Daily Price Ruler Pro

Daily Price Ruler Pro

An essential visual tool that creates a dynamic, customizable "Price Ruler" anchored to the Daily Open price. Perfect for day traders to track pip/point distances from the start of the day at a glance.

Full Description: Daily Price Ruler Pro is a lightweight, highly customizable indicator designed for precise price action and distance tracking. It automatically plots a vertical "Ruler Body" ahead of the current price action, with horizontal tick levels originating from the Daily Open price.

Traders often need to know exactly how far the current price has traveled from the daily open. Instead of manually measuring distances with a crosshair, this indicator instantly visualizes clean, equidistant grid levels (Up and Down) directly on your chart, saving you time and improving your market analysis speed.

Key Features:

• Dynamic Anchor: Automatically detects the start of a new day and sets the Center Level at the Daily Open price.
• Forward-Looking Display: The ruler is cleanly plotted in front of the current price action (shifted to the future space) so it never obscures your candlesticks.
• Timeframe Independent: The ruler visually adapts to any timeframe (M1, H1, D1, etc.) without distortion.
• Customizable Price Steps: Define your own step size (e.g., every 10 pips, 50 pips, or 100 points) depending on the traded instrument (Forex, Gold, Indices).
• Color-Coded Levels: Easily distinguish between bullish (Up) and bearish (Down) territory with customizable colors.
• Clean & Lightweight: Optimized code that will not slow down your MetaTrader 5 terminal.

Input Parameters:

• Step Size (e.g. 1.0 = 100 pips for Gold): Set the price distance between each horizontal level. (For standard Forex pairs like EURUSD, you might use 0.0010 for 10 pips).
• Number of Up/Down Levels: How many levels to draw above and below the Daily Open.
• Center Line Color (Daily Open): Color of the Daily Open baseline.
• Upward Levels Color: Color of all lines above the open price.
• Downward Levels Color: Color of all lines below the open price.
• Length of Tick Lines (Bars): How wide the horizontal tick lines should be (based on the current timeframe).
• Shift Forward (Bars future): How many bars into the future the ruler should be shifted to stay ahead of the current price action.

How to use: Simply attach the indicator to any chart. Ensure you have the "Shift End of the Chart" enabled in your MT5 toolbar so there is blank space on the right side of the chart for the ruler to display properly. Adjust the  Step Size  according to the volatility of the specific symbol you are trading.