PwH / PwL future b-adj: last week's range after a roll
PwH future b-adj and PwL future b-adj stand for previous week high and low, future, back-adjusted: last week's high and low of the main future — for example ES or FDAX — expressed in the prices of the new contract after a quarterly roll. Right after a roll, last week'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 (PwH / PwL 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
Mon 18:00 · roll to December
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- 1Week of 7 September, still the September contract — the week's high: 7,728.50 as traded, 7,796.25 on this back-adjusted chart.
- 2Thursday 10 September — the week's low: 7,585.50 as traded, 7,653.25 on this chart.
- 3Monday 14 September, 18:00 — ES1! switches from the September to the December contract, 67.75 points higher. From now on Basics draws last week's high and low twice: as traded (PwH / PwL future) and in December prices (b-adj).
- 4Tuesday 15 September, 03:00 — ES comes within a quarter point of PwL future b-adj (7,653.50 against 7,653.25) and bounces 44 points.
- 5Wednesday 16 September, 15:00 — a sharp drop stops at 7,575, ten points under PwL future (7,585.50). By Thursday morning ES is back at 7,722.
- 6Friday 18 September, 03:00 — the high, 7,739.25, is ten points above PwH future (7,728.50); ES falls back to 7,675.
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, ES's December contract traded 67.75 points above the September contract.
Last week's high and low may then come from the old contract. PwH future and PwL future show them as they traded; PwH future b-adj and PwL 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: from the roll on, as long as last week still contains prices of the old contract — the rest of the roll week and, if last week's high or low came from before the roll, the week after it. In September 2026 that was from Monday 14 September, 18:00 New York time, for ES, NQ and YM, and for FDAX, which switched on Friday 18 September, on that Friday and in the week of 21 September. 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 on 15, 16 and 18 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 PwH / PwL future |
|---|---|
| Labels on the chart | PwH future b-adj and PwL future b-adj (renamable) |
| Switched on by default | No |
| Value | Last week'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 PwH / PwL future start: at the start of last week's futures trading |
| Timeframes | Charts from 1 minute up to the daily chart, on seconds charts too, unless the level needs more history than the chart loads; not on weekly or 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: right after a quarterly roll, at most into the week 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 weekly or monthly chart.The lines are drawn on charts from 1 minute up to the daily 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 | PwH future b-adj and PwL future b-adj checkboxes, off by default · Futures levels |
|---|---|
| Label text | Default PwH future b-adj and PwL 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 week's high?
Right after a quarterly roll, last week's high can come from the old contract. PwH future shows it as it traded; PwH 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: right after a roll, at most into the week after it. The rest of the quarter only PwH / PwL future are drawn.
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 in the days 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 PwH / PwL 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 week's range in both contracts.