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!
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 = 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.
Leave a Reply