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!
T
he 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 = Sydney
- 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 free 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.
Do you by any chance have this indicator for MT5
Nope. If you look around on the forums, you can probably find something.
how to set up this in mt4
Here’s the tutorial: https://www.youtube.com/watch?v=xHuKv6-9WX0