MT5 Indicator to plot the high/lows of the previous hour on the hourly candle

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Generic Stuff

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·   CODE WILL BE MY PROPERTY ONCE FINISHED SO I CAN MARKET IT 

·   CODE MUST PASS MQL5 MARKET PLACE CHECKS 

·   It must also work exactly as what is showing in the video clip plotting the high lows. The video helps greatly to show exactly what is required.

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SUMMARY

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Video: https://drive.google.com/drive/folders/1JgeMfEYXF0i-UB8ogt0p4kUdlS_Efval?usp=sharing

Little over 4mins showing exactly how the high - low lines should move

I am looking for an indicator to plot the high/lows of the previous hour on the hourly candle.

It will need to draw a horizontal line on the hourly candle of the high or low. 

How does it work? 

Basically, we are looking for if a high or low breaks the previous high/low to confirm a trend direction.

If we have a blank chart to start, we would need to look back in time for the latest high or latest low.

This will help me to identify a trend. There would need to be calculations done every hour on the hourly candle close. Only once the recent high or low is broken by another candle, would you calculate back where the other high/low would be. 

How to identify a recent low? The price has to break the most recent high.

Confirmation will only be once the recent high gets broken. The low will continue to move up as the highs get broken during each pull back in counter trend. If the candles are bouncing in between the high/low lines there is nothing to move each hour. 

If the price is moving up each H1 candle close, then you do not need to move the Low horizontal line.

You would only move the Low line, when the next H1 candle does not break the most recent high horizontal line. Then if in a few hours it breaks the high line again, only then would you recalculate the low line. And visa versa for High lines.

Most recent low will only be confirmed once a new candle breaks the high line again.

Once it breaks the most recent high, you will look back on the chart at the previous candles and mark out the most recent low.

In the example above, the previous high/low is marked in yellow and written High/Low.

As you can see the blue candle breaks the previous high, as such the high line is now moved to the red line. Also, now the most recent low is confirmed as the high was broken, it is now also marked in red.

Final result will be: 

Each candle after this high if it continues up will be a continuation of marking the highs.

UNTIL we get a counter trend move that does not take out the previous candles high.

A candle with the wick on each side can also mark the high and low as seen here.

So I open EURUSD chart on H1 time frame. Then you click the horizontal line drawing tool and click on the high candle and the low candle

That’s how I would do it manually

And then grab that line and move it manually

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Additions

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·       Users should be able to adjust the thickness of the horizontal lines

·       Users should be able to adjust the colour of the horizontal lines