Developing High and Low

🔎 How It Works

Daily Reset

At the first bar of a new trading day (dayofweek changes), the script resets the high and low to that bar’s values.

During he session, it keeps updating:

Developing High (green line) = the highest high so far today.

Developing Low (red line) = the lowest low so far today.

Intraday Usage

These lines behave like intraday dynamic support & resistance levels.

The high line only moves upward if a new high is made.

The low line only moves downward if a new low is made.

Between them, you get the daily developing range.

📈 Trading Insights

Breakouts

When price breaks above the developing high → signals strength & possible continuation.

When price breaks below the developing low → signals weakness & possible continuation.

False Breakouts

If price briefly breaks the line but quickly returns inside, it may indicate a trap and possible reversal.

Range Trading

Inside the developing high & low, price is in balance.

Traders often fade moves near the boundaries (sell near high, buy near low).

Trend Confirmation

In strong uptrends, the developing high will keep pushing higher, while the low stabilizes.

In downtrends, the developing low keeps pushing lower, while the high stabilizes.