Daily Open Indicator
Daily opening-price reference line · Intraday S/R · Free · MT4
About Daily Open Indicator
The Daily Open Indicator, documented at indicatorspot.com, is a MetaTrader 4 tool that plots a horizontal line at the current day's opening price (some variants also mark the European session open). Because the daily open frequently acts as a key intraday support or resistance level, it's a favourite reference point among scalpers, day traders, and intraday traders.
When price crosses above or below the plotted daily-open line, it signals a potential bullish or bearish breakout from that reference point — the indicator is often combined with other tools like RSI, MACD, or moving averages for a more complete entry filter.
- Platform: MetaTrader 4
- Type: Daily opening-price reference line indicator
- Use case: Intraday support/resistance and breakout reference point
- Common pairing: RSI, MACD, or moving averages
- Price: Free
- Source: indicatorspot.com · Daily Open Indicator for MT4
Key Features
✓ Free and simple — one clean reference line, no chart clutter
✓ Widely used as a genuine intraday support/resistance level, not just a cosmetic marker
⚠ Best used as a confirmation reference alongside another indicator or strategy, not as a standalone signal