Ever since I have started posting charts here and on chart.ly, I have had questions on how I to get the lines that show the opening of each session on their charts. My answer wanted to be “choose the line tool, plonk it on a chart” but I don’t think that would have sufficed. So instead, to answer your question, I use my fancy pants Forex market sessions Metatrader indicator.
Below you will find the download link for what I put together to show me the market session open times. As an added bonus I threw in optional opening prices and the ability to mark when you start and finish trading.
The indicator is for the Metatrader 4 charting platform. It will guarantee you a 80% win rate 1 on all your trades. It will also give you an instant bowel movement from the pure awesomeness of it.
What’s it look like?
Here is the indicator in it’s default form, showing session open times and opening prices (hint, hint).
How do I configure it?
Here are the main input options for the indicator:
The times you see for each session are the opening times in GMT.
It is best these are left untouched unless you have a personal reason to change them one by one. The other reason will be daylight savings adjustments.
The main adjustment to be made is determining the difference between your brokers server time, and the current GMT time.
The defaults are set up for the Oanda platform, which has a server time 20 hours ahead of GMT (or 4 hours behind, never can figure that out). To properly configure it for your brokers time settings, do the following:
- Go to http://wwp.greenwichmeantime.com/info/current-time/ which will show you the current GMT time.
- Open up any chart and switch to an hourly chart.
- Determine from that the difference between GMT time and the last bar showing on your chart’s time.
- Enter that difference in the gmtServerOffset input for the indicator shown above.
What about the rest?
The rest of the inputs are optional extras, but let’s run through them:
- showOpenPrice – Toggle whether you want to see what the opening price is. It is displayed as a horizontal line for the length of the session.
- startHour & startMinute – Here is where you can add a line showing when you start your trading day. Importantly this is in your chart time, not GMT time.
- finishHour & finishMinute - Here is where you can add a line showing when you finish your trading day. Importantly this is in your chart time, not GMT time.
- dayOffset – If you enable the above lines, it will display the day name as well. If you find this day is ahead or behind, you can offset the day display. A setting of 1 for example would change “Monday” to “Tuesday”.
Any other tips?
Two other things to note. If you want to disable a line, just enter -1 into that session input area. If you want to disable your personal trading line, enter -1 into the hour input.
The other thing is in regards to what timeframes you want to show the indicator on. Most won’t want all of the lines showing on anything above a 15M chart as it get’s too crowded. To achieve this, got to the Visualization tab in the indicator properties and change it to the same as below:
Why do you use it?
Part of the reason this blog is called when not where is I am a firm believer systems only work at certain times of the day. Quite often this rotates around when sessions are beginning or ending. Keep an eye on those session opening prices as well, they can become important.
Enjoy, and keep an eye on this page for updates should/when bugs be found on different broker platforms.
- The word guarantee in this instance should be replaced with “no chance in hell” ↩