The “Hourly High Low” indicator finds the highest price and the lowest price of the underlined instrument during a predefined time interval.
We set three parameters:
The indicator checks all the bars which opening prices are between Start Time and End Time:
Start Time ⇐ Bar Open time < End Time
We can apply “Hourly High Low” indicator on 4H or lower time frame.
It will not work properly on a daily or weekly chart.
If you apply this indicator on an hourly chart, the indicator will select the High / Low prices of bars that start at: 09:00, 10:00, 11:00, 12:00 and 13:00.
08:17 < 09:00 … 13:00 < 13:24
The same applied on a 4H chart will return the High and Low of the bar that starts at 12:00.
08:17 < 12:00 < 13:24
The found High / Low prices during the chosen time interval are valid till the end of the time interval on the next day.
The vertical shift expands or contracts the price limits: