About the Indicator
The Colored Days on Chart indicator shades each trading day (and optionally major sessions) on your MT4 chart.
By separating price action into daily blocks, it becomes easier to spot trending days, inside days, and reversal days, and to compare ranges across the week.
It is lightweight, non-repainting, and works alongside price action or indicator-based systems.
Free Download
Download the “coloured-days-on-chart.mq4” indicator for MT4
Key Features
- Clear Daily Segmentation: Alternating day colors let you see where each day begins and ends at a glance.
- Optional Session Highlighting: Highlight Asia, London, and New York windows to study which session drives the move.
- Range and Structure Context: Compare daily highs/lows to spot higher highs/lows, inside-day compressions, and potential breakout conditions.
- Customizable Appearance: Choose your colors and transparency; align the day rollover with your broker server time.
Indicator Example Chart (EUR/USD H1)
The example chart below displays the Colored Days On Chart MT4 indicator in action on the trading chart.
How To Trade Using This Indicator
Entry for Buy
- Bias: Price opens above EMA 200 or reclaims it during the London session.
- Trigger: Pullback holds above the Current Day Open and forms a higher low within the day’s block.
- Confirmation (optional): Break and close above an intraday swing or PDH.
Stop Loss
- Conservative: Below the pullback swing low (last higher low).
- Aggressive: Below the Current Day Open or the London session low.
Take Profit
- TP1: 1R to 1.5R at the first intraday structure high.
- TP2: Near PDH or a fixed daily range expectation (e.g., 0.8× 20-day ADR).
- Runner: Trail below higher lows while the day remains directional.
Entry for Sell
- Bias: Price is below EMA 200 or rejects it during London/early New York.
- Trigger: Pullback fails below the Current Day Open and prints a lower high within the day’s block.
- Confirmation (optional): Break and close below an intraday swing or PDL.
Stop Loss
- Conservative: Above the pullback swing high (last lower high).
- Aggressive: Above the Current Day Open or the session high.
Take Profit
- TP1: 1R to 1.5R at the first intraday structure low.
- TP2: Near PDL or a fixed daily range expectation (e.g., 0.8× 20-day ADR).
- Runner: Trail above lower highs while the day remains bearish.
Risk Management and Notes
- Prefer entries during London and New York sessions where range expansion is likely.
- Avoid late entries near the daily rollover when a new block is about to begin.
- Inside days hint at next-day breakout potential—plan directional trades at the new day’s open.
Download Now
Download the “coloured-days-on-chart.mq4” indicator for Metatrader 4
Colored Days + JRSX Oscillator Forex MT4 Strategy
This strategy marries the visual clarity of the Colored Days On Chart Forex Indicator with the momentum insight of the JRSX Oscillator.
Combining a trend-highlighting chart overlay with a smooth, lag-reduced oscillator gives traders both context and confirmation for smarter entries and exits.
What Is This Strategy About?
The Colored Days On Chart indicator paints each trading day as a colored box directly on your MT4 chart, helping you quickly detect multi-day trends and context at a glance.
The JRSX Oscillator sits underneath in the indicator window, using advanced smoothing to track momentum and trend strength with less delay than the classic RSI.
Buy Rules
- Check that recent days are moving upward, indicating higher highs.
- Confirm the JRSX Oscillator is rising above the zero level.
- Enter long on the close of the confirming candle.
- Place stop loss below the most recent swing low or below the low of the colored-day zone.
- Take profit either at a 1:2 risk-reward ratio or trail the stop as momentum continues.
Sell Rules
- Check that recent days are moving downward, indicating lower lows.
- Confirm the JRSX Oscillator is falling below the zero level.
- Enter short at the close of the confirming candle.
- Set stop loss above the recent swing high or high of the colored-day area.
- Aim for 1:2 risk-reward or use a trailing stop.
Trader Case Studies
Below are three examples of traders who applied this strategy to different currency pairs and timeframes, showing how it can work in various market conditions.
Robin S – Europe
Robin S, a swing trader from Germany, used this approach over three weeks on EUR/USD and AUD/USD. Watching day trends and oscillations, he executed conservative entries and ended with +320 pips in net gain.
Chika A – Asia
Chika A, a day trader from Japan, applied it on M15 charts trading USD/JPY and GBP/JPY. In just two weeks, her disciplined setup brought her +288 pips while avoiding choppy false signals.
David M – Africa
David M, a part-time trader in Nigeria, focused on GBP/USD and USD/CAD. He combined the clear day trend with JRSX confirmation and realized +240 pips over a month.
Disclaimer: These case studies are for educational purposes only. Trading results will vary depending on market conditions, risk management, and individual discipline.
Advantages
- Reduced-lag oscillator gives clearer momentum cues.
- Works across timeframes, from scalping to swing trading.
Drawbacks
- The days indicator alone offers no entry signal; wait for momentum confirmation.
- During choppy or news-driven markets, signals may become unreliable.
Strategy Conclusion and Tips
This strategy blends context and momentum in a clean, intuitive way.
The Colored Days On Chart gives you a clear view of the prevailing multi-day trend, while the JRSX Oscillator confirms momentum with minimal lag.
For best results, trade during calm market hours, use proper risk controls (max 1–2 % per trade), and always demo-test the strategy until you’re comfortable.
When both trend and momentum align, this method offers clean, disciplined entries that can serve traders of all styles.
Indicator Specifications
| Platform | MetaTrader 4 (MT4) |
|---|---|
| Indicator Type | Chart overlay (day/session coloring) |
| Symbols/Timeframes | All symbols; M5–D1 (recommended: M15–H4 for intraday, D1 for context) |
| Repainting | No (colors are fixed per completed period) |
| Alerts | Optional on day switch or session start (if enabled) |
| Inputs |
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| Files | MT4 indicator file (.ex4 or .mq4) |
| Installation |
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FAQ
Does this indicator generate buy/sell signals?
No. It focuses on visual structure. Use it with your existing entry triggers (e.g., EMA pullbacks, breakouts at PDH/PDL).
Which timeframes work best?
M15–H1 for intraday execution; H4–D1 for bias and weekly context.
How do I align the day start with my broker?
Set BrokerTimeOffset so the day color switches at your desired rollover (e.g., 00:00 broker time or 00:00 GMT+0).
Can I customize colors and opacity?
Yes. Adjust DayColor1, DayColor2, and Opacity until the shading is visible but not distracting.
Final Words
The Colored Days on Chart indicator anchors your analysis to the daily cycle. Plan trades around PDH/PDL and the Current Day Open, and focus execution during the most liquid sessions.
