Day of the Week Labels Indicator: Separators and Day Stats

Written by Dominic Walsh · Published 6 Aug 2026 · Last updated 26 Aug 2026

The day of the week labels indicator answers one question fast: is the range you are looking at a Monday range or a Thursday one? It writes the weekday once per day, draws a separator at each boundary, and colours a midpoint ribbon by weekday. A panel adds the statistics that make it more than decoration.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	6: Monday, Tuesday, Wednesday, Thursday, Friday, Weekend session
Alerts	popup, push notification, email, sound
Inputs	42

What the Day of the Week Labels Indicator draws on the chart

Monday through Friday each own a ribbon buffer, plus a sixth for the weekend session.

The ribbon value is the running midpoint of the day so far, meaning the day high and low averaged, drawn in that weekday colour.

A vertical line marks the first bar of every day bucket when InpShowSeparators is on.

The weekday name is written once inside each day. It pins near the top or bottom of the window, so it never sits over price.

InpCorner decides which corner holds the statistics panel.

• Monday: line, custom RGB colour, width 2
• Tuesday: line, custom RGB colour, width 2
• Wednesday: line, custom RGB colour, width 2
• Thursday: line, custom RGB colour, width 2
• Friday: line, custom RGB colour, width 2
• Weekend session: line, custom RGB colour, width 2

How the Day of the Week Labels Indicator calculates its values

Where a day starts

InpDayShiftHours moves the boundary away from broker midnight. That matters because a broker clock rarely matches the session you trade.

InpMergeSunday folds the short Sunday bar forward into Monday. Most brokers open with a few Sunday hours that behave like the start of Monday rather than a day of their own.

The weekday ribbon

One shared function produces the ribbon value for every bar. It takes the running high and low of the day so far and averages them. Only the colour branches by weekday.

Keeping the value in one place means the ribbon cannot disagree with itself across days. Monday and Thursday differ in colour alone.

Labels that stay out of the way

Label placement reads the chart price range rather than guessing. The text then pins near the window edge instead of landing inside the candles.

Pixel thresholds decide how much gets written. Below InpMinDayWidthPx no label appears. At or above InpFullNamePx the full weekday name fits. InpAvoidPanel keeps labels clear of the one-click trade panel.

The statistics panel

For each weekday the panel reports the average range in pips and the share of up days, measured over the last InpStatsDays completed days.

That turns a decorative tool into a reference. Knowing that Mondays have run narrow lately is worth more than knowing today is Monday.

How to read the signals

The separator marks the first bar of a day bucket, adjusted by InpDayShiftHours rather than fixed to broker midnight.

Ribbon colour identifies the weekday, and its level is the running midpoint of the day so far.

The forming day carries its own label colour, so today stands apart from history.

Panel figures cover completed days only, so today never distorts the average.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

Alerts cover popup, push, email and sound. A bar time check keeps it to one alert per closed bar.

Every Day of the Week Labels Indicator input

Core settings

Setting	What it does	Default
InpDayShiftHours	Day boundary shift in hours from the broker midnight. InpDayShiftHours moves the day boundary away from broker midnight. It defaults to 0.	0
InpMergeSunday	Fold the short Sunday bar forward into Monday. InpMergeSunday folds the short Sunday session into Monday. It defaults to true.	on
InpDaysBack	Days that get a separator and a weekday label. InpDaysBack is how many days receive a separator and a label, 15 by default.	15
InpStatsDays	Completed days behind the per-weekday statistics. InpStatsDays sets how many completed days feed the panel figures, 30 by default.	30
InpSepBack	Draw separators behind the candles.	on
InpMinSepPx	Below this day width in px the separators are dropped.	8
InpFullNamePx	At or above this day width the full name is written. InpFullNamePx is the day width in pixels at which the full weekday name fits, 110 by default.	110
InpX	Panel X offset (px).	14
InpY	Panel Y offset (px) – clears the one-click panel.	120
InpPriceScalePx	Right margin owned by the price scale, in pixels.	62
InpOneClickWpx	Width of the one-click trade panel zone, top-left.	260
InpOneClickHpx	Height of the one-click trade panel zone, top-left.	100

Display settings: Day boundary

Setting	What it does	Default
InpMaxBars	Chart bars scanned while the day buckets are built. InpMaxBars caps the bars scanned while day buckets are built, 5000 by default.	5000

