The Market Sessions Indicator for MT5 displays separate forex trading sessions and it’s available to free download. What’s more, it also shows the maximum and minimum prices of the preceding market session. Trading conditions are more favorable during certain sessions, which are marked by higher market liquidity.
Sounds interesting? Let’s take a closer look.
Introducing the Market Sessions Indicator
MT5 Indicator Overview
The download link of the Market Sessions MT5 indicator is placed at the bottom of this post. Once you’re done, your trading chart should look similar to the example below.
As you can see, that gauge presents daily trading sessions with horizontal lines and also indicates the current session’s opening price and the previous session’s high and low. Furthermore, it reveals upcoming trading sessions on the price chart, allowing forex traders to analyze the market and make independent buy or sell decisions.
Each Market Session Has Its Own Characterictics
Every trading session possesses unique characteristics in regard to trend nature, price volatility, liquidity and trading volumes. The indicator is suitable for both novice and proficient forex traders, who can leverage distinct technical trading strategies for each session. The most liquid are London and New York sessions.
How To Trade With The Market Session Indicator?
Generally, when the previous market session’s high is surpassed, it signals a continuation of the bullish trend. Traders can enter a buy position with a stop loss below the previous session’s low and aim for profit with a favorable risk/reward ratio.
Conversely, when the previous session’s low is broken, it may indicate a continuation of the bearish trend. In such cases, forex traders can initiate a sell trade with a stop loss above the previous session’s high and secure profits with a favorable risk/reward ratio.
How to set up the Market Sessions indicator in MetaTrader (MT5)?
Download the Market Sessions.rar archive at the bottom of this post, unpack it, then copy and paste the market-sessions.ex5 or market-sessions.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The MT5 Market Sessions Indicator is particularly beneficial for traders who prefer to engage in specific trading sessions. Numerous technical trading strategies rely on the high and low prices of the preceding session. The gauge is compatible with all chart timeframes, but the maximum limit is determined by its input settings. The price chart below the M15 timeframe is optimal for trading, as the lines are more spaced out.
Download Free Forex Market Sessions MT5 Indicator
To download the Market Sessions Indicator for Metatrader 5 (MT5) for free just click the button below: