i-Morning Range Indicator

i-Morning Range Indicator

The i-Morning Range Indicator for MT5 is a trading system for breakout traders that highlights the morning range of market highs and lows. Non repaint!

The i-Morning Range Indicator for MetaTrader 5 (MT5) is a technical trading tool designed to help forex traders identify trading opportunities when price breaks the high/low of the morning range.

Essentially, the indicator highlights market opening highs and lows, the breakout of which could signal a potential move in that direction.

Thus, a buying opportunity is signaled when price breaks the high of the morning range. Similarly, a forex trader may be looking to sell an asset if the price moves beyond the low of the morning range.

However, forex traders should be wary of false price breakouts caused by market manipulation. Therefore, the indicator is recommended to be used in conjunction with price action/other technical indicators to help filter out market manipulation.

Moreover, it is important to always trade in the direction of the general trend. Therefore, trading morning range breakouts that coincide with the direction of the major trend can potentially increase a trader’s winning rate.

How to Trade with the i-Morning Range Indicator for MT5

The image above shows the morning range highs and lows as determined by the i-Morning Range Indicator for MT5. The blue horizontal line is the high of the morning range and the orange line is the low of the morning range.

The indicator is ideal for trending market conditions. Thus, in a bear market, a forex trader can open a sell order if the price breaks and closes below the low of the morning range (orange line). Likewise, a buy order can be placed if the price breakout of the morning range is high (blue horizontal line) in a bull market.

Conclusion
The i-Morning Range indicator for MT5 is suitable for traders who trade trend breakouts to catch big moves in the open market. Finally, it can be downloaded for free.