traders looking for intraday movements.
#### ⚙ **Customization Options**
- The high and low levels are color-coded:
🔵 **Previous Hour High (Blue)** → Acts as potential resistance or breakout point.
🔴 **Previous Hour Low (Red)** → Acts as potential support or breakdown level.
#### 📊 **Best Timeframes to Use This On**
- **1-minute, 5-minute, 15-minute, 30-minute charts** → Most effective for intraday trading.
- Avoid using on **hourly or higher timeframes**, as these levels become less relevant.
---
🚀 **This indicator is perfect for traders looking to track short-term price reactions at key levels.** Let me know if you want to add alerts, zone shading, or any other enhancements! 🔥
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.