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Daily Open Line

The Daily Open Line indicator for MT4 marks the daily opening of the price. The Daily Open Line Indicator is a great tool for any trader looking to gain an edge in the Forex market.

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Description

The Daily Open Line indicator for MT4 is a custom Forex trading indicator that plots horizontal lines at the beginning of a daily open price. In other words, the indicator marks the daily open price, a zone of interest in the financial market.

Daily open is often employed in intraday technical analysis to analyze and project the daily movement of financial instruments. Besides, daily open tends to act as a support and resistance zone for trend reversal or continuation. Therefore, the indicator provides a daily reference point for traders to easily identify daily price openings and make informed decisions.

Features of the Daily Open Line Indicator for MT4

The indicator is a chart-friendly tool that marks the daily price open with dotted lines. It is designed with time zone settings, which enables it to reflect the daily market open based on the time zone of a trader. Therefore, traders can adjust the indicator’s time zone under the setting parameters to ensure the daily open aligns with their local market time.

Benefits of Using the Indicator

  • Intraday Trend Analysis: The daily open can help traders anticipate the potential direction of the trend. For example, the daily trend is bullish if the price continually makes higher highs and lows above the daily open. Similarly, a continual lower high and lower low below the daily open may suggest a bearish trend.
  • Enhances Decision Making: As noted above, the daily open is a potential psychological support and resistance level, which makes it a zone for different trading decisions. Thus, traders can use the indicator to find short-term trend reversal and breakout trading opportunities.

Indicator Settings Description

The indicator comes with the following customizable settings:

TimeZoneofData: This parameter is used to set the time zone.

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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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