Display settings: Separators

Setting	What it does	Default
InpShowSeparators	Vertical line on the first bar of every day. InpShowSeparators draws the vertical line at each boundary and defaults to true.	on
InpSepColor	Day separator colour.	RGB 86,101,115
InpSepStyle	Day separator line style.	STYLE_DOT
InpSepWidth	Day separator line width.	1

Display settings: Weekday labels

Setting	What it does	Default
InpShowLabels	Write the weekday once per day.	on
InpLabelAtTop	Place labels at the top of the window (false = bottom).	on
InpShowDate	Append the date to the full weekday name.	on
InpLabelInset	Label inset from the window edge, as a fraction.	0.04
InpLabelFontSize	Weekday label font size.	9
InpLabelFont	Weekday label font.	Arial
InpLabelColor	Weekday label colour.	RGB 176,190,197
InpTodayLabelColor	Colour of the label on the forming day.	gold
InpMinDayWidthPx	Below this day width in px no label is written. InpMinDayWidthPx is the width below which no label gets written at all, 38 by default.	38

Display settings: Weekday ribbon

Setting	What it does	Default
InpShowRibbon	Colour the running day midpoint by weekday. InpShowRibbon colours the running day midpoint by weekday. It defaults to true.	on

Display settings: Readout panel

Setting	What it does	Default
InpShowPanel	Show the per-weekday statistics panel. InpShowPanel draws the per-weekday statistics block, on by default.	on
InpCorner	Panel corner (0=UL 1=UR 2=LL 3=LR).	0
InpFontSize	Panel font size.	9
InpFont	Panel font (monospaced keeps the columns square).	Consolas
InpPanelBg	Panel background colour.	RGB 20,14,32
InpBorderColor	Panel border colour.	RGB 179,157,219
InpTextColor	Panel body text colour.	gainsboro
InpLabelEdgePadPx	Padding kept clear at the chart edges, in pixels.	10
InpAvoidPanel	Keep the weekday labels clear of the info panel.	on

Alert settings

Setting	What it does	Default
EnableAlerts	Master alert switch.	on
EnablePopup	Terminal popup alert.	on
EnablePushNotify	Push notification to the MetaQuotes ID.	off
EnableEmail	E-mail alert (Tools > Options > Email).	off
EnableSound	Play a sound file when a new day starts.	off
SoundFile	Sound file in the terminal Sounds folder.	alert.wav

Settings that fit your chart

The screenshot uses EURUSD H1. Day boundaries only mean something intraday, so M5 through H1 is where this belongs. On H4 a day holds six bars and the labels crowd together. On daily charts every bar is its own day and the tool has nothing left to add.

When the Day of the Week Labels Indicator fails

Day boundaries follow the broker clock. Two brokers in different server timezones will split the same week differently unless you set InpDayShiftHours to match.

Average range per weekday over InpStatsDays is a small sample. Thirty completed days gives about six of each weekday. That is thin evidence for any pattern.

Zoom out far enough and the labels stop appearing, since the pixel thresholds drop them once a day gets narrow.

The ribbon is a midpoint, not a signal. It says where the middle of the day sits and nothing about direction.

Copy the compiled Day of the Week Labels Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Background reading on the method behind the Day of the Week Labels Indicator: Tail risk parity on Wikipedia, Percent Above Moving Average at StockCharts ChartSchool.

Download the Day of the Week Labels Indicator for MT4 and MT5

The zip holds the compiled Day of the Week Labels Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

Why does InpMergeSunday default to true?

Most brokers open with a few Sunday hours. Those hours trade like the start of Monday rather than a session of their own. Folding them forward stops a three bar Sunday from showing up as a full day in the separators, the labels and the panel.

What does the weekday ribbon actually plot?

The running midpoint of the day so far. It takes the day high and the day low and averages them, updating as the day develops. One shared function produces that value for every bar. Only the colour changes by weekday, so Monday and Thursday differ in look alone.

How many days does InpStatsDays 30 really sample per weekday?

About six each. Thirty completed days spread across five weekdays leaves a small sample. Treat the average range and the up-day share as a rough guide, not an edge. Raising InpStatsDays gives steadier figures over a longer history.

Why do the labels disappear when I zoom out?

Pixel thresholds decide what fits. Below InpMinDayWidthPx no label gets written, and the full weekday name only appears once the day is at least InpFullNamePx wide. That keeps a zoomed out chart readable instead of overlapping text.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Day of the Week Labels Indicator as one input. Always backtest before trading live.