Time Zone Indicator for MT4

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Time Zone Indicator for MT4

Introduction to the Time Zone Indicator

The opening of a major market is often accompanied by high volatility and strong price movements. This provides great trading opportunities for day traders because day trading requires strong volatility in order for traders to profit. This is why many day traders opt to trade only during the early hours of a trading session.

The Time Zone indicator is a tool which day traders can use to time their trades based on the opening of a major market.

What is the Time Zone Indicator?

The Time Zone indicator is exactly what its name suggests. It is a custom technical indicator that would display the current time on different time zones. It particularly displays the current market time on four major currency markets, which are the New York market, London market, Tokyo market, and the Sydney market. It also displays the current time on the time zone where the server is located, as well as the current time on the time zone where you are trading from.

Time Zone Indicator for MT4

How the Time Zone Indicator Works?

The Time Zone indicator retrieves the time from the server. This is where the Server Time is based on.

The Home Time can be modified by the trader by changing the Time Zone within the indicator’s settings.

For example, if you are in a time zone which is UTC+8, then you should modify the Time Zone variable to 8.

As for the New York, London, Tokyo, and Australian time, the indicator has a preset number of hours that would be added to the Home Time or Local Time to adjust for the differences on time zones.

The indicator also highlights the market that is open with color red. To do this, the indicator also has preset market hours for each market. It then highlights the market and its time whenever the time displayed falls within the market’s open and close time.

How the Time Zone Indicator Works

This indicator allows for some aesthetic modifications. This includes the location of the display which can be modified on the “Corner” variable. Font size and font color and color of the displays can also be modified on the indicator’s settings.

How to Use the Time Zone Indicator?

The Time Zone indicator should be used only to time the open and close of a major market. Trade entries should not be based on this indicator, but instead it should be used in conjunction with other trade setups.

Buy Trade Setup

When to Enter?

Wait for the opening time of a major market while trading the currency used in that market. Open a buy order whenever there is a bullish momentum is developing during the early hours of that trading session. Set the stop loss below the entry candle.

When to Exit?

Close the trade as soon as price action shows signs of reversing.

How to Use the Time Zone Indicator - Buy Trade

Sell Trade Setup

When to Enter?

Wait for the opening time of a major market while trading the currency used in that market. Open a sell order whenever there is a bearish momentum is developing during the early hours of that trading session. Set the stop loss above the entry candle.

When to Exit?

Close the trade as soon as price action shows signs of reversing.

How to Use the Time Zone Indicator - Sell Trade

Conclusion

The Time Zone indicator is not a trend following indicator or a momentum direction indicator. It does not provide trade entries or trade setups. Rather it helps traders time their trades based on market sessions which is very important for day traders who need volatility.

MT4 Indicators – Download Instructions

Time Zone Indicator for MT4 is a Metatrader 4 (MT4) indicator and the essence of this technical indicator is to transform the accumulated history data.

Time Zone Indicator for MT4 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.

Based on this information, traders can assume further price movement and adjust their strategy accordingly. Click here for MT4 Strategies

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How to install Time Zone Indicator for MT4.mq4?

  • Download Time Zone Indicator for MT4.mq4
  • Copy Time Zone Indicator for MT4.mq4 to your Metatrader Directory / experts / indicators /
  • Start or restart your Metatrader 4 Client
  • Select Chart and Timeframe where you want to test your MT4 indicators
  • Search “Custom Indicators” in your Navigator mostly left in your Metatrader 4 Client
  • Right click on Time Zone Indicator for MT4.mq4
  • Attach to a chart
  • Modify settings or press ok
  • Indicator Time Zone Indicator for MT4.mq4 is available on your Chart

How to remove Time Zone Indicator for MT4.mq4 from your Metatrader Chart?

  • Select the Chart where is the Indicator running in your Metatrader 4 Client
  • Right click into the Chart
  • “Indicators list”
  • Select the Indicator and delete

Time Zone Indicator for MT4 (Free Download)

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