Author: OldZ
If you’re trading in the Forex market, understanding the different trading sessions is crucial. This handy indicator for MetaTrader 4 helps you visualize the four major Forex sessions:
- Sydney,
- Tokyo,
- London,
- New York.
As many traders have noticed, market movements often remain subdued during the Sydney and Tokyo sessions, while the London and New York sessions can lead to significant price action. Because of this, it’s important to adjust your trading strategies according to the session at hand. This indicator is designed to color-code each session for easy identification.
It comes with three external input parameters:
- LocalGMT: This represents the GMT offset for your local time zone.
- BrokerGMT: This is the GMT offset for your broker’s MT4 platform.
- ShowText: Set this to true if you want to display each session based on local time in the top left corner.
The color coding is straightforward: the blue line indicates the Sydney session, yellow for Tokyo, green for London, and red for New York.
This design idea is inspired by the resourceful folks at Forex Market Hours.
Recommendations:
- It’s advisable to use this indicator on the M5 time frame for optimal results.
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