The Morning Trading Range indicator for Metatrader 4 displays the daily low and high price in real-time on the main trading chart.
The indicator appears as two colored lines, the first displays the daily high price and the latter the daily low price.
- Open a buy trade when the price closes above the previous day high price and the overall trend is upward.
- Open a sell trade when the price closes below the previous day low price and the overall trend is downward.
From our testings, the indicator does not repaint and works for any currency pair and time frame without slowing down the trading platform.
It can be used as a standalone technical tool or it can be combined with other technical indicators and trading systems for better performance.
Try first on a demo account until you fully understand how this indicator works!
Indicator Chart Example
The picture above shows the indicator attached to the Euro / U.S. Dollar chart.
How to install the Morning Trading Range indicator to your Metatrader 4 platform?
- Download the i-morning-range.mq4 indicator file here and save it to your computer
- Open your Metatrader 4 platform
- Click on “File” (top menu) and then select “Open Data Folder” from the drop down menu
- Click on “MQL4” and open the “Indicators” folder
- Paste the indicator file in this folder
- Restart Metatrader 4 and you’re ready to start using the indicator
How to edit the indicator?
- Attach the indicator to any trading chart of your preference
- Right click in the chart and select “Indicators List” from the drop down menu
- Select the indicator from the list and click on “Edit”
- Now you can start editing the indicator (Inputs, Colors and Visualization)
- Final step, click on the “OK” button to save the new configuration