Today we will analyze a very useful tool for manual trading and for analyzing the specifics of price movements in the Forex market – the DaVinci Trading Sessions indicator.
For more information about trading sessions on the Forex market, see our article. We recommend that you read it.
The indicator is designed to display 4 main Forex trading sessions, which are presented in the table:
As you know, each of the trading sessions has its own feature, which is expressed in the level of volatility of the financial instrument, the specifics of the direction of movement-trend/countertrend and, as a result, the dynamics of changes in the spread. Of course, all these features can be attributed to the inefficiency of the market and used to make a profit using trading strategies programmed in automated expert advisors.
The duration of international shopping centers and, as a result, trading sessions is 9 hours. At the same time, it should be noted that the duration of some sessions overlaps with each other, which may cause a change in the direction of price movement as a result of new participants entering the market at the moment of an active session.
Overlay time of trading sessions:
As you can see, trading on the international currency market Forex, resembles a relay race, each of the financial centers of the world as if the participants pass the stages and pass each other the turn to move along the distance of trade and economic relations.
Features of the trading session indicator and how it works
A distinctive feature of this indicator from other analogs is that it displays sessions in a separate window, and not on the chart itself, thus not cluttering it with additional information.
Sessions are represented as four rectangles that divide the day into 4 trading sections.
For a more visual display of periods on the chart, you can include additional vertical lines of periods. This allows you to locally visualize on the chart the patterns of movement of the price of a financial instrument in certain trading sessions. The color of these lines corresponds to the color of the block with the period name. However, these color display settings can be configured using the “Color” parameter menu»:
These settings allow you to fully adjust the color display of the indicator view to suit yourself:
You can disable the text of the trading session name if you don’t need it:
The built – in function of automatic detection of the broker’s GMT will help you use this indicator without additional effort and settings. If the AutoGMT Offset parameter is set to off mode, the broker’s manual GMT input mode will be used. You must enter the value yourself, and it can be negative. At the same time, for more precise settings, the DST+ parameter has been added that allows you to activate daylight saving time for manual mode using the European or new York calculation method.
The number of sessions in the history, as well as in advance, can be set in the settings with the parameters Post Session Count and Future Session Count:
If you need a notification that a new session has started, just enable the Alert in the settings of the Alert: New Session Open parameter and it will inform you about this in the log of the Meta Trader 4 terminal.
How to install the indicator on the chart is written in the articles at this link.
|<==== Main Options ====>||Main settings of the indicator|
|Past Session Count||How many days have passed to display trading sessions.|
|Future Session Count||How many days ahead to display sessions.|
|Show Vertical Lines||Display vertical session lines on the chart.|
|Show Labels Name||Display the name of trading sessions on the indicator.|
|Alert: New Session Open||Enable alert when opening a new trading session.|
|<====GMT Settings ====>||Indicator time settings|
|Auto GMT Offset||Use your broker’s automatic GMT detection function using an analog of time over the Internet.|
|Manual GMT Offset||If AutoGMTOffset is disabled, the broker’s manual GMT input mode will be used. The value can be negative.|
|DST+||Activation of daylight saving time for manual mode using the European or new York calculation method.|
|<==== Colors====>||Color setting|
|London color||Color of the London trading session.|
|New York color||Цвет Нью-Йорской торговой сессии.|
|Sydney color||Color of the new York trading session.|
|Tokyo color||Color of the Tokyo trading session.|
|Text color||Color of the text of the trading session name.|
The DaVinci Trading Sessions indicator does not generate trading signals for entering the market, but it is an excellent informational tool in the hands of any professional Forex trader. You can use it to analyze and identify patterns of price behavior during the activity of different shopping centers. These features will allow you to improve your trading strategy and increase its effectiveness.
Discover the market with a line of the best tools developed by the DaVinci FX GROUP team!