Any Forex trader with a good trading experience understands very well that trading sessions play a big and major role in any successful strategy for entering and closing positions .Keeping an eye on sessions start and endings can be forgotten that’s way clever developers created a bunch of indicators that help traders knows at every moment the current trading session throughout the day .
I’ve tried many trading sessions indicators but not all of them distinguish between sessions in a clean and helpful way so in this post i’ll show the one that really proved to be what I was personally looking for .
This is the best trading session indicator for MT4 platform .At least the best from a bunch of indicators i’ve tried in the last years .
I think a lot of traders have heard of or even used i-Sessions indicator .If you did not just download from the link and keep reading .If yes keep reading too because i’ll show some helpful information on how to take the most benefits from this indicator while keeping your charts as clean as possible .Personally I think that’s a good indicator is the one which can do its job without making your charts more complex than what they already are .
First of all,the i-Sessions indicator for MT4 platform can be helpful only on timeframes lower than and not including 4 hours .You can use in 1 hour timeframe and 15/30 minutes timeframes .
You can choose any session to trade depending on your trading strategy but the majority of traders find The New York and London sessions to be the best sessions for good results especially for the most traded pair EURO/USD .If you trade Asian currencies like the Japanese Yen then you should focus on the Asian session .
Keep in mind that you divide the trading day into many sessions but the ones which are really important worldwide are the London , New York and Asian Sessions with the most traders focusing mainly on the open/close period of NewYork and London sessions .That’s why the i-Sessions indicator focus on these two periods and can be very handy for spotting them .
So as you can see in this screenshot that shows you the i-Sessions indicator being activated ,spotting the start and end of important sessions is easy thanks to this indicator .If you are an intraday trader that can helps you a lot making benefits from your trading strategies .
For taking maximum help from this indicator you need to show your periods separators or vertical lines just hit CTRL + Y .
So now how can easily spot the sessions .First the Asian session is very easy to spot .It starts at the beginning of period ,the vertical dashed line.
When the Asian session box ends,The London session starts ,after sometime the Asian session ends .It’s not shown because that’s not very important .
The New York session starts at the beginning of the second box ,and the London session closes at the end of the second box .So the second box shows you the most important trading zone on the day when London and New York sessions overlaps .
The New York session ends at the end of the trading day shown by period separator .
If you don’t like the colors and you want to change them you can easily do that in indicator settings
Just make sure use minimal colors so you can still have a clean chart .
Now how can you install the indicator .That’s actually very easy .
First download the indicator from this link .
Next Go to the root of your MetaTrader 4 installation folder and open MQL4 folder the Indicators folder and copy your indicator there .
Next restart your MT4 platform .
From the navigator Window drag and drop i-Sessions indicator into the chart .
The settings window of i-Sessions will appear first .Adjust any settings you want and press OK .
Now you should have your indicator in action .happy trading and thanks for reading .
Please note that the default settings that you find with indicator were made by a trader at fxdayjob.com .These are the best color settings in order to use i-Sessions indicator without making your charts complex with unecessary colors that can affect your judgements while trading which are also the settings I use personally and I’ve explained in this post .