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:
- Pacific (Sydney);
- Asian (Tokyo);
- European (London);
- U.S. (New York).
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.
- 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.
- 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.
- 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.
- 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.
The trading sessions indicator has a convenient set of options
- Sessions Options. This block of setting allows you to choose which sessions will be displayed on the chart. Set “On” or “Off” as necessary.
- Short Name Length. The length of the acronym for a specific session. You can select 2 or 3 characters.
- 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.
- Fill sessions background. The option allows you to enable or disable infill of the box representing trading sessions.
- Past sessions to show. The number of sessions box to be displayed on the chart. Including those that are currently active.
- Future sessions to show. The number of future sessions to be showed on the chart. They are displayed as vertical lines.
- Show Till Timeframe. The maximum timeframe up to which sessions should be displayed.
- 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.
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.
Latest Version: 1.05