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.
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.
Download the "Daily_Change" MT4 indicator from the button below
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