About the Days of Week Indicator
The Days of Week indicator for MT4 displays the current day of the week in a separate colored window below your main chart.
Each day is assigned a different color, which can be customized from the indicator’s input tab.
This makes it easy to track daily trading sessions and plan strategies around specific days.
It is particularly useful for traders who focus on daily breakout ranges, allowing you to quickly identify when a new trading day begins and the high and low levels of the previous day.
Free Download
Download the “days-of-the-week.mq4” MT4 indicator
Key Features
- Displays days of the week in a separate colored window.
- Each day has a unique color that can be customized.
- Helps traders track daily breakout ranges.
- Input settings allow full customization of colors and day labels.
Indicator Chart
The Days of Week indicator is displayed in a separate window beneath the price chart.
Each bar or label represents a different day of the week with a distinct color, helping traders easily identify daily sessions.
By monitoring the current day and comparing with previous highs and lows, traders can prepare breakout strategies more effectively.
Guide to Trade with Days of Week Indicator
Buy Rules
- Identify the current day using the colored indicator window.
- Check the previous day’s high price level.
- Open a buy trade if the current price exceeds the previous day high.
- Ensure the breakout is supported by momentum or trend direction for confirmation.
Sell Rules
- Identify the current day using the colored indicator window.
- Check the previous day’s low price level.
- Open a sell trade if the current price drops below the previous day low.
- Confirm the breakout with volume or trend context to reduce false signals.
Stop Loss
- Set the stop loss just below the previous day low for buy trades.
- Set the stop loss just above the previous day high for sell trades.
- Adjust distance based on market volatility to avoid premature exits.
Take Profit
- Set an initial target based on daily range or pivot points.
- Alternatively, close the trade when momentum slows or a reversal signal appears.
- Consider trailing the stop once the trade moves favorably to lock in profits.
Days of Week Breakout With Elite Pro Scalper MT4 Strategy
This MT4 strategy combines the Days of the Week indicator with the Elite Pro Scalper indicator to create a straightforward breakout method that filters entries with precise signals.
The Days of the Week indicator helps you identify the previous day’s high and low, allowing you to anticipate potential breakout levels.
The Elite Pro Scalper indicator then confirms the direction of the breakout with a blue or red arrow.
This combination works well because it blends raw price action with mechanical confirmation, which reduces false entries often seen in pure breakout trading.
The strategy is suitable for traders who want structured entries without relying on subjective chart analysis.
It works on the M15, M30 and H1 time frames and performs best during the London and New York sessions when volatility is strong.
The method is also beginner friendly because the rules are visual and easy to follow.
Experienced traders will appreciate the clean structure and the ability to combine daily highs and lows with a fast confirmation tool.
Buy Entry Rules
- Price must break above the previous day’s high according to the Days of Week indicator.
- A blue arrow from the Elite Pro Scalper must appear after or at the breakout.
- Place the stop loss below the breakout level or below the nearest swing low.
- Set the take profit at one or two times your stop loss distance or at the next intraday resistance zone.
Sell Entry Rules
- Price must break below the previous day’s low according to the Days of Week indicator.
- A red arrow from the Elite Pro Scalper must appear after or at the breakout.
- Place the stop loss above the breakout level or above the nearest swing high.
- Set the take profit at one or two times your stop loss distance or at the next intraday support zone.
Advantages
- Clear breakout levels make the method easy to understand and execute.
- The Elite Pro Scalper confirmation filter helps reduce low quality entries.
- Works well on most major pairs and during high activity sessions.
- No need to analyze indicators with complex formulas.
- Rules are fully mechanical which removes emotional trading decisions.
Drawbacks
- False breakouts can still occur during slow market conditions.
- Big news events can invalidate normal breakout behavior.
- Best results appear during high volatility so performance may drop in quiet markets.
Case Study 1: GBPJPY H1 Breakout Long
The Days of Week indicator marked the previous day’s high around 194.20 on GBPJPY.
During the London session, price broke above this level and a blue Elite Pro Scalper arrow appeared shortly after.
A long trade was taken with a stop loss placed 22 pips below the breakout.
Price continued rising with strong momentum and reached the take profit target of 44 pips within the next few candles.
The breakout behaved cleanly, offering a straightforward trend continuation setup.
Case Study 2: AUDUSD M30 Breakout Short
On AUDUSD, the previous day’s low was highlighted near 0.6620.
Early in the New York session, price broke below this level and the Elite Pro Scalper printed a red arrow.
A sell trade was opened with a stop loss positioned 12 pips above the breakout zone.
The market continued lower for most of the next session and the take profit target of 20 pips was reached smoothly.
AUDUSD reacted well to the breakout structure and offered a clean downside move.
Strategy Tips
- Avoid entering breakouts during major economic news releases.
- Focus on pairs and Gold with consistent daily volatility such as GBPUSD, EURUSD and USDJPY.
- If price breaks out but the arrow does not appear, skip the trade.
- Check the next higher time frame to ensure you are not trading into strong support or resistance.
- Use fixed trading hours to maintain consistency in your breakout expectations.
- Keep your charts clean so you can quickly identify the previous day’s high and low.
Download Now
Download the “days-of-the-week.mq4” Metatrader 4 indicator
FAQ
Can I change the colors of the days?
Yes. Each day’s color can be adjusted in the indicator’s input tab to suit your preference.
Which trading style works best with this indicator?
It works best for daily breakout strategies but can also assist intraday traders tracking specific days.
Summary
The Days of Week MT4 indicator provides a clear visual of the current day using customizable colors.
It helps traders track daily sessions and plan trades around previous day highs and lows.
By combining this indicator with breakout strategies, traders can improve timing and identify better trading opportunities.
