The Days of Week Metatrader 4 colored forex indicator displays the days of the week in a separate MT4 window.
All days have a different color which can be changed from the indicator’s input tab.
It’s a handy tool if you like to trade daily breakout range signals.
- Open a buy trade if the current price exceeds the previous day high price
- Open a sell trade of the current price exceeds the previous day low price
Free Download
Download the “days-of-the-week.mq4” MT4 indicator
Indicator Chart (EUR/USD H4)
The EUR/USD 4-Hour chart below displays the Days of Week Forex Metatrader 4 indicator in action.
Basic Trading Signals
No trading signals from the Days of Week forex indicator.
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
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Overlay
