Day Time Indicator
Info
The Day Time Indicator is a Indicator for MetaTrader 5 that this indicator adds signal arrows on a specific day of the week and time. If the close price of the candlestick preceding the given one is lower than the open price of the specified day, an up arrow is drawn at the given candlestick.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Day Time 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 adds signal arrows on a specific day of the week and time.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Accurate Broker Time Zones and Session Lines for MT4/MT5 - another powerful indicator for MetaTrader 5 traders.
This indicator adds signal arrows on a specific day of the week and time.Also recommended: Session Time Highlighter for MT4/MT5 - similar indicator with strong performance on MetaTrader 5.
If the close price of the candlestick preceding the given one is lower than the open price of the specified day, an up arrow is drawn at the given candlestick.
Conversely, if the close price is higher, a down arrow is drawn.
The indicator has two configurable parameters:
- Day of Week: Select the day of the week to check.
- Hour of Day: Choose the hour of the day to monitor.
Note that arrows may not appear in certain cases. For instance, if using an H4 chart and selecting a candlestick with a time that is not a multiple of 4, the indicator will not find matching candlesticks on the H4 chart and will not draw arrows.
Fig.1 H4, Monday, 8 Hours
Fig.2 H4, Monday, 16 Hours
You may also like: HTF Candles (ICT Power of Three): Higher Timeframe Candles Displayed - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ 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.