Days of the week indicator
Trading in financial markets, and especially the Forex market, is in one way or another based on search patterns.
The peculiar appearance of a candle, the intersection of indicator lines, a breakout of a level, opening a position at a certain time of day, and so on - all this is the development of the found patterns.
One of the most obvious patterns is the movement of the price of an asset at certain times of the day, days and even months.
Traders have added the concept of seasonality to some assets, since the price anomalously gains activity during certain months of the year.
However, searching for such patterns takes a lot of effort, so traders resort to auxiliary indicators that make markings on the chart.
With their help, you can see not only the days of the week on any selected time frame, but also the minimum and maximum levels of the day for use in breakout strategies.
The indicator itself is universal, so you can apply it to absolutely all trading assets present in MT4, as well as to all tie frames.
Installing the Trade Day indicator
The Trade Day indicator is a custom development and is popular among more experienced Forex market participants.
Since the tool is auxiliary and specific, the developers did not include it in the trading terminal by default, in order to use it, download the indicator file at the end of the article, and then install it in your trading platform.
Installing the Trade Day indicator follows the standard scheme and is no different from installing any other custom tool, namely, you will need to dump the downloaded indicator file and finally place it in the appropriate folder in the terminal data directory.
You can find detailed information about installing technical indicators, advisors, and scripts by clicking on the link http://time-forex.com/praktika/ustanovka-indikatora-ili-sovetnika.
After installing the indicator and updating the trading terminal in the “Navigator” panel or restarting the trading platform, Trade Day will appear in the list of custom indicators, and in order to start using it, just drag the name of the instrument onto the chart of the currency pair.
The principle of using the indicator. Signals
When you plot the instrument on the chart, you will see rectangular areas on the chart that are drawn from the minimum to the maximum of the day.
Directly above the highlighted areas are the names of the day of the week in English, as well as the day's low and high prices.
The Trade Day indicator can be used both as an assistant, for clarity, studying activity is valuable on certain days of the week on a historical site and in real time, and as a signal indicator.
If we talk about the signal function, then traders very often use the lows and highs of the previous day as support and resistance levels, upon the breakdown of which a position will be opened.
For the convenience of working with breakout strategies, pending orders Buy Stop and Sell stop.
So a pending buy stop order should be placed at the high of the day (upper line of the box), and a pending sell stop order should be placed at the low of the day (lower line of the box). Example:
In conclusion, it is worth noting that the Trade Day indicator is an excellent assistant that allows you to simplify the work with analysis on a historical site as much as possible.
Also, do not forget the fact that Trade Day is at the same time an excellent signal tool and can serve a huge number of traders who use breakout strategies based on the low and high of the day.
Download Days of the week indicator