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Daily Candle

Displays the Daily Candle on all forex chart time frames. Provides additional info on swaps, current day’s price range, distance from high and low. Best MetaTrader indicator for scalpers for following the daily price trend.

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Description

The Daily Candle MT4 indicator plots an additional daily candle on the price chart. It displays them on all chart times and helps forex traders to keep track on the daily price movement on the current chart.

Features of Daily Candle MT4 Indicator

The indicator plots an additional candle by duplicating the daily candle and keeps continuously moving it to the right. Additionally, it provides important information on the daily range in pips and the current number of pips above or below the opening price.

Furthermore, it shows the distance from high and distance from low to help traders understand the current price with regard to high and low price.

Another important feature is the display of swaps. The value of long swap and short swap are on the right top corner of the price chart.

The indicator does not provide trading signals, but helps traders to understand the current price.

Benefits of Using the Indicator

The indicator works in all chart time frames. However, intraday traders and scalpers will find this tool very beneficial. It helps them to stay in the direction of daily price trend. Daily chart time frame acts as a higher time frame for most of the scalpers and intraday traders. So, it is beyond any reasonable doubt that this indicator will be beneficial in multiple areas.

On the other hand, long term forex traders will benefit the most by using the swap long and swap short values. Traders will benefit from this to prepare for the swaps and plan the trade accordingly.

Indicator Settings Description

ZoneColor: Daily candle color.

CandleShift: Moves the daily candle to right.

ShowInfo:, ShowSwap:, ShowBackground: Enables display of today’s range, distance from high, distance from low and swaps at the chart comments area.

Showbar: Enables the display of daily candle.

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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:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. 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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