I am both surprised, and so pleased at the popularity of the Forex Market Sessions indicator I wrote back in 2014. It is an indicator that helps to show the sessions open time and price on the Metatrader 4 platform and has been downloaded over 12,000 times.
It is best used (in fact, really only ever intended to be used) on intra-day charts up to 30M, and can help to understand where price moves in relation to what markets are open or closed.
Recently I have been doing some extra study on Pivot Points, and thought it might be neat to be able to show pivot points as well as the session open times and prices all in the one indicator.
So here is a new updated version of the Market Sessions indicator with a couple of improvements:
Market Sessions indicator – new features
- Pivot points – Along with the session open price, you can now show standard pivot points. By default this is turned off, but is easily turned on in the indicator options.
- New true/false for showing sessions – Previously you needed to enter "-1" for any session you didn't want to show on a chart. I found this clumsy and slow, so there is now only a single input for server offset, and a set of true/false drop-downs for which session you want. I think it works better. You can still change the sessions times at the bottom of the options list.
- You can show turn the pivot points support and resistance levels off separate to the main pivot point. This is more for my benefit, as I only use the actual daily pivot in what I am doing.
- Not sure why I didn't do this in the original version, but you can now turn price labels on and off in the options list.
- The indicator now automatically hides itself on any time-frame above an hourly chart. Anything beyond the hourly and it is just a mess of lines.
- Further streamlined the code, so if you are dipping into the source code, hopefully it looks a little cleaner.
- Add a event listener on mouse move to update the position of the manually placed time labels, it’s not perfect, but for now it does the job.
In future versions
- Ability to calculate pivot points off any start time, at the moment they calculate based on your brokers daily open and close.
- A port of the indicator to MQL5, which will enable automatic calculation of the server GMT offset.
- Port of this indicator to Trading View PineScript
- Anything else that seems like a good idea in the comments of this post.
Here are some sample screenshots of the new options and what the indicator looks like with different configurations.
Indicator with all options turned on
Indicator with Sydney session and Pivot Point only
Indicator with only Pivots on
The new options list:
Indicator on white charts
I have also open sourced the indicator on GitHub should you wish to modify it as you please. You can find it here: https://github.com/IamAdamJowett/mt4-indicators.
I hope you enjoy this release, and if you use it in your trading, let me know in the comments how it helps you, or ping me on Twitter.
Subscribe to Adam Jowett (.com)
Get the latest posts delivered right to your inbox, spam free.