"OpenClosePriceChange" MT4 Indicator
Knowing how much the price has fluctuated is the basis of technical analysis. It is good to open and analyze the charts to analyze these price fluctuations, but there is a smarter way. That is the use of this "OpenClosePriceChange" indicator for MT4.
"OpenClosePriceChange" is characterized by accurately depicting price fluctuations on a chart, and using this indicator should make it easier to analyze price fluctuations.
Read on to find out how it works and download it for free at the bottom of this page.
Example of displaying this indicator on the EuroDollar 1-hour chart
This indicator displays price fluctuations in a sub-window. Specifically, the difference between the closing price and the opening price is shown. For example, if the closing price is lower than the opening price, "OpenClosePriceChange" will be less than zero. On the other hand, if the closing price is higher than the opening price, "OpenClosePriceChange" will be higher than zero.
Tips for usage:
1. This indicator is useful for determining the volatility of a currency pair and helps to check the trading ranges. For example, if an excessive number appears as in the image below, volatility may have increased.
Economic news releases usually cause these excessive figures of price fluctuations. If you can identify the time and day of the week with such high volatility, it will be very useful for trading.
2. Fractals and rhythms exist in the market that captures the "rhythm" of the market. By capturing these rhythms, the information can be immensely valuable for trading as it can provide an advantage for correctly timing the market moves.
Please see the image below. You can see that the price fluctuates at regular intervals, as indicated by the arrows. You can easily do this kind of analysis by using the "OpenClosePriceChange" indicator.
- Show_Pips - If true, the indicator uses pips, not pipettes as the basic unit of measurement for price changes.
Download the "OpenClosePriceChange" indicator from the button below
Tip: Can’t open the downloaded archive file (ZIP or RAR)?
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.