Daily Open Indicator

Daily Open Indicator

Daily Open Indicator for MT4 plots line at the day’s opening price and the European market open. Helps forex technical traders easily identify open price.

The Daily Open indicator for MT4 plots a dotted line on the opening price of the day and the European session. It helps forex traders to identify the opening prices to identify the trend direction. Additionally, it helps traders to enter at opening prices to facilitate set and forget trading strategies.

This indicator is simple to use for new and advanced forex traders. Furthermore, it works on all intraday chart time frames and the daily, weekly and monthly charts. Moreover, traders can use this indicator in automated trading strategies.

Daily Open Indicator For MT4 Trade Setup

The indicator plots a blue line at the opening price of the day and green line at opening of European market open. This indicator does not provide any buy or sell forex trading signals explicitly, but helps to identify the price.

Many forex trading strategies involve identifying the prices at market open and then refer to current market price. Other technical trading strategies use the distance of the current market price and opening price to identify trend strength. Generally, a bigger difference between them shows the trend is strong. Apparently, some forex traders using European session to trade primarily use the Euro open price and ignore the Asian session.

By default, the open of the day is set at 0 hours and the European market open is set at 8 hours. However, traders can change the settings to accommodate the broker time zone and input an appropriate hour to reflect these time zones.

Conclusion
In summary, the Daily Open indicator for MT4 is a forex technical analysis tool to identify the opening prices. Moreover, traders can download this indicator for free and install it easily.