TimeZones Six v2 Indicator For MT4
Table Of Contents:
- TimeZones Six v2 Indicator For MT4
- Trading ideas with the TimeZones Six v2 Indicator For MT4
- TimeZones Six v2 Indicator For MT4 - How It Works
- TimeZones Six v2 Indicator For MT4 - Conclusion
The TimeZones Six v2 Indicator For MT4 displays in a small box the Broker Server Time, and the current times in New York, London, and Tokyo. This box can be placed anywhere on a price chart.
Trading ideas with the TimeZones Six v2 Indicator For MT4
When it comes to trading, one of the core aspects of trading is time and timing. Because ultimately the trading sessions throughout any given day are broken into different time zones which are in fact your trading sessions.
Three main trading sessions that we have are the Tokyo session, the New York session, and the London session. There is a Euro session which kind of overlaps the London session but mainly these three other ones are the headline trading sessions that we normally refer to as traders. This is because throughout the world you have different trading desks which follow each other throughout the day.
And as the market progresses through the day, each trading session will be defined by the market activity which coincides with the the market movement forged by the big Banks.
TimeZones Six v2 Indicator For MT4 - How It Works
This indicator is basically a time zone indicator which shows you what the time is in every single trading session, such as the Tokyo session, the New York session, and as well as the London session.
So on a day-to-day basis, we are going through the Tokyo session which starts up and then we have the London session followed by the New York session, and then the Tokyo session kicks in again on the following day. So what we have is an indicator that shows you the server time and the respective time in all the other time zones as shown below.
This works out well because you are able to see daylight saving settings, as well as the server time differences because sometimes your server time and your actual time on your local devices such as a laptop or a mobile phone has a different time compared to your server time.
This is something you need to be aware of as a trader because the big market activity is time-sensitive therefore, you need to know what the time is, along with the market context of the current time. This indicator can be positioned anywhere on your trading chart based on your preferences. Furthermore, you can also adjust to the boldness of the font so that you can recognize it more easily.
The image below shows exactly what the indicator looks like the moment I made the adjustments to switch to a bold font representation. All of these settings are found under the input tab when you click on edit. So all I did was switch the Bold input value from false to true and then the text will be in bold.
You find that the time zones for the times within the zones are actually slightly off. What you can do is just adjust the offset parameters for the different time zones so that they can be well and truly aligned with the proper time.
This indicator is not like the other customized indicators because it is actually not used for trading. It cannot be used for generating signals, however, it falls into a group of indicators which is simply there to supplement your trading environment with handy a box being displayed on your chart.
It has been illustrated above that you can make a lot of changes to this time zone indicator in a way that best fits your preferences in your trading environment. However, there are a few elements of which you cannot change at all. One of them being is that you cannot change the broker server time. The broker server time is basically an uncontrollable variable.
Because it is defined by your broker. When I uploaded the indicator into the chart - I realized that the color of the text was to dim for my liking as it was conflicting with the color of the price action. It almost looks like a gray scaled image, which interfered with my view of the price action and the indicator itself. However, I overcame this by simply changing the color of the indicator.
TimeZones Six v2 Indicator For MT4 - Conclusion
As mentioned before, I said that this indicator is not an indicator that will help you generate signals as it cannot be used as a trading strategy. There are not any trading ideas you can build on the sole use of this indicator. However, it is a useful tool as proven above, to reveal to you the different time zones and also the time within those zones at any given point in time. Furthermore, it also shows you the server time of the broker so that you able to see the difference in the server time and the time of your laptop or cellphone.
However, this indicator is only compatible with the PC version of your MetaTrader 4 trading platform. Furthermore, it was also shown that you cannot change the value of the server time as it is a fixed setting determined by the server of your broker. In closing, if you are going to use this indicator - you should use it as a supplement tool to which you combine with other indicators to get the timing of your entries more accurate.