Daily Open Line Pro

Daily Open Line Pro is an MT5 indicator that shows where each trading day began. It draws a horizontal line at the opening price, labels it with the name of the day, and can add vertical lines to separate sessions, so the daily reference level is visible at a glance.

How it works

For every day within the range you choose, the indicator finds the opening price and draws a horizontal line that starts at the first candle of that day and stops at the day's final candle. Because the line ends with the day, it does not run into the future and clutter later analysis. A text label with the weekday name sits near the line at a fixed distance measured in pips, so the labels stay evenly spaced instead of overlapping price action.

The display refreshes on new ticks, when candles complete, when you change timeframe and when you resize the chart.

How traders use the daily open

The opening price is a simple reference for judging whether the market is trading above or below where the day started. Some traders use it as a rough bias filter, treating price above the open as one condition and price below it as another. Others watch it as a possible area of support or resistance, as a breakout trigger level, or as an anchor when spacing grid levels. The indicator only shows the level. How you interpret it, and whether it fits your method, is your decision and should be tested first.

Ideas to test on a demo account

• Note whether price tends to hold above or below the open during your preferred session.
• Mark breakouts and pullbacks that occur around the line.
• Compare daily open levels with your other support and resistance tools.

Markets and timeframes

The indicator reads the open price from the symbol's own history, so it can be attached to forex pairs, indices, commodities and crypto symbols that your broker offers. It is intended mainly for intraday charts, and the shorter timeframes from M1 to H1 are the typical choice. Because daily boundaries depend on your broker's server time, the day may start at a different hour than you expect, so compare a few days against your broker's chart.

Settings

Exact default values can differ, so open the inputs tab after attaching the indicator and review each one.

A positive pip offset places labels above the line and a negative one places them below. Keeping the history limit modest is a sensible way to reduce the number of chart objects.

Risk

Installation

1. Close any open copy of MT5 if you prefer a clean restart, or keep it running.
2. Extract the downloaded archive on your computer.
3. In MT5 choose File > Open Data Folder, then open MQL5 > Indicators.
4. Copy the indicator file into that folder.
5. Restart MT5 or right-click the Navigator and choose Refresh.
6. Drag Daily Open Line Pro from the Indicators list onto a chart and set your inputs.

If no lines appear, scroll back so the chart has loaded enough history, and check that the year filters and the day limit are not excluding the period you are viewing.