Previous Highs and Lows Levels (MT5) — review, price and free alternatives

This indicator by David Ramirez Rodriguez automatically draws previous day, week and month highs and lows (PDH/PDL, PWH/PWL, PMH/PML) and extends them forward, giving traders visible anchors for stops, entries, and profit targets.

What makes Previous Highs and Lows Levels unique is the layered confluence scoring and crossed-level visual cues. The algorithm calculates and displays times when multiple historic levels align at the same price, marking those as higher-probability areas. It also optionally fades or marks crossed levels with an X and uses smart weekly/monthly hiding logic so levels already crossed earlier in the current week or month are hidden for today, reducing chart clutter. The indicator is fully configurable on MT5 and integrates with manual or automated overlays.

The algorithm relies on pure price extrema rather than predictive modeling, so it performs best in markets with defined intraday structure: FX major pairs, indices during session overlap, and commodities with clear trend or range phases. Risk management is user-driven: traders are advised to set stop loss beyond the level with position sizing at 0.5–1.5% risk per trade. Expected performance characteristics include moderate trade frequency, higher accuracy at marked confluence zones, and reduced false signals when combined with volume or momentum confirmation.

The inherent risk level of Previous Highs and Lows Levels is moderate when users follow disciplined position sizing and stop rules. Recommended stop loss strategy places stops just beyond the plotted level plus a volatility buffer, using ATR-based buffers of 0.5–1.5 times ATR on the chosen timeframe. Vulnerabilities include highly erratic news-driven sessions and low-liquidity instruments where levels can be pierced repeatedly. For practical use, a recommended account size is at least $1,000 for micro-lots on FX, or $5,000+ for more aggressive leverage and multi-instrument exposure.

Install the Previous Highs and Lows Levels indicator on MT5 by copying the provided .ex5 or .mq5 file into your MT5 Indicators folder and restarting the platform. Attach the indicator to the desired chart and enable the day, week and month level options according to your preferences. Key parameters to configure include level colors, confluence highlighting, crossed-level fading, and ATR buffer for stop placement. Recommended broker types are ECN or STP brokers with low spreads and reliable pricing feeds. Optimal chart timeframes are M15 for active intraday entries, H1 for swing intraday strategies, and D1 for longer-term setups. Backtest and forward-test on a demo account for at least 90 days before live deployment.