Weekly Open and Target Horizontal Lines Indicator
Info
The Weekly Open and Target Horizontal Lines Indicator is a Indicator for MetaTrader 4 that this indicator provides horizontal lines for the weekly open price and potential target levels. It includes two variations:1.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Weekly Open and Target Horizontal Lines Indicator
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
This indicator provides horizontal lines for the weekly open price and potential target levels.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: trend manager open2: enhancing trading efficiency - another powerful indicator for MetaTrader 4 traders.
This indicator provides horizontal lines for the weekly open price and potential target levels.Also recommended: waddah attar weekly pivot fibo indicator - similar indicator with strong performance on MetaTrader 4.
It includes two variations:
1. Weekly Open + Targets: Displays a horizontal line at the weekly open, a target line above (long target), and a target line below (short target). If a target line is not needed, its color can be set to 'none' in the input settings.
2. Weekly Open (No Targets): Displays only the weekly open horizontal line. This is useful if both target lines are not required.
These indicators are modifications of the hi_low indicator. The target lines offer a simple way to visually assess the historical weekly range of a financial instrument. For example, the target lines can be set 20 pips (200 points) away from the weekly open.
Parameters:
- countdays: Number of past days to consider (default: 110).
- weekly_open: Color for the weekly open line (default: lightslategray).
- tp_long_target: Color for the long target line (default: green).
- tp_short_target: Color for the short target line (default: red).
- tp_target: Distance for the target lines from the weekly open (default: 500 points).
- line_style: Style of the lines (default: 0).
- line_width: Width of the lines (default: 2).
You may also like: Session Open V-Line Indicator - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property indicator_chart_window
extern int countdays=110;
bool show_w_hi_lo_labels = false;
bool show_currdaily = false;
int shift_currdaily_label = -100;
bool show_currweekly = true;
int shift_currweekly_label = 0;
bool show_currmonthly = false;
int shift_currmonthly_label = -1000;
color line_color_currdailyupper = clr_none;.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.