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ICT Old Highs & Old Lows — Liquidity Beyond Recent Structure

ICT old highs and old lows explained — the macro BSL/SSL pools that have accumulated stop orders for months or years. The 6-level hierarchy, the 3 reference windows, the AMD delivery chain, and why old levels are institutional destinations, not obstacles.

When most traders mark buy-side and sell-side liquidity, they mark the most recent highs and lows. ICT goes further. An old high made 4 months ago has 4 months of accumulated stop-loss orders above it. Old levels are the ultimate delivery destinations of multi-week AMD cycles — the macro ERL that intermediate levels are merely waypoints toward.

Key takeaways

Old highs/lows = structural swing points unswept for 4+ weeks (often months or years). The largest BSL/SSL pools on the chart.
More time unswept = more accumulated liquidity = more valuable institutional target. The yearly high is not the largest BSL because it is high — but because it has been accumulating stops the longest.
6-level hierarchy: L1 session EQH → L2 PDH → L3 PWH → L4 PMH → L5 quarterly high → L6 yearly high.
Every lower level is both the ERL at its scale AND the IRL for the next larger scale. PDH is the daily ERL and the weekly IRL.
3 reference windows: 3-month (quarterly), 6-month (semi-annual), 12-month (yearly). Mark all as permanent lines.

What are old highs and old lows?

Definition

Old highs and old lows are structural swing highs/lows that have not been retested, swept, or significantly approached for an extended period — typically 4+ weeks, often months. They represent the largest accumulated BSL pools (old highs) and SSL pools (old lows) on the chart. Old levels are the macro external range liquidity (ERL) targets for multi-week AMD cycles — the terminal delivery destination when intermediate structure (PDH, PWH) has been consumed.

Why “old” matters — liquidity accumulation over time

Every day that passes with price below an old structural high, new stop-loss orders accumulate above it. Short sellers add stops. Breakout traders add buy-stops. After six months: substantially more BSL than above a high formed last Tuesday. After a year: an enormous pool. The institutional preference for old levels follows directly: larger pools provide more opposing order flow for filling larger positions. More time unswept = more accumulated liquidity = more valuable target.

The complete 6-level ICT liquidity hierarchy

6-LEVEL HIERARCHYICT

Six levels, one delivery chain. L1–L3 are recent structure (swept within days to weeks). L4–L6 are old structure (months to years of accumulated liquidity). Each level is the ERL for its AMD scale and the IRL for the next larger scale. The yearly high (L6) is the terminal macro ERL.

The AMD delivery chain — from session to yearly high

AMD DELIVERY CHAINBULLISH

Every IRL is a waypoint toward the next ERL. The daily AMD sweeps PDH (daily ERL). The weekly AMD continues to PWH (weekly ERL). The monthly AMD continues to PMH. The quarterly AMD to QH. The macro AMD to YH — the terminal destination with 12+ months of accumulated BSL. Holding through IRL collections toward the macro ERL captures the largest available AMD move.

The 3 reference windows for identifying old levels

3-month window (65 trading days) — quarterly high/low

Scroll back 65 trading days on the daily chart. Mark the highest high as QH (Level 5 BSL) and lowest low as QL (Level 5 SSL). These are the primary macro institutional delivery targets. Any rally that has not yet reached QH is a potential continuation AMD.

6-month window (130 trading days) — semi-annual high/low

Scroll back 130 trading days. Mark the 6-month high and low. These capture the boundaries of the medium-term macro AMD cycle — the intermediate old levels price may target before the yearly.

12-month window (260 trading days) — yearly high/low

Scroll back 260 trading days. Mark YH (Level 6 BSL — largest pool on the chart) and YL (Level 6 SSL). The terminal macro ERL targets. The biggest annual market moves are AMD deliveries between YL and YH.

The liquidity void — the delivery path to old levels

Between current price and an old structural high, there is frequently a liquidity void — a region traversed rapidly during a prior move. Three characteristics: large candles with minimal wicks (the prior move was fast), minimal OBs and FVGs (speed left few imbalances), and few significant swing highs (few opposing liquidity pools). The AMD delivery through the void is fast and continuous because there is minimal opposing institutional order accumulation. Price accelerates through the void to the old high’s large unswept BSL pool, which finally creates the significant reaction.

