PmH / PmL future b-adj: last month's range after a roll
PmH future b-adj and PmL future b-adj stand for previous month high and low, future, back-adjusted: last month's high and low of the main future — for example NQ or FDAX — expressed in the prices of the new contract after a quarterly roll. Last month's high or low can come from the old contract, which traded at a different price. Basics then draws the level twice: as it traded (PmH / PmL future) and in the new contract's prices (b-adj). This page explains when the b-adj lines appear, what they show and how to read the two versions together.
On this page
Monday 14 Sep · NQ switches to December
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- 1August's high and low as traded in the September contract: 30,343 (PmH future) and 28,313.50 (PmL future). The b-adj lines are the same high and low in December prices, 297.25 points higher.
- 2Monday 14 September, 18:00 — NQ1! switches from the September to the December contract.
- 3Monday 21 September — NQ rallies through both PmH lines.
- 4Wednesday 23 September, 10:00 — the dip stops at 30,642.75, 2.50 points above PmH future b-adj.
- 5Thursday 24 September, 05:00 — the next dip reaches 30,370, 27 points above PmH future, and NQ climbs to 30,827.
- 6Monday 28 and Tuesday 29 September — two more dips stop at 30,356.75 and 30,372.25, just above PmH future. For a week NQ moved between the two lines.
Part of Basics
Free TradingView indicator with all session, week and month levels for index, futures and CFD charts.
Install Basics (free) →What the b-adj lines show
Index futures expire every quarter. Around expiry TradingView's continuous chart — ES1!, NQ1!, FDAX1! — switches to the next contract, which trades at a different price, usually a little higher (the cash-future difference of three more months). In the example above, NQ's December contract traded 297.25 points above the September contract.
Last month's high and low may then come from the old contract. PmH future and PmL future show them as they traded; PmH future b-adj and PmL future b-adj show the same high and low shifted by that gap, so in the new contract's prices. Both are fixed values.
When they appear
Only while the two versions differ: in the rest of the roll month and the month after it, as long as last month still contains prices of the old contract. After the September 2026 roll that was from 14 September (ES, NQ, YM) or 18 September (FDAX) until the end of September for August's high and low, and in October for September's. The rest of the quarter the b-adj lines are not drawn.
Which line counts?
Both can. The normal line is a price that really traded, in the old contract; the b-adj line is where that same level sits in the new contract's prices. Traders who look at an unadjusted chart see the first, traders on a back-adjusted chart see the second, so in the days after a roll price often reacts to one of them — and sometimes to both, as from 23 to 29 September in the chart above. Read the space between the two lines as a zone rather than two separate prices.
One thing to keep in mind on a back-adjusted chart (TradingView's B-ADJ button on): candles from before the roll are shifted to the new contract's prices, so they line up with the b-adj lines. With B-ADJ off they line up with the normal lines. The lines themselves don't move with the button. More on this in back-adjusted levels explained.
How Basics shows them
The b-adj lines appear on every supported chart, like the normal lines: on futures (main, mini, micro, nano) as they are, on CFD and index charts converted with the current cash-future difference.
| Default look | Dark red, dotted, width 2 — the colour and width of PmH / PmL future |
|---|---|
| Labels on the chart | PmH future b-adj and PmL future b-adj (renamable) |
| Switched on by default | No |
| Value | Last month's high and low of the main future, from the back-adjusted contract series |
| Price on your chart | Futures (main, mini, micro, nano): the main future's price as it is. CFD and index charts: converted with the current cash-future difference |
| Where the lines start | Where PmH / PmL future start: at the start of last month's futures trading |
| 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 |
The same level on other instruments
Click a chart to enlarge it.
Why don't I see the lines?
- There was no roll recently.The b-adj line only appears while it differs from the normal line: in the rest of the roll month and the month after it. The rest of the quarter the two are the same, and only the normal line is drawn.
- It is switched off.The b-adj lines are off by default. Check the box under Futures levels and the master switch Show all objects in 'Futures levels' group in the indicator settings.
- 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.
- 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 Futures levels:
| Show / hide | PmH future b-adj and PmL future b-adj checkboxes, off by default · Futures levels |
|---|---|
| Label text | Default PmH future b-adj and PmL future b-adj |
| Colour and width | The same as the normal line; the b-adj line is always dotted |
| When it appears | Only while it differs from the normal line — right after a quarterly roll |
| 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 does b-adj mean?
Back-adjusted: the level comes from TradingView's back-adjusted contract series, in which older prices are shifted by the gap between the old and the new contract.
Why are there two lines for last month's high?
After a quarterly roll, last month's high can come from the old contract. PmH future shows it as it traded; PmH future b-adj shows the same high in the new contract's prices.
When are the b-adj lines drawn?
Only while they differ from the normal lines: in the rest of the roll month and the month after it.
Which one should I use?
Watch both: price can react to either, as the examples on this page show. Many traders treat the space between them as a zone after a roll.
Does the chart's B-ADJ button move the lines?
No. Both lines are fixed values. The button only shifts the candles from before the roll.
Related levels
See PmH / PmL future b-adj on your own chart
Basics is free on TradingView. Switch on the b-adj lines under Futures levels, and after the next quarterly roll you see last month's range in both contracts.