Using a Weekday Indicator to Compare Trading Volume by Day

Summary

The document describes a simple indicator that displays the current weekday as a histogram. Its values follow the MqlDateTime convention: Sunday is numbered zero, Monday one, and Saturday six. The indicator can be placed on a daily chart alongside a volume indicator to visually inspect whether trading volume appears to vary by weekday.

This is a charting aid for exploring calendar patterns, not a documented trading strategy. The material gives no sample results, statistical tests, or evidence that weekday-volume relationships persist or predict future returns. Visual inspection alone can be misleading, and any apparent pattern would need validation across data periods and markets before use. The brief description also does not specify detailed implementation behavior beyond the weekday numbering and suggested chart combination.

Key ideas

• The indicator encodes the weekday as a histogram using Sunday-zero numbering.
• It is intended for daily charts and can be paired with volume data to explore weekday effects.
• The document presents a visualization aid rather than an entry or exit strategy.
• No empirical results or statistical validation of weekday patterns are provided.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.