Market Open Hours Indicator
I have been trading for some time now and always find it a difficulty remembering the timing of the various market opening hours at the other part of the world (especially, when it comes to daylight saving), but could not find any decent indicator online that could help. And it is for this reason that gives birth to this indicator, which I have spent much time, effort and thinking.
As many already know that opening of a certain marketplace, depending on which currency pair, has an impact on the price movement. As such, with this indicator on the MT4 platform, gives the trader a sense of confidence in the market time aspect, which is vital when performing manual trading.
Also, this indicator has the option of displaying open hours time bar, event time line and event label for each of the 7 market places allowable. With a built-in time zone function, computation and conversion of the broker server time for each market location is swiftly and handles the daylight saving dynamically. Optimization of the code was made to give this indicator a responsive feel. So, users of this indicator could trade with an ease of mind, timely.
- Display Time Frame - M1, M5, M15, M30, H1.
- Display Time Range - Displays Market open timing up to previous Monday, giving a 2 weeks view span (this week and last week), so that traders can do postmortem for last week's trades.
- Changeable market name; up to 7 market name with their respective time zone and color settings.
- Changeable open and close market hours for each market name. Default settings - open: 08:00, close: 17:00.
- Time Bar (option to turn On/Off).
- Time Line (option to turn On/Off).
- Event Label (text indicating opening/closing on time line for the respective market, with the option to turn On/Off).
- Day of week for each Time Bar and Clock for respective market location on current Time Bar (with drifting feature: drift with the current time for the open market, always showing on the time bar aligned with the current time).
- Changeable market place name, time zone, and color.
- Dynamic Time Zone handling; meaning which ever time zone your server may be, this indicator manages it dynamically. Hence, the indication of market opening hours is always correct
- Dynamically handles day light saving according to your PC settings.
- Time Bar and Event Label adjust dynamically with each change of the chart, giving the trader a sense of order.
- The default settings for each market opening is set at 8 am and closing at 5 pm, and they are configurable to your own preference.
- Market - This is the name (1 of 7) of the market location which you want to display on the chart.
- Time Zone - The time zone of the market location, which you need to specify based on UTC.
- Time Open - The marketplace opening time at that location.
- Time Close - The marketplace closing time at that location.
- Bar Color - The color of the bar which is displayed on the chart.
- Display Bar - Time Bar: Set to true to show, and false to hide.
- Display Line - Time Line: Set to true to show, and false to hide.
- Display Label - Label that describes the open or close of market location. Set to true to show, and false to hide.
- Local TimeZone - The time zone which you are in.
- Number of weeks Display Backward Span - The time span in weeks, which you want the time bar to display in the main chart for the weeks before.
- Number of weeks Display Forward Span - The time span in weeks, which you want the time bar to display in the main chart for the weeks ahead.
- Vertical Line Color - The color of the vertical lines, which indicate the opening or closing of each market.
- Vertical Text Color - The color of the vertical text, which indicates the opening or closing of each market.
There is a total of 7 sets of market location settings in this indicator, which allows you to display and track 7 different time zones.
TIP: I do not know if you have observed this, but this indicator clearly displays the opening and closing of each market. Each time, a sizeable market/s opens, the prices move significantly. This basically tells you when to enter the market with potentially high winning rates.
1) Local time on the upper right corner to allow a quick glance at the current local time.
2) Update of the market local time open and close hours based on http://www.forexmarkethours.com/GMT_hours/02/.
3) Additional tooltip text on the vertical dotted line to include the local time. The reason for including this is to let a trader know what time locally to watch out for a trend change (which almost always happens) when a market opens or closes.
Spread and Time Remaining is added to the Ask/Bid line.