Introduction to the Daily Lines Indicator
Identifying the beginning and end of day can be a useful information for day traders. The Daily Lines indicator is a tool which can help provide this information which day traders can use.
What is the Daily Lines Indicator?
The Daily Lines indicator is a custom technical indicator which plots vertical lines that separate the days of the week. It then labels the day of the week at the top of the vertical line.
In a way, the Daily Line indicator is a period separator which marks the days of the week.
How the Daily Lines Indicator Works?
The Daily Lines indicator simply retrieves the date and time data from the broker’s server time. It has an internal script that would then identify the beginning time of the day based on the time. It identifies the time 00:00 as the start of day. The indicator then plots a vertical line on these time markers. The Daily Lines indicator would then identify the day based on the date on the server.
How to use the Daily Lines Indicator for MT4
The Daily Lines indicator has several options that can be modified within the indicator settings, most of which are visual settings.
This indicator allows the colors of the lines to be modified individually. This can be done by selecting the color you prefer corresponding to each day.
It also allows the “Line style” to modified. The options are Solid, Dash, Dot, Dashdot, and Dashdotdot.
Aside from this, this indicator also allows modifications on the “Line width”, “Font”, and “Font size”.
The Daily Lines indicator is merely a period separator type of indicator. It does not provide any trade signal or other technical analysis indication such as trend or momentum direction. As such, it should not be used as a basis for a trade setup.
However, since the Daily Lines indicator is a period separator, it could help us visually identify major swing highs and swing lows for the day. All we need to do is visually check the highest high of the day and the lowest low of the day. More often than not, the high of day and low of day are major swing highs and swing lows.
Traders can use these high of day and low of day as a support or resistance level where price can reverse from on the next trading day. This is especially useful for day traders or at times even swing traders with open trades that could run for a few days.
Conclusion
Although the Daily Lines indicator is only an aesthetic or visual modification type of indicator, it can still be used to aid in technical analysis as mentioned above.
There is also an option within the MT4 software which allows us to toggle a built-in period separator on or off. However, this period separator is not only based on the daily periods. It would also automatically change to weekly or monthly depending on the timeframe used.
Traders who prefer to see the daily period separators only can stick to the Daily Lines indicator.
MT4 Indicators – Download Instructions
Daily Lines Indicator for MT4 is a Metatrader 4 (MT4) indicator and the essence of this technical indicator is to transform the accumulated history data.
Daily Lines Indicator for MT4 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
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How to install Daily Lines Indicator for MT4.mq4?
- Download Daily Lines Indicator for MT4.mq4
- Copy Daily Lines Indicator for MT4.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 4 Client
- Select Chart and Timeframe where you want to test your MT4 indicators
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 4 Client
- Right click on Daily Lines Indicator for MT4.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Daily Lines Indicator for MT4.mq4 is available on your Chart
How to remove Daily Lines Indicator for MT4.mq4 from your Metatrader Chart?
- Select the Chart where is the Indicator running in your Metatrader 4 Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Daily Lines Indicator for MT4 (Free Download)
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