DIBS Forex Daily Open Line Metatrader 4 Indicator
The DIBS Forex Daily Open Line MT4 Indicator draws the daily open price line on the activity chart.
It delivers an easy way for you to discover whether price is advancing or declining.
Some traders use this indicator for buy or sell trade entries based on the daily open price level.
It’s recommended to combine this Forex indicator with other technical indicators or with price action for better accuracy.
For instance, combine with MACD, SMA, EMA, ADMI,… to make a complete Forex trading system.
- Price is considered bullish when it trades above the daily open price.
- Price is considered bearish when it trades below the daily open price.
- Displays the time left to the next bar (can be turned ON/OFF).
Feel free to explore the DIBS Forex Daily Open Line indicator’s different parameters and settings to create your own personalized indicator setup.
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Indicator Example Chart (EUR/USD H4 Chart Example)
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Finding Buy and Sell Triggers With The DIBS Forex Daily Open Line MT4 Indicator
Buy Signal: Initiate a buy trade when price trades above the daily open price line.
Place stop loss below the previous swing low price, or use your own favorite SL method.
Exit the buy trade for a reward/risk ratio of 1.5 or better, or use your own favorite take profit method.
Sell Signal: Initiate a sell trade when price trades below the daily open price line.
Place stop loss above the previous swing high price, or use your own favorite SL method.
Exit the sell trade for a reward/risk ratio of 1.5 or better, or use your own favorite take profit method.
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Show IB, show remaining bar time, timezone offset, colors, width, style.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: price
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.