“Daily Lines” is another very useful indicator for Forex traders. This indicator for Metatrader 4 shows a line every time the date on the platform changes, which can make chart analysis on lower - intraday - time frames much easier.
Continue reading below to find out more about this MT4 indicator and to download it for free.
Example of displaying this indicator on the EURUSD 1-hour chart
As can be seen from the image, this indicator displays a separator line every time a new day starts on the trading platform. This should be especially useful for Forex traders and chart analysts. By using this indicator, you can see complex patterns such as, for example, “This pair has a strong price movement on Monday” and “Wednesday price movement is often canceled on Thursday”.
You can also change all of the separators and the text color. For this reason, it is a good idea to customize it to suit your needs and preferences.
Price Behavior Changes depending on the day of the week:
What you need to know when using this indicator is the characteristics of each day of the week. For example, a move on Monday may dictate the price movement for that week. In addition, reversals often occur in the middle of the week. In particular, Friday's price movements are rather troublesome. Friday's price movements can be quite different from other days of the week.
Of course, these price movements also vary depending on the currency pair. For this reason, please be sure to carefully analyze the currency pairs you trade.
- Color of Sunday
- Color of Monday
- Color of Tuesday
- Color of Wednesday
- Color of Thursday
- Color of Friday
- Color of Saturday
- Line style
- Line width
- Where to place texts
- Font size
- Anchor type - Defines how texts are placed
Download "DailyLines" from the button below
Tip: Can’t open the downloaded archive file (ZIP or RAR)?
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.