PmH / PmL index: last month's high and low of the index
PmH index and PmL index stand for previous month high, index and previous month low, index: the highest and lowest value of the official index itself — for example the DAX or the S&P 500 — during last month's regular trading hours. Together they frame the range the market traded in for a whole month: levels that often matter for weeks. On a futures chart you can't simply draw them: futures such as FDAX or MES trade tens to hundreds of points away from their index (the cash-future difference). Basics converts both levels to the prices of the chart you are looking at. This page explains what the lines show, why they move on a futures chart and how to adjust them.
On this page
1 Sep1 Oct · new month
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- 1Tuesday 1 September, 09:25 — in the first half hour of the month the DAX makes its September high: 26,206.13. The lines are drawn from the start of the month.
- 2Thursday 24 September, 10:25 — the DAX makes its September low: 25,164.20. FDAX trades about 177 points above the DAX at that moment.
- 3Thursday 1 October — a new month starts and September's high and low become PmH index and PmL index. In FDAX prices they now sit at about 26,338 and 25,296: lower than in September, because FDAX now trades only about 132 points above the DAX.
- 4Friday 9 October, 15:35 — the DAX climbs back to its September low and stops 0.54 points above it. On Monday 12 October, 09:05, it dips to 25,166.57 — 2.37 points above the level — and turns up: resistance became support.
- 5Friday 16 October — after a dip below the line in the night of 15 October, FDAX trades at 25,827 at 15:40: about 530 points above PmL index.
Part of Basics
Free TradingView indicator with all session, week and month levels for index, futures and CFD charts.
Install Basics (free) →What last month's high and low are
An index is only calculated while its stock market is open: 09:30–16:00 New York time for the Nasdaq-100, S&P 500, Dow and Russell 2000, 09:00–17:30 Berlin time for the DAX, 08:00–16:30 London time for the FTSE 100 and 09:00–17:30 Amsterdam time for the AEX. Its highest and lowest value in those hours over the whole previous month are PmH index and PmL index — the two ends of the range the index traded in for about 21 trading days. Because a month is long, these levels are watched by traders on every timeframe.
Index month or futures month?
A future trades almost around the clock, so its month includes overnight and after-hours trading: a high or low made outside the stock market's hours only counts for the future. The future's own high and low are drawn as separate lines: PmH / PmL future.
Why the lines move on a futures chart
The DAX's September low is 25,164.20, and that never changes. Its price on an FDAX chart does: Basics converts the index level with the current cash-future difference, and that difference changes over the weeks. On 24 September FDAX traded about 177 points above the DAX, in mid-October about 132. So on the chart above the line sits a little below the September candle that made the low — it shows where the level lies today, which is what you trade against. On a CFD such as GER40 or US500, which follows the index, the lines are the index values themselves and sit exactly on the candles that made them.
How Basics shows them
PmH index and PmL index are drawn on every supported chart — futures (main, mini, micro, nano), CFDs and the index itself — each time at the right price for that chart. On a mini, micro or nano future, for example MES or FDXS, they are converted the same way as on the main future.
| Default look | Dark red, solid, width 2 — both lines |
|---|---|
| Labels on the chart | PmH index and PmL index (renamable) |
| Switched on by default | Yes |
| Value | The index's highest and lowest value during last month's regular trading hours |
| Price on your chart | Futures (main, mini, micro, nano): converted with the current cash-future difference. CFD and index charts: the index value itself |
| Where the lines start | At the start of last month; they run through the whole current month |
| Timeframes | Charts from 1 minute up to the weekly chart, on seconds charts too, unless the level needs more history than the chart loads; not on monthly charts |
| Markets | Nasdaq-100, S&P 500, Dow, Russell 2000, DAX, FTSE 100 and AEX — all tickers |
| Lookback | 1 — last month only (up to 20 months) |
Same price as last week's high or low? When last month's high or low is also last week's, the label reads for example PwH/PmH index: one line with both names instead of two lines on the same price.
The same level on other instruments
Click a chart to enlarge it.
Why don't I see the lines?
- The label shows another name.When last month's high or low is also last week's, the line is labelled for example PwH/PmH index.
- You are on a monthly chart, or on a seconds chart that loads too little history.The lines are drawn on charts from 1 minute up to the weekly chart.
- They are switched off.Check the PmH index and PmL index boxes and the master switch Show all objects in 'Index levels' group in the indicator settings.
- Price is far away from them.Lines are hidden while the level is more than 5 % from the current price, so they don't squeeze the chart. You can change this under General → Level visibility range.
- Your ticker is not recognised.See the supported tickers — and if yours is missing, let me know: requests are very welcome.
What you can change
In the indicator settings (the gear icon next to Basics on your chart), under Index levels:
| Show / hide | PmH index and PmL index checkboxes · Index levels |
|---|---|
| Colour, width, style | Any colour · width 1–5 · solid, dashed or dotted |
| Label text | Default PmH index and PmL index |
| Lookback | 1–20 months (default 1) |
| Month boundaries | Thin vertical line where each month begins · Backgrounds |
| Label size, line end, visibility range | Shared with all lines · General |
Charts and defaults on this page: Basics v11.72.8 · updated 21 October 2026.
Frequently asked questions
What is the previous month high and low of an index?
The highest and lowest value of the index during last month's regular trading hours: 09:30–16:00 New York time for the US indices, 09:00–17:30 Berlin time for the DAX. Pre-market and after-hours trading in futures or CFDs is not part of it.
Why is last month's low of the DAX at a different price on my FDAX chart?
FDAX trades at a different price than the DAX, and that difference changes over time. Basics converts the DAX's level with the current cash-future difference, so the line shows where the level lies on FDAX today. See why the lines move.
What is the difference with PmH / PmL future?
The index version covers the index during last month's regular trading hours only; the future version covers the main future's full month, overnight and after-hours trading included.
Do the lines work on MES or a US500 CFD?
Yes. On a micro future they are converted the same way as on the main future; on a CFD they are the index values themselves.
When do the lines switch to the new month?
When the new month starts on your chart. From then on, the month that just ended is last month and its high and low are drawn until the next month begins.
Related levels
See PmH / PmL index on your own chart
Basics is free on TradingView. Add it to any supported chart — for example FDAX or a US500 CFD — and last month's index high and low appear in your chart's prices without any setup.