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Forex market sessions metatrader indicator (v0.1.0)

by Adam Jowett · 36 Comments · Follow on Twitter

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).

The forex market sessions indicator

How do I configure it?

Here are the main input options for the indicator:

Inputs for the Forex markets sessions 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:

  1. Go to http://goo.gl/LMiosZ which will show you the current GMT time.
  2. Open up any chart and switch to an hourly chart.
  3. Determine from that the difference between GMT time and the last bar showing on your chart’s time.
  4. 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.

Free Market Sessions Metatrader Indicator (2062 downloads)

  1. The word guarantee in this instance should be replaced with “no chance in hell”

Comments?

36 thoughts on “Forex market sessions metatrader indicator (v0.1.0)”

  1. Jonathan Trader says:

    Nice work Adam, this will save me from manually marking the lines each day. Do you use the asian range at all, I find that to be a valuable indicator as well. Now I just need to figure out how to code that into your indicator.

    1. Adam Jowett says:

      Hey Jonathan,

      I do use the Asian range, in fact that is the reason for marking the session open times to help in defining the type of session coming up in Europe. If Europe opens in the same area as Asia that can sometime give an indication in the type of day (type, not direction) coming up in Europe.

      Cheers
      Adam

    2. Ben says:

      Hi Adam,

      Nice indicator, but I cannot seem to see the labels e’g’ Tokyo Open printed next to the vertical lines as in your chart example above, what am I doing wrong?

    3. Adam Jowett says:

      Hi Ben, please refer above to my reply to Skelly. I hope it helps.

    4. Ben says:

      Fantastic, just what I was after. Thank you very much!

    5. Ben says:

      Hi Adam,

      I just noticed that I cannot seem to disable the sydney open line even when I place a “-1″ in the parameter as per the instruction. Can this be corrected? Many thanks in advance (it seems to work for the rest when I tried it).

    6. Skelly says:

      Dear Adam,

      I cant find the labels on the lines.

    7. Adam Jowett says:

      Hey Skelly,

      More than likely you have the “Show object descriptions” option turned off in your chart properties. To change those settings, rght click on a chart, choose Properties, choose the Common tab and make sure “Show object descriptions” is selected. (see attached screenshot).

      I hope that helps.

  2. John Taylor says:

    Hi Adam,

    If the zero minute candle is missing, then the session is not drawn. This is a frequent problem where the broker reboots their server at midnight.

    If a session is generated which overlaps a weekend, the indicator shows a short session on the Friday and may also miss the Monday session altogether. This stub session should be moved to the Sunday.

    Since you do not provide for DST, many of the historical sessions drawn are incorrect. This is of importance when, for example, testing a pivot-based strategy on several years worth of data. Also, the (live trading) user needs to be very careful around the times when DST does change for the various zones.

    Best

    John (FPS)

    1. Adam Jowett says:

      Hey John,

      Thanks for the great feedback mate, and all your feedback is valid. I’ll look into dusting off the old keyboard and making some adjustments based on what you mention.

      While there is no DST adjustment available, you can change the “gmtServerOffset” input to help with back testing. Unless I am mistaken, this pretty much does the same thing.

      Thanks again,

      Adam (@IamAdamJowett)

  3. m0b1us says:

    Great indicator! Just a couple questions – I have an RSI indicator at the bottom of the chart, and the vertical lines for the market sessions go through it and it has another session label i.e. Tokyo open over the RSI, so each session line has two labels… ex. one Tokyo Open label in the chart and one Tokyo label in the RSI indicator, is there a simple way I can remove the market session lines from the RSI indicator? At the very least, remove the double label. thanks!

    1. Adam Jowett says:

      Thanks for the kind words on the indicator. Unfortunately it doesn’t seem possible for the line not to appear in the RSI window. The indicator is simply programmatically drawing a vertical line, which you will notice if you place a vertical line manually also shows in your RSI window.

      Would love to hear others thought on this if they know better than me though.

    2. m0b1us says:

      Ok thanks, and one other thing. Is the session close indicated anywhere? I see the open price bar seems to be almost the length of the session but just slightly longer. For instance, the Tokyo opening price bar spanned 9 hours long, when it should be 8 hours.

    3. m0b1us says:

      I don’t know what I was thinking about before, but the open price bars are the correct length for each session, lol.

    4. Adam Jowett says:

      I’m glad you solved your own problem :) Best of luck.

  4. Leman Hakim says:

    Hi Adam,
    I can’t use this indicator at MT4 from my broker Admiral Markets. Any ideas? thanks.

    1. Leman Hakim says:

      Thanks for your great indicator. Now everything is working fine!

    2. Adam Jowett says:

      Glad to hear it, curious as to what was the issue originally?

  5. m0b1us says:

    This is great, I’m still using it. Do you know how I can change the style of the lines i.e. dotted, solid etc.? Thanks!

    1. Adam Jowett says:

      At the moment it you can’t, but it is something I could add into the input variables in coming versions. I’ll update this post once it is done.

  6. BuenaPatria says:

    Hey Adam,
    I love the indicator; it’s a great indispensable tool to help gauge trends intraday!
    You know the “enter -1 to disable a line” thing? I managed to disable everything else but sydney! haha; is that something fix-able?
    Thanks man
    Hope life and trading is treating you well!

    Buena

  7. McTrader says:

    Nice Indicator but not able to see the labels or the prices on my chart any help is wellcome, thks

    1. McTrader Hi mate, refer to my reply to @Skelly below which addresses this.

  8. kate says:

    Thanks for mt4 indicator, but the one downloaded is Not the same as above. It has no hours etc.
    Regards

    1. Adam Jowett says:

      Right you are Kate, the options have been streamlined a little since the version in the screenshots. I’ll be sure to update them with more recent versions. Thanks for the heads up :)

  9. Andrew says:

    Hey Adam, this indicator is still right up there for me in terms of the ‘must-haves’ on MT4. I’ve been trying to write/butcher my own indi to highlight a pair’s opening range and have looked at your indi’s code. Have to say, it’s very cleanly written compared to a lot of others out there!

    If there’s a “list” of add-ons for the next version of this indi, being able to see the “next” session coming up (print session times in advance) would be great.

    Cheers mate and all the best,

    Andrew

    1. Adam Jowett says:

      Andrew, thanks for the kind words mate that is really appreciated. I have a few requests for the next release and yours sounds like a good one. I’ll add it into the plan for the next iteration which shouldn’t be too far away. Any other great ideas let me know.

  10. orin says:

    Nice indi. Thanks.

    For me, the closing prices (red) don’t appear. Any suggestions?

    TIA
    Orin

    1. orin says:

      Here’s a clue. When I compile this message is given.

      Function “getDayName” is not referenced and will be removed from exp-file.

    2. Adam Jowett says:

      Hey Orin,

      Actually close price is now redundant in this indicator and will be removed in the next round (next sessions open is last sessions close). Thanks for pointing that out.

  11. Maya says:

    Hey Adam, thank you for sharing this awesome indicator. My server time on MT4 is 3 hours ahead of GMT, what would be the right setup in gmtServerOffset ?

    thanks

    1. Adam Jowett says:

      Hi Maya,

      Sounds to me you need a setting of “3″, i.e. 3 hours ahead of GMT. Hopefully that helps, let me know if it doesn’t.

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