Trading Sessions Open Close Indicator
Trading Sessions Open Close indicator helps to determine the price range and price behavior during a particular trading session. You can use this information for forecasting and trading.
If you have been trading forex for a while, you may have heard about the different trading sessions. You can get confused about when a session starts and ends, and you won’t be able to chart session changes. Here is a custom indicator for this purpose.
What is the Trading Sessions Open Close indicator?
Trading Sessions Open Close is a session separator indicator. It distinguishes between Asian, European and American sessions on your chart. You can benefit from the most unstable sessions or hours without any hassle. You can colorize each trading session. Now you know what the current trading session is.
The indicator is useful for determining price action and price range during a particular session.
How to use the Trading Sessions Open Close indicator?
The two major functions of the indicator are to determine:
Price pattern during a certain session (range, trend or countertrend).
Price range of a trading session.
Once you know these two parameters, you can use this information to predict or trade the next price leg. The color of the trading session tells you about the upper and lower price limits. You can either trade a bounce or a range breakout.
Trading Sessions Open Close indicator trading strategies
Let’s take a look at trading strategies based on this indicator.
Buy setup
Look for the Asian session to close and the European session to begin.
If the price breaks out of the range of Asian session on the upside, look for a buying opportunity.
Enter long position after the bullish candle closes.
Put stop-loss below the recent price consolidation.
Take profit should be 1.5 times the stop-loss.
Refrain from trading if the trading session has a spread of 50 pips or more.
Sell setup
Look for the Asian session to close and the European session to begin.
If the price breaks out of the range of Asian session on the downside, look for a selling opportunity.
Enter short position after the bearish candle closes.
Put stop-loss above the recent price consolidation.
Take profit should be 1.5 times the stop-loss.
Refrain from trading if the trading session has a spread of 50 pips or more.
Conclusion for Trading Sessions Open Close indicator
Although the indicator has many advantages, you should use I carefully in your live trading. Always use a strategy on a demo account or backtest the data before applying it to live trading.
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