Forex Trading Sessions Indicator for MT4 - All in One

Hello, FF

I would like to share with you another Market Session Indicator for MT4 (There is plenty of those here on FF).

This modern indicator has all the best from its predecessors. It shows both past and future sessions. Currently Active sessions stands out compared to the rest. And the most interesting color scheme for overlaying sessions, removing you from the whole palette of colors on the chart. Everything is done neatly and with designer taste))

What Kind of Problem Does the Indicator Solve?

This particular indicator automatically displays forex trading sessions as rectangles on the chart of a currency pair. It eliminates the need to remember the trading hours of exchanges and calculate the difference between the local and the global time.

The indicator is good for novice traders since it can help to reduce the number of errors when planning trading strategies. It is also useful for experienced traders, as it makes it much easier to work by visually displaying the trading hours of sessions on the chart.

Lateral sides of the session box representing its opening and closing hours. The upper and lower sides depict the high and low of a price range formed during the trading hours of the session.

The indicator automatically marks up the four most significant trading sessions:

1. Pacific (Sydney);
2. Asian (Tokyo);
3. European (London);
4. U.S. (New York).

Indicator Features

Market Trading Sessions can be a useful tool in any trading strategy. While indicator doesn’t generate trading signals by itself, there are lots of strategies that consider sessions, for example: London Opening, Asian Box, New-York Breakout, etc.

It has a number of features that make it a bit different from other similar indicators.

 

1. Automatic time zone detection. The indicator automatically detects the local time of a trader based on the computer settings. This feature relieves you of the need to convert the Universal to your local time.
2. Simplified display mode on higher timeframes. A trading session usually lasts 8 hours. The given time period can be displayed as a rectangle only on lower timeframes such as M1, M5, M15, and M30. Starting from H1, it makes no sense to draw rectangles. Therefore, only the open of the closest trading session is indicated as a vertical line on higher timeframes.
3. Semi-transparent background of rectangles marking up trading sessions. When enabled, the indicator won’t interfere in working with your chart and will also allow you to display the overlapping trading sessions correctly. If necessary, you can disable the filling in the indicator settings and keep only the contours of the rectangles.
4. Displaying not only current sessions but also past and future ones. You can decide on their own, which sessions should be displayed on the chart, and set the number of sessions to be displayed in the settings.

Indicator Settings

The trading sessions indicator has a convenient set of options

1. Sessions Options. This block of setting allows you to choose which sessions will be displayed on the chart. Set “On” or “Off” as necessary.
2. Short Name Length. The length of the acronym for a specific session. You can select 2 or 3 characters.
3. Server Time Offset. Time zone selection. By default, the time zone is determined automatically, but in rare cases, the result is erroneous. In this case, you can set the correct value manually.
4. Fill sessions background. The option allows you to enable or disable infill of the box representing trading sessions.
5. Past sessions to show. The number of sessions box to be displayed on the chart. Including those that are currently active.
6. Future sessions to show. The number of future sessions to be showed on the chart. They are displayed as vertical lines.
7. Show Till Timeframe. The maximum timeframe up to which sessions should be displayed.
8. Color Scheme. The choice of the color scheme of the indicator. Two design themes are offered - light or dark. By default, the scheme is determined automatically depending on the chart background.

Indicator Installation:

1. Download and unzip the archive to the MQL4 folder of the terminal;
2. Restart the terminal and run the indicator;
3. Allow import of DLLs.
This Sessions indicator is free and works without any restrictions.

Updates

27.07.21 - update details.
01.10.21 - MT4 1345 build compatibility.


Download link:

Latest Version: 1.07

And a small amount of basic info on trading sessions in Forex market.

Forex market is open 24 hours a day with a break on weekends and holidays only. However, the highest trading volume comes from various trading exchanges, and each operates according to its own trading hours.

In this regard, there is the concept of a trading session, which is a period between the opening of a particular exchange and its closure.

Each session has specific trading dynamics and other features. Many traders prefer taking these nuances into account so that they can make the most of trading opportunities in the selected hour interval.

By doing so, they have to keep in mind the sessions' trading hours, while also taking into account the difference between local and Universal, summer- and winter time.

How to Use Sessions in Trading

Each session has specific characteristics that we can use in Forex trading.

If you know the trading hours of sessions, you can spot the most volatile time intervals throughout the day and thus choose the most suitable time for the successful implementation of your trading strategy. You also can select the optimal currency pairs for each trading session.

There are strategies targeted exclusively at the flat Pacific session, as well as those designed for trading in the most volatile period when the London session overlaps the New York session.

For example, sessions with high trading activity better fit the needs of those market participants who practice aggressive strategies. In contrast, sessions with low trading volumes and volatility are suitable for traders who prefer minimizing their risks.

Pacific (Sydney) session

This session marks the beginning of a new trading day. As a rule, it's characterized by low volatility and the lowest volumes of currency transactions. This is especially true for the time period between 22:00 and 00:00 (UTC), while the Sydney financial center is closed.

