"TimeZone" introduced this time is another utility indicator. The "TimeZone" indicator is characterized by being able to highlight a specific time zone.
These indicators may not be absolutely necessary for trading, but they will certainly help if you incorporate them.
This indicator can highlight time areas on the chart by defining a specific time zone in the parameters. You can specify two time zones to highlight. For example, the above image highlights from 6 o'clock to 12 o'clock and from 12:30 to 14:30.
At first glance, it's a simple indicator, but its usage can be quite extensive, as described below.
Tips on how to use:
1. Highlight the most active (volatile) times of day in the Forex market
The opening times of stock markets around the can help you identify time zones, and there are also corresponding time zones to the main financial centers such as Tokyo time, London time, and New York time. Because the difference between these time zones is large, it is necessary to understand the trading characteristics of each time zone.
For example, the Tokyo session tends to be a ranging market. Also during the Tokyo session, the Yen, the Antipodean, and Dollar currency pairs are likely to be more active than their European counterparts.
On the other hand, volatility increases at a stretch once the London session kicks in. The New York session may overlap with London and is the time of day when the busiest trading activity takes place in the Forex market.
It is a good idea to use this indicator to keep time zones in check on a daily basis.
2. You can use this indicator for news trading.
For example, you may want to highlight the time zone where the news is announced with this indicator. This way you won't forget the news announcement.
Some people only trade when London is open. In such a case, it is recommended to highlight the time of the London opening.
- NumberOfDays - The periods that this indicator affects.
- HighRange - If true, it limits this indicator's drawing within the high and low of the timezones defined by the parameters
Download the "TimeZone" indicator for free 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.