About the Daily Price Action Forex Indicator
The Daily Price Action Forex Indicator for MT5 highlights the start of the trading day and continuously updates the day’s high and low levels directly on the price chart.
It provides clear visual cues to help traders understand intraday price action and plan entries and exits.
The start of the day is marked with a red vertical line, while the high and low prices are displayed as horizontal lines in green and magenta, respectively.
The indicator updates these levels in real-time as the trading day progresses.
To enhance trend confirmation, the Daily Price Action indicator can be combined with the No-Lag MACD indicator.
This combination helps identify whether the market bias aligns with daily highs and lows, improving entry accuracy.
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Key Features
- Marks the start of the day with a vertical line.
- Displays real-time daily high and low levels.
- The green line indicates the day high; the magenta line indicates the day low.
- Integrates easily with the MACD indicator for trend confirmation.
- Customizable line colors and styles for all levels.
- Real-time updates throughout the trading session.
Indicator Chart
The Daily Price Action Forex Indicator plots directly in the main price window, showing the red vertical line for the day start and horizontal lines for the daily high and low.
Traders can use these levels to identify support and resistance for intraday trades.
By combining the indicator with MACD, bullish and bearish momentum can be confirmed before taking positions.
Guide to Trade with the Daily Price Action Forex Indicator
Buy Rules
- Wait for price to approach the daily low (magenta line) and show bullish rejection.
- Confirm bullish momentum with MACD trending upward, above 0.
- Enter a buy trade after the candle closes above the low level.
- Align the trade with short-term bullish market bias for intraday setups.
Sell Rules
- Wait for price to approach the daily high (green line) and show bearish rejection.
- Confirm bearish momentum with MACD trending downward, below 0.
- Enter a sell trade after the candle closes below the high level.
- Align the trade with short-term bearish market bias for intraday setups.
Stop Loss
- Place a stop loss just beyond the recent swing high for sell trades.
- Place a stop loss just beyond the recent swing low for buy trades.
- Position stops outside minor intraday volatility to avoid early exits.
Take Profit
- Exit buy trades near the daily high or at a preferred fixed pip target.
- Exit sell trades near the daily low or at a preferred fixed pip target.
- Alternatively, use a dynamic exit strategy based on MACD trend changes.
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FAQ
Can this indicator be used on any timeframe?
Yes. It works on all MT5 timeframes, though higher timeframes provide more reliable intraday support and resistance levels.
Does it update daily high and low levels automatically?
Yes. The indicator continuously updates the high and low throughout the trading day.
Can I combine it with other indicators?
Yes. Combining with MACD is recommended to confirm bullish or bearish momentum before entering trades.
Are the line colors customizable?
Yes. You can modify daily high, daily low, day start colors, and line styles according to your preferences.
Summary
The Daily Price Action Forex Indicator provides real-time visibility of daily open, high, and low levels directly on the chart.
By combining it with the MACD indicator, traders can confirm trend direction and optimize intraday entries.
This tool is ideal for intraday traders seeking structured support and resistance levels and actionable trade signals throughout the trading session.
