Day Time
This professional-grade solution for MetaTrader 5 helps traders achieve greater efficiency in their daily workflow. 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 Day Time
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
The indicator adds signal arrows on the specified day of the week and time:
If the Close price of a candlestick preceding the given one is lower than the Open price of the specified day of the week, then an up arrow is drawn at the given candlestick;
If the Close price of a candlestick preceding the given one is higher than the Open price of the specified day of the week, then a down arrow is drawn at the given candlestick;
The indicator allows selecting the day of the week and the hour of that day to check, so it has two configurable parameters:
Day of week
- the day of the week to check;
Hour of day
- the hour of the day. Note that arrows may not be placed in some cases: for example, if you use the H4 chart and select a candlestick with the time which is not a multiple of 4 (3, 11, 7 etc.), the indicator will not find such candlesticks on the H4 chart, so will not draw arrows.
Fig.1 H4, Monday, 8 hours
Fig.2 H4, Monday, 16 hours
