i-Morning Range Indicator
The i-Morning Range indicator for MT4 is a trading system for breakout traders that highlights the morning high/low range of the market.
Description
The i-Morning Range indicator for MetaTrader 4 (MT4) is a technical trading tool designed to assist forex traders in identifying trading opportunities when the price breakouts of the high/low of the morning range.
In essence, the indicator highlights the highs and lows of the opening of the market, which, when broken, may signal a potential move in that direction.
Thus, a buying opportunity is signaled when the price breaks out of the high of the morning range. Similarly, a forex trader may look for an opportunity to sell an asset if the price breaks out of the low of the morning range.
However, forex traders are to be wary of false breakouts of the price caused by market manipulation. Therefore, the indicator is recommended to be used along with price action/other technical indicators to help in filtering market manipulations.
Furthermore, it is important to always trade in the direction of the overall trend. So, trading morning range breakouts that align with the direction of the major trend can potentially increase a trader’s winning ratio.
How to Trade with the i-Morning Range Indicator for MT4
The above image shows the morning range highs and lows identified by the i-Morning range indicator for MT4. The blue horizontal line is the high of the morning range, while the orange line highlights the low of the morning range.
The indicator is ideal for trending market conditions. Therefore, in a bearish market, a forex trader may open a sell order if the price breaks and closes below the morning range low (orange-colored line). Similarly, a buy order may be placed if the price breakout of the morning range is high (blue horizontal line) in a bullish market.
Conclusion
The i-Morning Range indicator for MT4 is suited for trend breakout traders to catch the big moves on the market open. Finally, it is free to download.