How to mark old levels on TradingView

Mark on the weekly chart first

Use the weekly chart to identify QH, QH, and YH/YL. Mark as solid horizontal lines. Teal for old BSL highs, coral for old SSL lows.

Label with level type and direction

“QH — Quarterly BSL (Level 5),” “YL — Yearly SSL (Level 6),” “PMH — Prior Month BSL (Level 4).”

Extend to all timeframes

The same old level should be visible on daily, 1H, and session charts. Do NOT remove when current price is far away — the old level remains valid as a macro ERL until swept.

Update PMH/PML monthly

At the start of each calendar month, mark the prior month’s highest high and lowest low. PMH is the Level 4 BSL target when monthly structure is bullish.

Common mistakes

Only marking recent structure (PDH/PWH)

Missing the actual institutional target, which may be 200 pips away and 4 months old. Without old levels marked, distributions appear to “keep going” past PDH/PWH with no visible target.

Treating old highs as “resistance”

The same reframe: old highs have the LARGEST BSL pools. Price sweeps through old highs to collect the accumulated stops. Enter after the sweep, not at the level.

Exiting at every IRL instead of holding toward the macro ERL

Taking full profit at PDH (daily ERL) when the macro AMD is delivering to the quarterly high means exiting at a waypoint. Take partial at IRLs, hold a runner toward the macro ERL.

Removing old level lines when price moves away

Old levels remain valid until swept. Removing them because “price is far away” eliminates the macro ERL reference from the chart.

Not identifying the liquidity void between current price and the old level

The void explains why delivery accelerates. Without it marked, the fast move through the void looks random instead of predictable.

FAQ — ICT old highs and old lows

What are old highs and old lows? +

Structural swing points unswept for 4+ weeks. The largest accumulated BSL/SSL pools. Macro ERL targets for multi-week AMD cycles. More time unswept = more accumulated liquidity.

The 6-level hierarchy? +

L1 session EQH/EQL, L2 PDH/PDL, L3 PWH/PWL, L4 PMH/PML (first old level), L5 quarterly, L6 yearly (largest). Each level is its own ERL and the next scale’s IRL.

3 reference windows? +

3-month (65 days) = quarterly. 6-month (130 days) = semi-annual. 12-month (260 days) = yearly. Mark all as permanent lines visible across timeframes.

What is the void to an old high? +

Region between current price and the old high traversed rapidly before. Large candles, minimal OBs/FVGs, few swings. AMD delivery through it is fast and continuous.

Conclusion — old levels are the destination, not the obstacle

Old highs and old lows are the institutional delivery destinations of the largest AMD cycles. The accumulated stops represent months or years of opposing order flow. The practical application: after marking PDH/PDL and PWH/PWL, zoom out and identify the nearest unswept old levels. These provide the macro ERL context that determines whether this week’s AMD is delivering to a waypoint (the PDH) or a destination (the quarterly high). That distinction — knowing the IRL from the ERL — is what old structural level analysis provides.

The companion guides: the liquidity guide covers the BSL/SSL framework; the PDH/PDL guide covers Level 2; the PWH/PWL guide covers Level 3; the IRL/ERL guide covers the spatial framework; and the liquidity void guide covers the delivery path. Or join the mentorship for structured guidance on old level identification and macro AMD target selection.

Lio

Founder & ICT trading educator, LiquiditySweeps.com

Lio has traded ICT and Smart Money Concepts on forex majors and US indices since 2021 and built LiquiditySweeps.com to teach the framework the way it should be learned: in sequence, on real charts, with free live tools instead of paid indicators.

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Quick check

Price sweeps above PDH on a bullish weekly AMD. Is the daily PDH the final target or a waypoint?

✓ Correct. The PDH is the daily AMD ERL — but it is simultaneously the IRL for the weekly AMD targeting PWH. Price sweeps PDH as a waypoint, not a destination. The macro ERL (the actual destination) is the old structural high — the quarterly or yearly high with months of accumulated BSL above it.