Technical Indicators for MetaTrader 5
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MetaTrader 5
Top Rated Products MT5
Overview
Daily Bias Simplified is a user-friendly tool designed to help traders effortlessly identify the daily market direction and potential liquidity levels. This indicator not only displays the daily bias but also allows you to customize the appearance of the price level line, making it a powerful addition to any trading strategy.
Key Features:
- Daily Market Bias: Automatically displays whether the market is bullish or bearish for the day.
- Liquidity Levels: Draws a horizontal line indicating the possible draw on liquidity, helping you identify critical price zones.
- Customizable Appearance: Users can input the color, width, and length of the liquidity line, tailoring the indicator to fit their charting preferences.
How It Works:
- Daily Bias: The indicator clearly writes the market's daily bias on the chart (bullish/bearish).
- Custom Liquidity Line: A horizontal line is drawn on the chart to denote the liquidity price level.
Parameters:
- Trendline Width: Defines the thickness of the liquidity line.
- Trendline Extension: Specifies the distance the line will extend, where a value of 2 indicates that the line will be drawn from the previous day's open to the current day's close.
- Trendline Color: Sets the color of the line indicating the potential draw on liquidity.
