The Session Open V-Line Indicator For MT4
The Session Open V-Line Indicator For MT4 is a meta trader 4 custom built indicator that is used to visually enable the trader using the indicator to distinguish between all the different sessions during the trading day by merely looking at his chart in one glance. This easily allows the trader to see what the price of the currency pair or the trading asset did or reacted during each individual trading session.
Advantages of using the Session Open V-Line Indicator For MT4
The first major advantage for traders using the Session Open V-Line Indicator For MT4 is that it gives you the information you need in a very simple format, ie simple straight line color coded in such a way that the trader can immediately distinguish between each session and clearly see the price action during each session.
This is very important for some trading strategies that rely on the price move in one session to either take a buy or sell trade in the next session.
The trader using the Session Open V-Line Indicator For MT4 immediately notices that the indicator does not clog the trader's charts in any way so that the trader can still work on their chart analysis and overlay the charts with other tools relevant to their strategy without obstructing the trader's view of the price action.
As soon as a market around the world opens, the Session Open V-Line Indicator For MT4 immediately prints a new line with the color symbolizing the market to indicate to the trader that the new market is open. That way, the trader does not need to keep looking at a clock or checking the web to determine whether the market is open or not.
The Session Open V-Line Indicator For MT4 helps the trader to visually identify each session by coding them in colors that are easy for the trader to commit to memory and identify at a glance. The Asian market is color-coded Green, the London market is color coded Blue, while the New York Market is color-coded Purple. The Trader can also decide which of the markets he or she wants to be displayed or hidden.
The color-coded nature of the Session Open V-Line Indicator For MT4 is very important since eventually, the trader would immediately know which market is which without even thinking about it consciously. This then helps the trader to seamlessly perform other tasks related to his trading with one less task to worry about.
Traders have rated this indicator one of the easiest to use among several thousands of indicators as this literally requires no additional effort on the part of the trader to understand it after about one or two days of using the Session Open V-Line Indicator For MT4 as it almost becomes a reflex memory in the trader's mind.
Keeping track of the market opening times generally is a very important tool for every trader to have in their arsenal as it helps them to identify times when a market will be trending and the times when it won't. For instance, any trader that has traded for a while knows that the EURUSD and GBPUSD pairs are generally not volatile during the Asian sessions.
In fact, Traders now call the kind of price movement that happens around these two mentioned pairs during the Asian session the Asian Range as price mostly trades between a particularly high and a particular low. This immediately tells the traders who like to trade strong trends that trading during the Asian Market period would not probably be a good idea for them.
Another important reason why the Session Open V-Line Indicator For MT4 is very important is the value it creates for scalpers or traders that like to trade the lower timeframes. For such traders, trading when two markets overlap would likely create a higher advantage for the trader as opposed to trading when a single market is open or when no market related to the trader's pair is open.
Trading with the Session Open V-Line Indicator For MT4 immediately helps the trader to see how volatile the price of a currency pair or trading asset was during a particular trading session. This new information can help the trader to correctly adjust his expectations for the next trading session since the volatility of price tends to flow across the different global markets around the world and traders mostly react to them in the same way.
The Session Open V-Line Indicator For MT4 can be successfully combined with any other trading systems and indicators regularly used by a trader during the course of the trading day as it can work seamlessly with the trader's original system and or set of indicators. It also does not require a lot of processing power so that traders that use older computers can rest assured that the indicator will not slow down their computers.
Ideally, using the Session Open V-Line Indicator For MT4 will require that the trader stick to the 1 Hour (H1) timeframe and other timeframes smaller than it since the Session Open V-Line Indicator For MT4 will not display correctly once the trader begins to move to higher timeframes.
There are several strategies that using the Session Open V-Line Indicator For MT4 will greatly facilitate. A good example would be traders who like to trade New York reversals in price action. These types of traders will discover that the Session Open V-Line Indicator For MT4 immediately makes it very for the trader to visually differentiate the different trading sessions and to instantly know if there is a trade for them on that particular trading day or not without the trader looking for any extra tools to enable him or her measure the time when the different sessions started.
Finally, on the meta trader 4 platforms for windows Pcs, the Session Open V-Line Indicator For MT4 is known to be very stable and will not crash the charting platform during the trading day unlike several other similar indicators as this can be very frustrating for the trader using the chart.