Week Progress Meter
"How much of the week is left" and "how much has the market already moved this week" are two different questions, and a trader benefits from seeing both together. A week that is 80% elapsed but has only used 30% of its typical range is quiet and may still break out; a week that is 20% elapsed but has already used 90% of its typical range is unusually active early. This indicator computes the trading week as starting Monday 00:00 server time and running for a configurable number of hours (120 by default, i.e. through Friday midnight), and shows the elapsed fraction as an ASCII bar meter. Separately it computes the average high-low range of the last N completed PERIOD_W1 bars as the "typical weekly range" baseline, compares it against the current (still forming) week's own high-low, and shows that as a second bar meter that turns orange once the week has already exceeded its typical range. Both meters are plain text-and-brackets bars rather than graphical gauges, so they remain sharp and readable at any chart zoom level and cost nothing to redraw. Notes and limitations "Time elapsed" is computed from a configurable Monday-00:00 server-time anchor, but "range used this week" reads the platform's own PERIOD_W1 bar, whose boundary is set by the broker/terminal and can differ slightly from that same Monday-00:00 anchor - the two numbers are complementary estimates, not derived from one identical clock. The typical range baseline needs real weekly history to be meaningful; on a freshly listed symbol or a short history it will use fewer weeks than requested, which is reported on the panel.
Indicator · MT5 · v1.0 · Free
About Week Progress Meter
Week Progress Meter is an indicator for MetaTrader 5. It has 9 settings, such as Week length hours, Range lookback weeks and Refresh seconds. MQL source code included.
Files in the download: WeekProgressMeter.ex5, WeekProgressMeter.mq5, WeekProgressMeter.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Week length hours | 120 | Nominal trading week length in hours from Monday 00:00 |
| Range lookback weeks | 12 | Completed weekly bars averaged for the "typical range" |
| Refresh seconds | 30 | Panel refresh interval |
| Meter width chars | 20 | Width of each ASCII meter in characters |
| Panel x | 10 | Panel horizontal offset in pixels |
| Panel y | 20 | Panel vertical offset in pixels |
| Panel font size | 9 | Panel font size |
| Normal color | clrLime | Colour when range used is below 100% of typical |
| Stretched color | clrOrangeRed | Colour when range used exceeds 100% of typical |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 5 open File → Open Data Folder, then go to MQL5 → Indicators.
- Copy the .mq5 file(s) there. Put any .mqh files in MQL5 → Include.
- Open the .mq5 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: Breakout · MT5 Indicator · MQL5 Source Code