A multi-timeframe support and resistance indicator that plots historical highs and lows from daily, weekly, and monthly charts to help traders identify key price levels across different timeframes.
Explore complementary indicator rolesHow it works
The HL-MWD Indicator scans and plots historical price highs and lows from multiple timeframes, including daily, weekly, and monthly charts. It calculates these levels using customizable lookback periods, with default settings of 14 bars for daily, 52 bars for weekly, and 36 bars for monthly timeframes.
The indicator then extends these identified high and low levels onto the current chart, creating visual reference lines that help traders understand potential support and resistance zones. Users can customize line colors, styles, and widths, and choose to display price labels for each identified level.
Why it may be useful
Multi-timeframe analysis is crucial for understanding broader market context and identifying significant price levels that might influence trading decisions. By revealing historical highs and lows from different timeframes, traders can gain insights into potential market turning points and support/resistance zones.
This approach helps traders make more informed decisions by providing a comprehensive view of price dynamics beyond the current chart's immediate context. The ability to visualize key levels from daily, weekly, and monthly timeframes can improve trade entry, exit, and risk management strategies.
When to explore it
The HL-MWD Indicator is most effective when traders want to understand broader market trends and identify significant price levels across different timeframes. It works particularly well for traders who are interested in a holistic view of market dynamics, beyond the immediate price action.
Traders should be aware of TradingView's historical data limitations, especially on lower timeframes. For the most accurate and comprehensive analysis, it is recommended to use this indicator on daily or higher timeframes when examining longer-term historical levels.
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What we’ve verified
Access, alerts and repainting behaviour have not been independently verified for this indicator. Check the creator’s current publication and settings.
General descriptions and classifications are recovered research. Verified details above identify the specific checks we have completed. Check the creator’s current publication for later changes.
