This filter allows you to enter (or exit) positions on certain day(s) of the week. It's well known that certain days have some impact on the equity price; for example the Monday Effect.
1. The first parameter defines whether it's a single day, or a range of days, that the instrument will be considered to be bought/sold.
For example if you pick “Equal to”, the instrument will be bought/sold on a single certain day (that you set on the next parameter). But if you set this parameter to “Between”, the instrument will be bought/sold on a random day within the set range of days. As shown in the example below, the range is between Monday to Wednesday, so it may fall on Monday, Tuesday, or Wednesday:
When you set the range, make sure the left day is earlier than the right day. If you set it in reverse, for example Wednesday to Monday, or Friday to Monday, the filter's logic is broken and no instrument will be bought/sold.
There's also the option “Not between” here, which means the day may fall outside the set range:
2. The second parameter defines which day the instrument should be bought/sold.
Or, as already explained, it defines the range of days.
These are the five trading days, from Monday to Friday, excluding Saturday and Sunday. Now, do understand when the instrument falls into the specified day, the buy or sell signal is given tomorrow (the next trading day). So if this filter exits any positions on a Friday, the actual liquidation will occur at Monday's open.
To use this as an exit filter is rather reckless, especially if you have other exit filters in line. Those other filters may not be used at all (their criteria is harder to meet than this filter), and your positions will be frequently liquidated every single week (they may not even last one week). As you already know, exiting a position will happen if just one exit filter is triggered.