This week is the beginning of a new series here at Trading Heroes. This will be an ongoing thing where I will provide a free Metatrader Indicator on Friday.
And in case you were wondering, I won't be giving you indicators that already come with Metatrader.
I thought that it would be good to build up a resource of indicators that you could pull from and possibly incorporate into your trading. This goes without saying, bu try them in a demo account first.
If they work for you, great. If they don't, then it didn't cost you anything.
So here we go!
The first featured indicator is the market open indicator. However, that requires you to concentrate on two screens at the same time and I am all about simplicity. So here is the market times indicator that I have been using thus far.
Hopefully this picture isn't too hard to see, but the indicator is at the bottom of the screen. It is the four different colored lines:
- Blue = Syndey
- Yellow = Tokyo
- Green = London
- Red = New York
It is a really easy way to see which markets are open and where the overlaps take place. I don't think that this indicator accounts for daylight savings time, but in this case, I'm not so concerned about being exact on the times.
To me, I just want to know the approximate time because a move could take place before the open or a little after it, so I am always on the lookout for such moves.
Be sure to shift the times to match the time zones on your chart.
Give it a try yourself and let me know what you think!
I found this indicator on one of the forums when I did a Google search. It was been working for me so far.
If you have any thoughts or comments about indicators you use or would find useful, let me know and I will see what I can do.
Note: Just a quick disclaimer on Free Indicator Friday. I may or may not use these indicators myself and they don't come with any warranty. I will do my best to find quality indicators, but I can't make any guarantees that they work exactly like they are supposed to because I don't create them.