At this time, most market participants are not involved in trading, since price movements are usually minor and unpromising in terms of profit. However, the early Pacific session may be a convenient time for traders who prefer to limit their risks as much as possible.

Trading activity surges after 0:00 (UTC), not only because of the opening of the Sydney financial center but also due to the beginning of the Asian session.
During the trading hours of the Pacific exchanges, the most volatile are currency pairs with the Australian and the New Zealand dollars. AUDUSD, NZDUSD, and AUDJPY are in particularly high demand.

Asian (Tokyo) session

Most often, the Asian session is a quiet period of volatility as well. However, trading during this time can yield good profits, if you plan your strategy with the specific features of the Asian exchanges in mind. As a rule, such strategies imply trading currency pairs with the Japanese yen.

Usually, the USDJPY pair has the highest volatility during the Asian session. Also, AUDUSD and NZDUSD pairs are actively traded, since the trading hours of the Asian exchanges overlap with that of the Pacific session.

European (London) session

The European session is very volatile. This is because its opening coincides with the trading hours of the largest Asian exchanges, and its closing coincides with the opening of the American exchanges. The simultaneous trading activity of five major financial centers – London, Frankfurt, Paris, Luxembourg, and Zurich –also plays the role.

European currency pairs that include the US dollar are probably the most actively traded. For example, EURUSD, GBPUSD, and USDCHF are in particular demand.
The European trading session is well suited for strategies that involve making money on intensive price movements. For example, a good way to make money during this period is scalping.

The European session is also a favorable period for strategies based on the fundamental analysis since this is usually the time when most of the news releases come out.

U.S. (New York) session

The U.S. session is also very significant in terms of market trading volumes and the strength of market movements. It is based on the activity of the two largest financial venues in the United States – the New York Stock Exchange and the Chicago Mercantile Exchange that start their work an hour apart.

The U.S. session is the most active period of Forex trading. The highest trading volumes occur during the first two hours of the session when the London Stock Exchange is still open.

Due to active trading during the New York session, there are often sharp swings in the currency exchange rate. It is especially true for pairs with the U.S. dollar. Trading such currency pairs is very risky, but at the same time, they can generate high profits to those market participants who have experience in trading with aggressive strategies.

This is a nice and useful indicator. Thanks for sharing!

Thank you Apiga great indi keep up the good work

Hi there.
Looks like what I've been looking for but when I add it to my chart it only gives me 1 vertical NY session line, no shaded boxes of any session. Any idea what I'm doing wrong? Thanks

Indicator shows session box only on the m30 timeframe or lower.
On higher timeframes there is only one line of the next session open time.
This is due the fact that sessions box is very small on the H1 timeframe and higher.

cool, thanks for the reply

Cant we choose the hours?

Very nice work. Thank you for sharing your work. Much appreciated.

maahome

@Apiga -- very nice indicator -- thanks. I wish I could give you 10 "likes"...

Nice one does it factor in day light savings time adjustments

Hi,

I like the indicator very much. The only issue I had is that it only shows me about 20(21) boxes to the past and no more. It doesn´t matter if I type there 25, 30 or 50 it just won´t load. But that aside, I like it. Another suggestion from me could be manual option for changing the time and not only the time zone, sometimes you may want different settings for anoher purpose. Good work nonetheless (y).

Hello Apiga,

Nice and very useful indicator. Thank you for sharing it.

My broker time is +2H then my local time indicator Auto setting Sydney must open at the Broker time 0.00, Tokyo at 3.00, London at 10:00 and New York at 15:00 (Tokyo has to be overlap 6 hours over Sydney session; London has to be overlap 2 hours over Tokyo session And New York has to be overlap 4 hours over London session)

I have tried Auto and using Server Time offset setting but it does not seem to work correct. Please could you take a look?

Note: just for the information the below link indicator is working fine also could you add in to your indicator Session Mid Line Optional if possible

https://www.forexfactory.com/thread/...1#post13078981

Regards
Moti

[quote=Apiga;12900976]{image} Hello,

Hello Apiga,

Wonderful indicator ,
Has the same indicator for Renko Graphics?

Hi there, I am having trouble adding this indicator. I have dowloaded the file, but were do I add it into Metatrader 4?

thanks

Hi you could do this -
1. in your mt4, go to File menu and click - open data folder
2. In that, go in MQL4/Indicators
3. Paste .ex4 file there
4. refresh indicator list in mt4

Can trade but am technically ignorant. Need help to install EA's, Indicators etc and general help with platform navigation. Am located in Costa Rica.
If you can help using Teamviewer and Skype, please state capability and terms, will pay compensation via PayPal.
{ email address deleted by staff }

Good night

I would like an ea using this indicator with the following coordinates:

- Opens trade only after Asia closes

-Buy at the top of Asia and sell at least in Asia

it's possible?

Thank you Apiga. Appreciate your efforts.... Looks like a quality indicator.

Hi Apiga, A request... The time that London, New York and Sydney go into or come out of daylight savings are very different.

Is it possible to make this indicator so that you can adjust individual timezones according to their daylight savings times????

But thanks again for the Indy.