Daily Open Line Indicator
Forex BUY and SELL signals from the best Daily Open Line indicator for MT5. Find out which market is open daily.
Description
The Daily Open Line Indicator is a simple MT5 indicator that tells you when the market is open. The indicator draws dotted lines from the first candle of the day to the last candle. The dotted lines mark the open of the first candle and the close of the last candle. The indicator draws dotted lines on four four-hour candles of the day and serves as a confirmation of the previous day’s signal.
Traders should use the indicator on the 4 hour time frame as it works best on that time frame.
The indicator does not give an accurate dotted line when applied on other timeframes. Also, the indicator may not work on daily and weekly charts.
Daily Open Line Indicator for MT5 BUY/SELL signals
The above CAD/CHF H4 chart shows the indicator on the chart. The indicator does not determine BUY and SELL signals, but serves as a confirmation of the trend. By looking at the previous day’s candles, traders can determine the overall market trend and open positions accordingly.
Traders can apply other indicators such as RSI and MACD as well as this indicator to further confirm the signal.
Conclusion
The Daily Open Line indicator draws dotted lines on four four-hour candles. These lines can help traders identify the previous day’s market trends. If you want to download the current Indicator, you can download the indicator for free on our website.