Weekly Open Horizontal Line + Horizontal Target Lines – indicator MetaTrader 4

Indicators:

  1. Weekly Open + Targets
  2. Weekly Open (no Targets)

These two indicators are modifications of the HI_Low Indicator.

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//|                                                MTF_HI_LOW_v1.mq4 |
//|                      Copyright © 2006, MetaQuotes Software Corp. |
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// Weekly Open + Targets: Modifications by File45 - 

Weekly Open + Targets:

  1. A Weekly Open Horizontal Line
  2. A Target Line above the Weekly Open Line (Long Target)
  3. A Target Line below the Weekly Open Line (Short Target)
  • If a Target Line is not required it can be hidden by setting the color to None (from the Inputs Tab not the Colors Tab).
  • If both Target Lines are not required use Weekly Open Indicator which has no Target Lines.

SP500 – H4

The Target Lines provide a useful means to eyeball the historic weekly range of an instrument or symbol. The Target Lines below are set at 200 points (20 pips).

Alternative:  16 indicators in 1 - indicator MetaTrader 4


Parameters

  • CountDays – 110;
  • Weekly_Open – LightSlateGray;
  • TP_Long_Target – Green;
  • TP_Short_Target – Red;
  • TP_Target – 500;
  • Line_Style – 0;
  • Line_Width – 2;
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