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DailyFirstHourLines

35 USD

Published: 9 September 2025

Current version: 1.8

DailyFirstHourLines

Indicators
Everton Fernando Da Silva Messias
Version: 1.8
Activations: 5

Daily First Hour Lines - Indicator for MetaTrader 5

Description

The Daily First Hour Lines is an innovative technical indicator for MetaTrader 5 that automatically plots support and resistance levels based on the first 1-hour candle of each trading session. Developed for traders operating in financial markets, this indicator provides crucial visual references to identify potential reversal points and trend continuation.

Main Features

First H1 Candle Lines: Plots dotted lines at the high and low levels of the first 1-hour candle each day
Previous Day References: Includes dashed lines with the previous day's high and low levels
Intuitive Color Coding:
- Blue (DodgerBlue) for highs
- Magenta for lows
Automatic Cleanup: Automatically removes objects older than 48 hours to keep the chart organized
Daily Update: Processes automatically once daily after 01:00

Benefits for Traders

Support/Resistance Identification: The first H1 candle lines often act as important intraday support and resistance levels
Context Analysis: The previous day's lines provide additional context for price analysis
Clean Visuals: Discreet design that doesn't clutter the chart with unnecessary information
Fully Automatic: Requires no manual intervention after installation

How to Use

Install the indicator in MetaTrader 5
Attach it to the desired chart (recommended: H1, H4, or Daily charts)
Observe the automatically plotted lines:
- Dotted lines: High and low of the first H1 candle of the current day
- Dashed lines: High and low of the previous day

Trading Applications

Breakout Trading: Use the levels as entry points for breakouts
Mean Reversion: Trade against extremes when price moves significantly away
Risk Management: Use the levels to set stops and targets
Trend Analysis: Identify trend strength by observing how price reacts to the levels

Technical Configuration

Platform: MetaTrader 5
Timeframes: All (optimized for H1 and higher)
Markets: Forex, Stocks, Indices, Commodities
Features: Low CPU consumption, efficient updating

Source Code

The indicator was developed in MQL5 following programming best practices, with clean and commented code for easy understanding and customization.

Note: This indicator is an analysis aid tool and does not guarantee profitable results. Always use stop loss and proper risk management in all trades.

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