The Sessions MT4 indicator clearly marks the beginning and end of major market sessions with different background color. Every market session has different characteristics. So, this indicator helps the forex traders to apply different trading strategies during the sessions.
Features of Sessions MT4 Indicator
The indicator draws rectangles with different background colors. However, the overlapping of the sessions does not have any background color. By default, the Asia session begins at 01:00 hours and ends at 09:00 hours and has a beige background. Similarly, the Europe session starts from 09:00 hours and ends at 18:00 hours with a misty rose color. Furthermore, USA session is from 15:00 hours till 23:00 hours.
Traders can change the market session timings in the input settings according to their GMT offset of the broker time. This ensures that the trader is in line with the right market session timings.
Benefits of Sessions MT4 Indicator
Major markets like the Asia, Europe and US have their own distinctive features based on the economies operating during that time. Local stock markets and economic news releases, Government and political leaders affect the market at large.
Generally, Asia session is calm and trendy in nature. However, volatility increases as we move into the European session. Normally, US session has the highest price volatility and movements. So it is obvious to forex traders to apply different trading strategies that excel in different market conditions.
This sessions indicator helps forex traders to back test price movements during the past sessions. Since each session has different colors, forex technical traders can easily understand the price movements and validate and apply the trading strategies that work accordingly.
Indicator Settings Description
NumberOfDays: Maximum number of days to display the sessions.
AsiaBegin:, AsiaEnd:, AsiaColor:, EurBegin: EurEnd:, EurColor:, USABegin:, USAEnd:, USAColor: Session open and end time and background color.
ShowPrice:, ciFont:, SizeFont:, Offset: Price display parameters.
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