ICT Previous Month Low (PML) Explained

What is Previous Month Low in ICT?

The lowest price of the previous completed month, used as a broad sell-side reference.

Definition of Previous Month Low

The prior month's low from the selected chart feed.

How to identify Previous Month Low

Plot the prior completed monthly low and observe acceptance/rejection around it.

Bullish Previous Month Low example

price raids PML and reclaims it.

Bearish Previous Month Low example

price breaks below and continues lower.

Previous Month Low chart examples

Practical trading example

A downside move reaches PML; after reclaim and bullish shift, traders may reassess toward internal highs.

Common mistakes and important notes

Do not assume a monthly low must reverse price; it may be broken decisively.

Related ICT concepts

Part of Liquidity Concepts. New to ICT? Start with the beginner guide.