True Open and Power of 3 (PO3) Lines
Info
The True Open and Power of 3 (PO3) Lines is a Indicator for MetaTrader 5 that in institutional trading and ict (inner circle trader) methodologies, the opening price is a vital reference point on the chart. Institutional algorithms utilize the True Daily, Weekly, and Monthly Open prices to execute the 'Power of 3' (PO3) cycle: Accumulation at the open, Manipulation to trap retail traders, and Distribution in the true daily direction.
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 True Open and Power of 3 (PO3) 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.
What this tool does
In institutional trading and ICT (Inner Circle Trader) methodologies, the opening price is a vital reference point on the chart.
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: Institutional Kalman Filter: Dynamic True Price Estimation - another powerful indicator for MetaTrader 5 traders.
In institutional trading and ICT (Inner Circle Trader) methodologies, the opening price is a vital reference point on the chart. Institutional algorithms utilize the True Daily, Weekly, and Monthly Open prices to execute the 'Power of 3' (PO3) cycle: Accumulation at the open, Manipulation to trap retail traders, and Distribution in the true daily direction.Also recommended: Average True Range (AT R) - similar indicator with strong performance on MetaTrader 5.
The ICT True Open & PO3 Lines indicator is a precise tool that automatically calculates and displays these institutional reference points on your chart.
Core Features
AMD Foundation:
Divides the chart into premium (above open) and discount (below open) zones, revealing retail manipulation areas.
Multi-Timeframe Anchors:
Simultaneously shows Daily (Midnight), Weekly, and Monthly open lines on execution timeframes (M1, M5, M15).
Ultra-Lightweight Design:
Engineered for minimal CPU load, using native terminal timers to plot static horizontal lines for the current period, avoiding historical calculations.
Clean Visuals:
Maintains a professional chart appearance with no cluttered text or lagging bands, only institutional price levels.
Input Parameters
Show_Daily_Open:
Option to display the Daily Open line (Default: True).
Show_Weekly_Open:
Option to display the Weekly Open line (Default: True).
Show_Monthly_Open:
Option to display the Monthly Open line (Default: True).
Color & Style Customization:
Allows for personalized colors and line styles (solid, dashed, dotted) to match your trading template.
You may also like: SH I Channel true (NB-channel) - excellent alternative for indicator users on MetaTrader 5.
⚠ 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.