The Daily Price Action Forex indicator for Metatrader 5 displays the start of the day and high and low price levels for that particular day on the price chart.
The indicator draws a red vertical line that marks the start of the day and two horizontally aligned lines in green (day high) and magenta color (day low).
High and low prices will be continuously updates throughout the trading day.
The following indicator inputs can be modified to suit your preferences: daily high color, daily low color, day start color, line style.
The indicator suits all trading instruments supported by the MT5 charting platform.
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The following picture shows how the Daily Price Action indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Daily Price Action Indicator?
The indicator itself does not offer any trading signals.
It is advisable to combine it with other technical indicators or integrate it into your preferred trading strategy.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the paromon.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration