The Daily Open Line indicator for Metatrader 5 shows the daily open price as a yellow colored line for several days in the price chart.
At a glance, you can spot the overall trend for any currency pair.
Generally speaking:
- If the current day open price is higher than the previous day open price => the trend is upward.
- If the current day open price is lower than the previous day open price => the trend is downward.
You can modify the following parameters and settings: hour of daily open, line style.
Please make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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Daily_Open_Line.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Daily Open Line indicator looks when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Daily Open Line Indicator?
The indicator shows how the overall trend behaves for any currency pair but it does not generate any buy or sell signals.
Please combine with other technical indicators or with an existing trading strategy of your preference.
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Daily_Open_Line.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Daily_Open_Line.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration