The Day Borders Forex indicator for Metatrader 5 is a handy overlay tool that draws borders on the chart, indicating the open and close price levels for the day.
These open and close, start and end lines are displayed as colored horizontal and vertical lines.
Basic trade idea:
- In an upward trending market, buy a candle breakout above the previous day high price.
- In a downward trending market, sell a candle breakout below the previous day low price.
The indicator contains the following inputs and parameters: types of prices for calculation, color of the open price level, color of the close price level, color of the start line, color of the end line, line styles.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
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The picture below shows how the Day Borders indicator looks like when applied to the MT5 chart.
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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 dayborders.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