Maximize Your Trading with the Weekly Open and Target Lines Indicator for MetaTrader 4

Indicators Overview:

Weekly Open + Targets
Weekly Open (without Targets)

These two indicators are tailored versions of the HI_Low Indicator.

//+------------------------------------------------------------------+
//|                                                MTF_HI_LOW_v1.mq4 |
//|                      Copyright © 2006, MetaQuotes Software Corp. |
//|                                        http://www.metaquotes.net |
//+------------------------------------------------------------------+
// Weekly Open + Targets: Modifications by File45 - http://codebase.mql4.com/en/author/file45

Weekly Open + Targets Explained:

A horizontal line marking the Weekly Open
A Target Line above the Weekly Open Line (for Long positions)
A Target Line below the Weekly Open Line (for Short positions)

If you don't need a Target Line, you can easily hide it by setting the color to None (found in the Inputs tab, not the Colors tab).
For those who prefer a simplified view, consider using the Weekly Open Indicator, which doesn’t include Target Lines.

SP500 - H4 Analysis

The Target Lines are a fantastic way to visualize the historical weekly range of an instrument or symbol. For instance, the Target Lines below are set at 200 points (or 20 pips).

Parameters for Customization:

CountDays - 110;
Weekly_Open - LightSlateGray;
TP_Long_Target - Green;
TP_Short_Target - Red;
TP_Target - 500;
Line_Style - 0;
Line_Width - 2;

Maximize Your Trading with the Weekly Open and Target Lines Indicator for MetaTrader 4

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