Trading Sessions Open Close Indicator For MT5



Table Of Contents:

  1. Trading Sessions Open Close Indicator For MT5
  2. How to Interpret Trading Sessions Open Close Indicator For MT5
  3. How to Profit Using Trading Sessions Open Close Indicator For MT5

The Trading Sessions Open Close Indicator For MT5 shows the opening price and the closing price of the three main Forex sessions - Asian, European and American. The different time zones are distinguished by distinct color overlay on the price chart: Misty Rose - Asian, Lavender - European, and Pale Green - American sessions. Traders can change the color scheme in the settings section of the indicator.

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How to Interpret Trading Sessions Open Close Indicator For MT5

One of the biggest advantages of trading the foreign exchange market is that it is open 24 hours a day. This enables traders and investors from across the world to buy and sell currencies during normal business hours, post work, or even at the dead of the night. However, not all times during a day are created equal. There are times when Forex price action is relatively more volatile, and periods when price range remains muted.

The Trading Sessions Open Close Indicator For MT5 can be a useful tool for those who want to know the current geographical trading session they are in without actually looking at a clock. In Forex trading, the time of day in which you decide to trade can play a vital role. Traders love to trade when the European and American sessions overlap each other. During such times, major banks and financial institutions are active in the market. This creates liquidity and volatility - both of which are essential for traders to profit.

The Trading Sessions Open Close Indicator For MT5 shows time of three main Forex sessions:

Session                      Major          Market Hours (GMT)
Asian Session             Tokyo           11 p.m. to 8 a.m.
European Session       London        7 a.m. to 4 p.m.
American Session       New York     12 p.m. to 8 p.m.

How to Profit Using Trading Sessions Open Close Indicator For MT5

The American Breakout Forex Trading Strategy is a proven system that uses the Trading Sessions Open Close Indicator For MT5 to potentially profit from the New York open. After London, the New York session is the second most active, volume wise. The underlying idea behind this simple trading strategy is to wait for the breakdown of a support level to sell, or breakout of a resistance zone to buy.

Currency Pairs: EURUSD, GBPUSD, EURGBP, USDCHF, USDCAD, USDJPY
Time Frame: 15 Minutes
Technical Indicators: None


Trading Rules

1. Open up a 15 minute price chart of a major currency pair like EURUSD or GBPUSD.
2. Next, using the Trading Sessions Open Close Indicator For MT5, plot a vertical line at 12 pm GMT on your chart.
3. Another vertical line is printed at 2 pm GMT.
4. We then draw horizontal lines at the high and the low of the candles in between the two vertical lines.
5. A buy stop order is placed 2 pips above the high of this range, and a sell stop order is entered 2 pips below the lowest point hit.
6. Protective stop losses can be placed on the opposite ends of the range, i.e., stop loss for the buy stop order will be placed just below the low of the first 2 hours of the American session. The opposite is true for the sell stop order.
7. We await a breakout to materialize in either direction, and as and when it happens, the opposite order is cancelled.
8. Profit targets are subjective and depend on whatever profit booking strategy suits your trading temperament.

 

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