Market Sessions Indicator
Platform: MT5 Type: Volatility Last update: September 21, 2024The 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.
Understanding market sessions
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.
Conclusion
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.
