The Higher Timeframe OHLC indicator plots the open, high, low, and/or close for a specified timeframe (hour, day, week, month, etc.) on a lower timeframe chart. Say you’re trading on a 5 minute chart, and you want to be aware of important nearby price levels. You can add the OHLC levels for the prior day, prior week, prior month, etc. You can also add the levels for the current day, week, month, etc., or 3 days ago, or the current 3-day bar, or any other combinations you can think of. You can selectively turn off certain values you don’t want (the closing price for the current day, for instance). You can even fill in the range with an optional a “candle cloud” showing what color and range the higher timeframe’s candle looks like. All in all, a very useful indicator for keeping track of important support and resistance levels and the higher timeframe trends!
Q: Does the daily OHLC take into account premarket or aftermarket data?
A: No, it only shows the OHLC for regular trading hours data, not the premarket high/low, because that is what the higher timeframes like the daily candle and so forth are formed based upon (for premarket levels you might check out the premarket high/low range indicator).
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