Market Sessions Indicator
Market Sessions indicator for MT4. Plots forex trading market sessions separately and high and low price of the previous session.
The Market Sessions indicator for MT4 displays the trading sessions of a day in vertical lines. Moreover, it displays the opening price of the current market session and the high and low of the previous trading session. Furthermore, it shows the future trading session in the price chart. So forex traders can identify the BULLISH or BEARISH price trend in market sessions independently and BUY or SELL accordingly.
Every trading session has its characteristics in terms of trending nature, price volatility, and trading volumes. The indicator can be used by new and advanced forex traders to apply different technical trading strategies to each market session. The indicator can be applied to all chart time frames; however, the maximum limit is as per the indicator input settings. A price chart below M15 time frames is best suitable for trading; higher time frames have the lines in too close proximity. In such a case, forex traders can disable certain market session lines for clarity.
Market Sessions Indicator For MT4 Trading Setup
The above GBPUSD M15 price chart shows the Market Sessions indicator for MT4 in action. The indicator plots the market trading session of Tokyo in Sky Blue, Sydney as Plum, London in Magenta, and New York as Gold. The indicator plots these market sessions as vertical dotted lines. Moreover, the indicator shows the open price of the current market session and plots the future trading session as Gray. Furthermore, the indicator shows the high and low of the previous market range in Gray.
In fact, the indicator is best suited for forex traders who trade only a particular market session. Generally, the breakout of the previous session high indicates the continuation of the BULLISH trend. In this case, forex traders can enter a BUY position with a stop loss below the previous session low and target to take profit with a good risk to reward ratio.
On the other hand, the breakout of a previous session low may indicate the continuation of the Bearish price trend. In this case, forex traders can open a SELL trade with stop loss above the previous session high and book profits with a good risk to reward ratio.
Conclusion
In fact, the Market sessions indicator for MT4 is very helpful for traders who prefer to trade only certain trading sessions. Generally, Many technical trading strategies are based upon the high and low price of a previous session. Additionally, the indicator is free to download and easy to install.
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