In this article you can see how the Trading Session Time Indicator for Metatrader MT4 and MT5 can help you visualising trading sessions and specific times of the day.
What Are The Trading Session Times
Trading instruments can be more or less active during the day.
For example when talking about stocks, these are traded usually during specific hours. When the stock exchange where they are quoted are open.
Forex is a 24h market, but usually pairs are more active during the day time of the country they belong. Take for example the AUDNZD pair, this pair is particularly active in the Asian session while it is more “quiet” during the European and US sessions.
We can continue with examples but you should have the idea.
Basically, instruments have usually times where they are more active.
In the same way, there can be specific times of the day where some instruments can be effected by regular events. For example rollovers during afternoon or nights, or market open or close.
For a trader that is trying to study the market and find strategies it is important to exploit any edge.
In this case, it is often useful to have a visual representation of these time frames or times.
The trader can analyse the instrument and perhaps spot behaviours happening in some time of the day.
This is particularly important in day trading strategies, where entry and exit happen usually in the same day.
The traders who want to study the instruments in this way can either manually draw these areas or let a tool do that for them.
Here you can see and download the Trading Session Time indicator for MT4 and MT5 and hopefully it will save you a lot of time.
What Is The Trading Session Time Indicator For Metatrader
The Trading Session Time indicator for Metatrader is a tool designed to save you time.
At the same time it is also helpful to spot possible opportunities.
The human brain is very efficient in finding visual patterns. The Trading Session Time Indicator helps highlight areas to find these patterns.
Once specified a time or an interval the indicator will scan the chart and draw the areas of interest for you.
The indicator is simple and easy to use.
Furthermore, the indicator is also flexible enough to satisfy the needs of many traders.
How To Use The Trading Session Time Indicator In MT4 And MT5
As just mentioned before the Trading Session Time is at the same time simple but flexible.
With a few options you can decide to draw lines, areas, rectangles.
There are some generic options and some more specific for the desired function.
Here you can see more details.
Choice Of The Colour
You can choose the color of the drawing so that it has a meaning for you.
Or different colors have different meanings. This is for you to make it easier to interpret the chart.
Selection Of The Days
You can enable or disable the drawing from some days of the week.
For example you might want to disable the drawing from Wednesdays for some reason. The indicator allows you to do that for individual days of the week.
Drawing In The Background
All the graphical objects are created in the background of the chart.
This allows the candlestick to still be well visible.
Draw Lines At Specific Times
If you specify a start time but not an end time then the indicator will create a vertical line daily at the time specified.
This is useful to perform studies of behaviours at a specific time.
Create Areas For The Trading Sessions
If you specify a start time and an end time then the indicator will create areas in the specified interval.
The area will start at the start time and end at the end time.
The area will also contain the highs and lows in the interval.
Combine Multiple Areas Or Times
One of the most attractive feature of the indicator is the flexibility.
If you add multiple instances of the indicator to a chart you can add different times and different intervals.
To do this:
- Add the indicator multiple times
- Be careful to assign a different Indicator Name to each instance
- Select the time or interval
- Select different colors
The resulting chart can contain several information that you might be interested in.
To install the indicators please follow the instructions below:
- Download the indicator file
- Open the Metatrader Data Folder (In File > Open Data Folder)
- Open the MQL4 Folder, or MQL5 for MT5
- Copy the file in the Experts folder
- Restart Metatrader
For more detailed instruction on how to perform the installation please visit this article.
In this article you learn about the Trading Session Time indicator for MT4 and MT5. This indicator allows you to visually see coloured areas, or lines, on chart representing trading session or specific times of the day.
You can download the indicator for free and use it for your chart, pattern, price and technical analysis.
Please feel free to leave a feedback regarding the indicator or Contact Us for anything else.