The Daily Weekly Open indicator is a useful tool for forex traders using the MT4 platform. It is a popular and free indicator that displays the daily and weekly opening levels on your chart, allowing you to easily identify key support and resistance levels. This indicator works by plotting horizontal lines at the opening levels of each day and week, providing you with valuable information about market sentiment and potential price action. By using this indicator, you can make more informed trading decisions and improve your overall profitability. To use the Daily Weekly Open indicator, simply install it on your MT4 platform and activate it on your chart. You can customize the colors and styles of the lines to suit your preferences. Overall, this indicator is a valuable tool for any forex trader looking to enhance their trading strategy.
MT4
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Daily Weekly Open
The Daily Weekly Open Indicator is a popular and useful forex indicator in the MT4 platform. It is a free tool that displays the daily and weekly open levels on the chart, helping traders identify key support and resistance levels. Traders can use this information to make informed trading decisions based on market open prices.
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Category: Support & Resistance
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How to Install
How install MT4/5 indicator in the terminal?
To install an MT4/5 indicator in the terminal, follow these steps:
Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.
Open the MT4/5 terminal and click on “File” in the top left corner.
Select “Open Data Folder” from the dropdown menu.
In the window that opens, double-click on the “MQL4/5” folder.
Double-click on the “Indicators” folder.
Drag and drop the indicator file from your computer into the “Indicators” folder.
Close the data folder window and restart the MT4/5 terminal.
The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.
Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.
And if asks to confirm DLL?
If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.
DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.
If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.
It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.
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