Since it’s a 24-hour market, it is very important for FX to know when each market session opens and closes. However, it may not be easy to remember the opening and closing times of major markets such as New York or Tokyo every day.
And if your strategies are based specifically on those sessions then the indicator introduced in this article may help you. This "MarketOpen" indicator for Metatrader 4 can confirm the opening and closing time of such a market at a glance.
This indicator corresponds to NY time, London time, Auckland time (New Zealand time), Sydney time, Tokyo time, Hong Kong time, Frankfurt time. As each market opens and closes, you will be notified by having a vertical line displayed on the chart, so you won't miss the timing of the open and close.
Keep in mind that when using this indicator, it is necessary to specify the opening and closing times of each market in the parameters.
Market opening and closing times are important:
Why do we need to know about market opening and closing times? It seems that FX and the stock market have little relationship. In reality, however, FX and the stock market are very closely related. For example, during the opening hours of the European stock market, the volatility of currency pairs such as the EURUSD tends to increase rapidly. Stock market price movements may directly affect the FX market.
In addition, the number of people who trade FX will increase at a stretch during London/NY time. This also increases volatility, so it is important to trade carefully when it comes to NY time or London time.
By the way, there are trading strategies that work well depending on the time of day, and others that don't work very well. This should be easier to analyze and execute with this indicator.
- NY - Defines whether to show NY time or not
- USNews - If you want to draw another line(e.g. For news publication time), set this parameter true.
- t30MinAdvanceNotice - Defines to display dashed line 30 minutes before opening
- BarsToCount - Bars to be counted on this indicator
Download the "MarketOpen" indicator from the button below
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.