If you want to know if the day is strong or weak for a particular currency pair, check the rate of price change.
By looking at the rate of change (up or down), you can learn a lot about price movements for the day. This MT4 indicator “Daily_Change” is perfect for those who want to easily check the rate of price change.
In the example above, this indicator is displayed in the lower right corner of the EuroDollar hourly chart. The rate of decline here is "the difference between the previous day's closing price and the current closing price."
You can also change the text display location and text color and size as shown in the image on the left.
Tips for using:
The daily percent change can be used for various purposes. For example, the price has moved notably higher, you can consider that day is a strong bull market. Placing a sell order on these days may not be a reasonable move.
This information can also be used for reversal trading. For example, let's say that the average daily rate of change for a currency pair is ± 1%. In this case, you can start with the expectation that the price will reverse if the rate of change (either rise or fall) on one day exceeds ± 1%. However, it is necessary to set the stop loss firmly because the rate of rise and fall may rise by more than 5% depending on the day. Please come up with a strategy that combines ATR.
- X_Position - X position relative to the corner
- Y_Position - Y position relative to the corner
- Corner - Decides where the label will be displayed
Download the "Daily_Change" MT4 indicator from the button below
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.