Indicators Overview:
- Weekly Open + Targets
- Weekly Open (without Targets)
These two indicators are tailored versions of the HI_Low Indicator.
//+------------------------------------------------------------------+//| MTF_HI_LOW_v1.mq4 |//| Copyright © 2006, MetaQuotes Software Corp. |//| http://www.metaquotes.net |//+------------------------------------------------------------------+// Weekly Open + Targets: Modifications by File45 - http://codebase.mql4.com/en/author/file45
Weekly Open + Targets Explained:
- A horizontal line marking the Weekly Open
- A Target Line above the Weekly Open Line (for Long positions)
- A Target Line below the Weekly Open Line (for Short positions)
- If you don't need a Target Line, you can easily hide it by setting the color to None (found in the Inputs tab, not the Colors tab).
- For those who prefer a simplified view, consider using the Weekly Open Indicator, which doesn’t include Target Lines.
SP500 - H4 Analysis
The Target Lines are a fantastic way to visualize the historical weekly range of an instrument or symbol. For instance, the Target Lines below are set at 200 points (or 20 pips).
Parameters for Customization:
- 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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