Indicators that are directly linked to trades such as RSI and Stochastics are very popular. However, it is a good idea to also use utility indicators in addition to these indicators.
Trading can be done more comfortably with utility indicators. The MT4 indicator, called "DaysOfWeek", introduced here is one such utility indicator.
Example of displaying this indicator on the Eurodollar 1-hour chart
As you can see from the image, this indicator shows the day of the week on the chart. MT4 does not display the day of the week by default, so this indicator should be very useful.
If you know the day of the week clearly, it will be easier to trade according to the characteristics of each day of the week. Of course, it is also useful when analyzing historical charts. The text color and text position can be set with parameters.
About the characteristics of each day of the week
In the FX market, price movements may change depending on the day of the week. The following is an example of such characteristics. The following characteristics may not apply to every currency pair, and these characteristics change over time, but should be helpful in finding price behavior patterns.
The price movement on Monday may prescribe the price movement for the week. For example, if Monday is a positive line, other days are likely to be positive. This is related to the fact that major financial institutions tend to build positions on Monday and close on Friday.
Tuesdays often inherit the flow of Monday.
Wednesday is the same as Tuesday. It is also a day when it is easy to sag.
What I want to pay attention to is Thursdays. Often the flow of the week changes completely on Thursday. For example, it may happen that the price drops all at once on Monday, Tuesday, and Wednesday, but with a positive line. For this reason, it may be a recommended day of the week for those who want to aim for picking reversals and contrarian trading.
Friday is often the most notable day of the week. On Fridays, price movements tend to be intense, and price movements occur as the position is organized. Also, it is easy to have many economic indicators, such as US employment statistics, all jam-packed on a Friday. For this reason, if you are a beginner, you may even want to avoid trading on some Fridays.
- BarCount - Decides the number of bars to count
- TextDistance - Defines distance between text and bars
- TextColor_Mon - Color used for the text "Monday"
- TextColor_Tue - Color used for the text "Tuesday"
- TextColor_Wed - Color used for the text "Wednesday"
- TextColor_Thr - Color used for text on "Thursday"
- TextColor_Fri - Color used for the text "Friday"
- TextColor_Sat - Color used for the text "Saturday"
- TextColor_Sun - Color used for the text "Sunday"
Download the "DaysOfWeek" MT4 indicator from the button below
Tip: Can’t open the downloaded archive file (ZIP or RAR)?
Try WinRAR for Windows or The Unarchiver for Mac .
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.