Introduction to the Market Open Close Hours Indicator
One of the key characteristics of the forex market is that traders are trading currencies against currencies. This means that each currency has its own supply and demand. Discerning traders know that it is best to trade a currency when there is a supply or demand for that particular currency.
One of the main drivers of supply and demand of a currency is the inflow and outflow of money due to stock investments. This is why currencies tend to be active when its corresponding stock exchange is open. On top of this, an open stock exchange would also mean that the home economy of a currency is active, which drives the activity of a currency further. As such, most seasoned day traders opt to trade specific currencies as their stock exchange opens.
The Market Open Close Hours Indicator is a tool which helps traders time their trades correctly based on the opening and closing hours of a stock exchange.
What is the Market Open Close Hours Indicator?
The Market Open Close Hours Indicator is an indicator which indicates whether a particular market is open or close. It does this by simply displaying a line on an indicator window to indicate whether a market is open or close. It plots the line representing a specific stock exchange whenever that stock exchange is open. Each line has different colors and each color represents a specific stock exchange.
How the Market Open Close Hours Indicator Works?
The Market Open Close Hours Indicator has been programmed to retrieve the open and close times of each stock exchange from the internet. It then uses this information to plot the colored lines representing the stock exchange whenever the chosen stock exchange is open.
How to use the Market Open Close Hours Indicator?
The Market Open Close Hours Indicator allows users to toggle the display of each stock exchange on the Inputs tab of its indicator settings. Users simply have to choose “true” on the dropdown of the stock exchange they want to have displayed.
To identify what the corresponding color of the stock exchange is, users simply have to refer on the number tagged at the beginning of the stock exchange option. Users should then refer to the corresponding number on the Color tab of the indicator settings. The color corresponding the same number would represent the stock exchange chosen by the user.
Note that some stock exchanges are represented by a white line. Users who are using a white background on their price charts should change the color of the line to their preferred color. Colors are also recurring, but users can change the color of the stock exchange lines according to their preferred color.
Conclusion
This indicator does not provide technical indications and trade signals. However, it is a very useful tool especially for forex traders dabbling in day trading. Currency pairs often move strongest when their home stock exchange is open. As such, it would be advantageous to trade a currency pair only when its corresponding stock exchange is open.
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