Previous day's high and previous day's low are the two levels almost everyone trading intraday is watching. Drawing them is trivial and half the free indicators on the internet do it.
The part worth having is the rule that turns where yesterday closed into a direction for today, and this draws both: the levels, and the reason.
The five rules
At each new day the indicator takes yesterday's close and compares it to the day-before's high and low. Every rule prints its own reasoning on the chart, so you never have to take the arrow on trust.
| Yesterday's close | Yesterday's range | Bias | Label on the chart |
|---|---|---|---|
| Above the prior high | — | PDH | Close Above P D1 H |
| Below the prior low | — | PDL | Close Below P D1 L |
| Inside | reached above the prior high, low stayed above the prior low | PDL | Failed to Close Above P D1 H |
| Inside | dipped below the prior low, high stayed below the prior high | PDH | Failed to Close Below P D1 L |
| Inside | never left the prior range at all | carries yesterday's own direction | Close Inside |
| Inside, after taking both sides | — | none | Outside Bar but Closed Inside |
Rows three and four are the ones that make this worth installing. A day that traded above the previous high and could not hold it produces a bearish bias — the opposite of what a breakout reading says. The move above the high was a raid on the stops resting there, and failing to close above it is the evidence that it was only a raid.
Row six is the one most tools do not have at all. A day that took liquidity on both sides and closed back inside gives no bias, and the indicator says so rather than picking one. There are days when the honest answer is that there isn't one.
What gets drawn
The previous day's high and low extend forward as horizontal lines. They are blue while untouched and orange once price has reached them, and the line stops growing at the bar that touched it if you set Stop Extending Lines After Hit.
That colour change is the useful part in live use. A blue line above you is liquidity that is still resting. An orange one has already been taken, and the level behind it means something different now.
Day separators are drawn as thin verticals, week separators as dashed ones. Turn either off.
Weekly bias runs the same five rules against the previous week's high and low, drawn dashed, and is off by default — switch on Weekly Bias if you want both. On a lower timeframe both sets on one chart gets crowded quickly.
Non-repainting, and how
The bias is computed once, at the moment a day rolls over, from a day that has fully closed. Once written, the label never changes and neither does the level.
The lines extend to the right as bars arrive, and the colour changes the first time price reaches the level. Neither is a recalculation of history — the level itself was fixed when the day closed.
There is no lookahead anywhere. The bias for today uses yesterday's close and the day before's range, both complete.
Alerts
Two switches, both on by default: Alert Bias fires at the day or week roll with the direction, and Alert Hit fires the first time price reaches the previous high or low. Channel is whichever Notification type selects — terminal, push, or email. The default here is terminal alert.
One honest detail: at most one alert is sent per bar. If daily and weekly biases both resolve on the same bar, or a level is hit on the same bar a day turns over, you get the first one only.
Nothing fires on the first calculation pass, so loading the indicator does not replay a month of day rolls.
The MT4 build has no Telegram. Terminal, push and email work on both platforms; the Telegram path exists only in the MT5 build, because the shared MT4 library this is built on does not carry it.
What it can't do
It has no opinion about entries. It gives you a direction for the day and two levels, and everything after that is your job.
It needs a chart below the level it is measuring. On a D1 chart the daily lines are switched off automatically because they would sit on top of the candles that produced them; use H4 or lower for daily bias, and D1 or lower for weekly.
The five rules are a closure model and nothing else. They do not know about news, sessions, or the weekly range you might be sitting in the middle of. Exclude Weekend is on by default so Sunday bars do not count as a day of their own, but that is the extent of the calendar awareness.
A known limitation at the far left of the chart: the very first day the indicator sees has no prior range to compare against, and its low is not properly seeded, so the oldest bias label on your chart can be wrong or missing. Everything from the second day boundary onward is correct. It matters for reading history, not for live use, and I would rather flag it than have you find it.
You won't find a win rate table in this listing, and I'd treat any indicator listing that has one with some care. A daily bias is a lean, not a signal, and dressing it up with a percentage would be inventing precision that isn't there.
Questions you'll have
Why is my bias bearish when yesterday broke the high? Because it broke it and did not close above it. That is rule three, and it is the most valuable rule in the set.
Why does the indicator say No Bias? Yesterday took both the previous high and the previous low and closed back between them. Nothing is being withheld; there genuinely isn't a lean.
Nothing is drawing on my D1 chart. Correct, by design. Daily lines are suppressed at or above D1. Drop to H4 or lower.
Can I get weekly and daily at once? Yes, switch on Weekly Bias. It will be busy on anything below H1.
MT4 or MT5? Both, and your subscription covers both — see the note above about Telegram.
Support
Message me through the site with a screenshot, plus the symbol and timeframe. Updates are included for as long as your subscription is running.
Analysis tool. It places no trades and makes no profitability claim. Past price behaviour is not a guide to future price behaviour.