PriorWeekOHLMC Pro+ Indicator

This indicator is a tool designed to indicate where price has demonstrated significant activity during the previous trading week. It plots key price levels - Open, High, Low, Close, and Median - along with strong support and resistance zones as well as mean reverting zones

Key Features:

• Plots prior week's Open, High, Low, Close, and Median levels • Shows body center (midpoint) • Displays upper and lower midpoint (M) levels - zones where price commonly finds initial reactions • Optional zone highlighting for enhanced visual analysis • Customizable labels and color schemes • Clean presentation focused on actionable information

Trading Application: The effectiveness of any key level depends on multiple factors: the number of times price has interacted with that level, the distance price traveled between tests, and the time elapsed since the last interaction. These variables combined help build a case for potential trade setups.

These weekly levels and zones provide reference points where price commonly pivots - sometimes multiple times within a single week. Depending on market conditions, this can facilitate mean reversion strategies when price remains within the prior week's range. During breakout weeks, price often retests the median level/zone before continuation, or in cases of strong momentum, retests the prior week's high/low zones.