Weekly Open Horizontal Line + Horizontal Target Lines
This is a powerful addition to your MetaTrader 4 toolkit designed to optimize market analysis and performance. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Weekly Open Horizontal Line + Horizontal Target Lines
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.
Description & Settings
Indicators:
Weekly Open + Targets
Weekly Open
(no Targets)
These two indicators are modifications of the HI_Low Indicator.
Weekly Open + Targets:
A Weekly Open Horizontal Line
A Target Line above the Weekly Open Line (Long Target)
A Target Line below the Weekly Open Line (Short Target)
If a Target Line is not required it can be hidden by setting the color to
None
(from the Inputs Tab not the Colors Tab).
If both Target Lines are not required use
Weekly Open Indicator
which has no Target Lines.
SP500 - H4
The Target Lines provide a useful means to eyeball the historic weekly range of an instrument or symbol. The Target Lines below are set at 200 points (20 pips).
Parameters
CountDays - 110;
Weekly_Open - LightSlateGray;
TP_Long_Target - Green;
TP_Short_Target - Red;
TP_Target - 500;
Line_Style - 0;
Line_Width - 2;
