Skip to content

Daily Open Price Forex Indicator (MT4)

    Daily Open Price is a free mt4 (Metatrader 4) Forex indicator that displays the daily open price for the current and X days ago on the activity chart.

    It gives you an idea where the overall trend is heading to.

    The indicator appears in the main MT4 chart window as a white dotted horizontally aligned lines.

    Trading idea:

    • Open a buy trade if the overall trend is up and price crosses back above the daily open price from below (bullish price action).
    • Open a sell trade if the overall trend is down and price crosses back below the daily open price from above (bearish price action).

    The Daily Open Price indicator can be used for both entry and exit signals or to confirm buy & sell trade setups issued by your favorite trading systems or strategies.

    The indicator works equally well on all assets (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities,..) and shows promising results if used correctly.

    Free Download:

    Download the “daily_open_line.ex4” indicator for MT4

    Indicator Example Chart (EUR/USD H1)

    The example chart below displays the Daily Open Price mt4 indicator in action on the trading chart.

    Tips:

    Feel free to deploy your own favorite trade entry, stop loss and take profit method to trade with the Daily Open Price Forex indicator.

    As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.

    Please note that even the best trading indicator cannot yield a 100% win rate over long periods.

    Indicator Specifications & Inputs:

    Trading Platform: Developed for Metatrader 4 (MT4)

    Currency pairs: Works for any pair

    Time frames: Works for any time frame

    Trade Style: Works for scalping, day trading and swing trading

    Input Parameters: Variable (inputs tab), color settings & style

    Indicator type: Daily open

    Does the indicator repaint? No.

    Download Now:

    Download the “daily_open_line.ex4” indicator for Metatrader 4

    How to install this indicator on Metatrader 4?

    Open the Metatrader 4 platform

    From the top menu, click on “File”

    Then click on “Open Data Folder”

    Then double click with your mouse button on “MQL4”

    Now double click on “Indicators”

    Paste the daily_open_line.ex4 indicator in the Indicators folder.

    Finally restart the MT4 platform and attach the indicator to any chart.

    How to remove the indicator?

    Click with your right mouse button in the chart with the indicator attached onto it.

    Select “Indicator List” from the drop down menu.

    Select the indicator and press delete.

    How to edit the indicator’s inputs and parameters?

    Right click with your mouse button in the chart with the indicator attached onto it.

    From the drop down menu, click on indicators list.

    Select the indicator from the list and press edit.

    Now you can edit the indicator.

    Finally, press the OK button to save the updated configuration.

    Share this post!