Visualizing a Selected Weekday’s Price Range with Colored Rectangles

Summary

This document describes a chart indicator that highlights the price range associated with a chosen day of the week. The trader selects a weekday in the indicator settings, and the tool paints that weekday’s range with colored rectangles. The setting makes the display reusable for different weekdays, allowing a chart reader to inspect recurring day-specific price behavior visually.

The document identifies the indicator’s original author and notes that it was first published as an MQL4 tool in 2007. It provides no performance study, trading rules, or evidence that weekday ranges predict future returns. The description also does not specify how the range is calculated, how colors are assigned, or how the indicator handles missing sessions and different market calendars. It should therefore be treated as a charting aid for visual exploration, not as a validated trading signal.

Key ideas

• The indicator paints a selected weekday’s price range on a chart using colored rectangles.
• The weekday to display is chosen through an indicator setting.
• The document provides historical attribution but no performance evidence or trading rules.
• The display can support visual inspection of weekday price behavior, but predictive value is not established.

Tags

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