Market Sessions Indicator
Market sessions indicator for MT5. Displays forex trading sessions separately, as well as the maximum and minimum price of the previous session.
Description
The Market Sessions indicator for MT5 displays the trading sessions of the day with horizontal lines. In addition, it displays the opening price of the current trading session, as well as the high and low of the previous trading session. In addition, it shows the future trading session on the price chart. Thus, forex traders can independently determine the BULL or BEAR price trend in market sessions and BUY or SELL accordingly.
Each trading session has its own characteristics in terms of the nature of the trend, price volatility and trading volumes. The indicator can be used by both beginners and experienced forex traders to apply different technical trading strategies to each trading session.
The indicator can be applied to all chart timeframes; however, the maximum limit corresponds to the input settings of the indicator. The price chart below the M15 timeframe is best for trading; on higher timeframes, the lines are too close to each other. In such a case, forex traders may disable certain market session lines for clarity.
Market Sessions Indicator For MT5 Trading Setup
The EURUSD H1 price chart above shows the Market Sessions indicator for MT5 in action. The indicator displays the market trading session of Tokyo in Orange Red, Sydney in Orange, London in Sea Green and New York in Sky Blue. The indicator displays these market sessions as vertical dotted lines.
In fact, the indicator is best suited for forex traders who only trade during a specific market session. Typically, a breakout of the previous session’s high indicates a continuation of the BULLISH trend. In this case, forex traders can enter a BUY position with a stop loss below the low of the previous session and aim for a profit with a good risk/reward ratio.
On the other hand, a break of the previous session’s low could indicate a continuation of the bearish price trend. In this case, forex traders can open a SELL trade with a stop loss above the previous session’s high and lock in profits with a good risk/reward ratio.
Conclusion
In fact, the Market Sessions Indicator for MT5 is very useful for traders who prefer to trade only certain trading sessions. As a rule, many technical trading strategies are based on the high and low price of the previous session. In addition, the indicator is free to download and easy to install.