The Day of week MT4 indicator labels the desired day of the week on a price chart. In technical analysis it is beneficial to understand price action and market cycles of a forex currency pair. Furthermore, it helps forex traders to back test forex trading strategies and understand its effect on a particular day of the week.
Features of Day Of Week MT4 Indicator
The indicator does not provide forex trading signals or technical analysis. However, it plots a green dot on top of the candlestick on the day of the week. Traders should note that it is visible only the chart time frames higher than the daily time frame.
Generally, daily high and lows play an important role in defining the trend direction; they tend to act as pivotal points. This indicator helps forex traders to understand the price action around these levels in any given day.
Obviously, every day of the week has its own trading characteristics. Early days of the week tend to build the case for a trend, while the middle days of a week tend to gather momentum. The final days of the week complete the price movement. Moreover, the final day and session of the week tends to gather positions for weekly closing.
Benefits of Day Of Week MT4 Indicator
The indicator is green dot on the candlestick of the particular day; it is useful for new and advanced forex traders. However, traders back testing trading strategies benefit the most from the indicator.
Forex trading strategies may not provide the same results on every day of the week. In other words, the day of week may influence the results of a trading strategy. This indicator helps traders to identify, understand and effectively tune the trading strategy.
Indicator Settings Description
prmWeek: Indicates the day of week to label.
Reviews
There are no reviews yet.