About the Indicator
The Daily Open Price indicator for MT4 marks the current day’s opening price with a horizontal line. It provides a simple reference point to measure market sentiment.
Traders can quickly see if the market is bullish (above the line) or bearish (below the line). It works well for scalping, intraday, and swing trading strategies.
The Daily Open Price indicator can be used for both entry and exit signals or to confirm buy & sell trade setups issued by your favorite trading systems or strategies.
The indicator works equally well on all assets (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities,..) and shows promising results if used correctly.
Free Download
Download the “daily_open_line.ex4” indicator for MT4
Key Features
- Draws the opening price of the current day as a horizontal line
- Customizable color, style, and width
- Works on all timeframes
- Non-repainting and reliable
- Free to download and use in MT4
Indicator Example Chart (EUR/USD H1)
The example chart below displays the Daily Open Price mt4 indicator in action on the trading chart.
Trading idea
- Open a buy trade if the overall trend is up and the price crosses back above the daily open price from below (bullish price action).
- Open a sell trade if the overall trend is down and the price crosses back below the daily open price from above (bearish price action).
Download Now
Download the “daily_open_line.ex4” indicator for Metatrader 4
Daily Open Price & Entry Take Profit Strategy
This strategy combines two powerful indicators: the Daily Open Price Forex Indicator and the Entry Take Profit Forex Winner Indicator.
Together, they help traders identify key entry points and optimal take profit levels based on the daily open price.
The strategy aims to capture strong intraday moves by using the daily open as a reference point and the take profit indicator to maximize gains while managing risk.
What Is This Strategy About?
The core idea is to use the daily open price as a baseline to determine market sentiment early in the trading day.
The Daily Open Price Indicator visually marks this level on your charts, allowing you to see if the price is trending above or below it.
The Entry Take Profit Indicator then signals precise entry points along with suggested take profit and stop loss levels to lock in profits and limit losses.
This method works well on various timeframes but is most effective on 15-minute, 30-minute, and 1-hour charts where intraday momentum often respects the daily open price.
By combining these tools, traders get a clear structure for entering trades with defined risk and profit targets.
Buy and Sell Rules
Buy Setup
- Wait for the price to break above the Daily Open Price level and stay above it.
- Look for a buy entry signal from the Entry Take Profit Indicator. This usually appears as a clear arrow or marker suggesting an entry point.
- Place your stop loss below the nearest recent swing low or as suggested by the Entry Take Profit Indicator.
- Set your take profit at the level recommended by the Entry Take Profit Indicator or adjust according to risk/reward preferences.
Sell Setup
- Wait for the price to break below the Daily Open Price level and remain below it.
- Confirm a sell entry signal from the Entry Take Profit Indicator.
- Place your stop loss above the nearest recent swing high or the stop loss level suggested by the indicator.
- Set your take profit at the indicated level or based on a favorable risk/reward ratio.
Trader Case Studies
Here are four examples of traders from around the world who applied this strategy on different currency pairs and timeframes, demonstrating its effectiveness in various market environments.
Luca M – Italy
Luca M, a day trader from Italy, used this combined strategy on the EUR/USD and USD/CHF pairs over 28 trading days. By carefully following the buy and sell signals and respecting stop loss levels, he was able to accumulate a total profit of +335 pips.
Aisha R – Kenya
Aisha R, a part-time trader from Kenya, implemented the strategy mainly on USD/JPY and GBP/USD pairs for 30 days. Despite trading limited hours, she achieved an impressive gain of +295 pips by sticking to the indicator signals and exit rules.
Tom H – Canada
Tom H, a swing trader based in Canada, tested this method on the AUD/USD and NZD/USD pairs over 6 weeks. His disciplined approach allowed him to secure consistent gains totaling +360 pips.
Yuki N – Japan
Yuki N, a day trader from Japan, applied the strategy for two weeks, focusing on the USD/JPY and EUR/JPY pairs. Even in a short timeframe, Yuki generated a solid profit of +210 pips by carefully entering and exiting trades based on the indicator signals.
Disclaimer: These case studies are for educational purposes only. Trading results depend on market conditions, risk management, and personal discipline.
Advantages
- Clear and objective entry and exit points based on reliable daily open price levels.
- Helps manage risk effectively by using defined stop loss and take profit zones.
- Works well across multiple timeframes and currency pairs.
- Combines trend identification with precise timing to improve trade accuracy.
Drawbacks
- During low volatility or sideways markets, signals may be less reliable.
- False breakouts around the daily open price can sometimes trigger premature entries.
- Requires discipline to follow stop loss and take profit levels strictly.
Strategy Conclusion and Tips
The Daily Open Price Forex Indicator helps you understand market bias early in the day, while the Entry Take Profit Forex Winner Indicator gives clear entry and exit signals to maximize your gains.
For best results, trade during active market hours when volatility supports clear price moves away from the daily open.
Always stick to your stop loss levels to protect your capital.
Consider testing the strategy first on a demo account to become comfortable with the signals and execution.
Indicator Specifications
| Platform | MetaTrader 4 (MT4) |
| Timeframes | All |
| Markets | All Forex pairs |
| Inputs | Line color, style, width, timezone offset |
| Repainting | No |
FAQ
Does it repaint?
No, the line is fixed once the daily session opens.
Which timeframe is best?
It works on all timeframes. Scalpers use M15–H1, swing traders use H4–D1.
Is this a signal indicator?
No, it is a guide. Use it with other tools like EMA200, RSI, or price action.
Conclusion
The Daily Open Price indicator is a simple yet powerful reference tool.
It shows if the price is trading above or below the daily starting point, helping traders align with intraday sentiment.
Combined with trend indicators or candlestick signals, it improves accuracy and discipline.
