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Many traders make their entry or stop-loss decisions based on the current price penetrating yesterday's high or low. For example, if the current price goes above yesterday's high, then that could be a signal to go long or to cover a short position. Thus, these custom indices could be used to tell DollarLink to monitor the current price relative to the previous day's high and low.
For example, you could set up another custom index which would be the difference between price and one of the above custom indices. Then, if this new custom index goes from negative to positive or from positive to negative, then an alarm would sound (if you had an alarm set on this custom index).