Indicators that are directly linked to trades such as RSI and Stochastics are very popular. However, it is a good idea to also use utility indicators in addition to these indicators.
Trading can be done more comfortably with utility indicators. The MT4 indicator, called "DaysOfWeek", introduced here is one such utility indicator.
As you can see from the image, this indicator shows the day of the week on the chart. MT4 does not display the day of the week by default, so this indicator should be very useful.
If you know the day of the week clearly, it will be easier to trade according to the characteristics of each day of the week. Of course, it is also useful when analyzing historical charts. The text color and text position can be set with parameters.
About the characteristics of each day of the week
In the FX market, price movements may change depending on the day of the week. The following is an example of such characteristics. The following characteristics may not apply to every currency pair, and these characteristics change over time, but should be helpful in finding price behavior patterns.
Download the "DaysOfWeek" MT4 indicator from the button below
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