Market_HoursM_sw
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This script is a specialized visual tool designed for the MetaTrader 4 platform to help traders identify active trading sessions across global financial markets. Instead of forcing you to manually track clock times in different time zones, it automatically maps out when major world markets are open.
Core Functionality
The primary purpose of this tool is to provide a clear, visual timeline of market activity. It monitors the current time and identifies specific "open" windows for several key geographical regions, including London, New York, Sydney, and Tokyo.
Key Features & Logic
- Time Zone Customization: The script includes a user-adjustable offset. This allows you to sync the indicator with your specific broker's server time or your local time, ensuring that the market sessions align correctly with your live chart.
- Multi-Session Tracking: It tracks four distinct primary market windows:
- London: Highlights the European trading period.
- New York: Highlights the American trading period.
- Sydney: Highlights the Australian/Oceanian trading period.
- Tokyo: Tracks the primary Japanese trading window.
- Extended Tokyo Analysis: Unique to this script is a detailed breakdown of the Tokyo region. Beyond just the main session, it includes four additional "sub-windows" (labeled as 4H). These are designed to capture specific shifts in volatility or liquidity that occur during and around the Asian trading day.
- Dynamic Visual Mapping: The logic works by scanning every historical bar on your chart. For each bar, the script checks if the time falls within the predefined opening and closing hours of a market. If it does, it marks that section of the chart; if not, it leaves it blank. This creates a clear visual "map" of when liquidity is highest in specific regions.
How it Benefits the User
By providing this visual data, the script helps traders:
- Identify Overlaps: Easily see when two markets are open simultaneously (such as the London/New York overlap), which is often a period of high volume and volatility.
- Plan Sessions: Quickly identify which regions are active at any given hour to better plan entries and exits.
- Simplify Timekeeping: Removes the need for external clocks or mental math regarding GMT offsets, as the script handles the conversion automatically based on your input.
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Market_HoursM_sw
//Market_HoursM_sw.mq4
#property indicator_separate_window
#property indicator_buffers 8
#property indicator_color1 Lime
#property indicator_width1 3
#property indicator_color2 Red
#property indicator_width2 3
#property indicator_color3 Blue
#property indicator_width3 3
#property indicator_color4 Yellow
#property indicator_width4 3
#property indicator_color5 BlueViolet
#property indicator_color6 DodgerBlue
#property indicator_color7 BlueViolet
#property indicator_color8 DodgerBlue
#property indicator_width5 0
#property indicator_width6 0
#property indicator_width7 0
#property indicator_width8 0
#property indicator_maximum 9
#property indicator_minimum 0
extern int GMTOffset = 0;
// Buffers
double dLondonBuffer[];
double dNewYorkBuffer[];
double dSydneyBuffer[];
double dTokyoBuffer[];
double dTokyoBuffer1[];
double dTokyoBuffer2[];
double dTokyoBuffer3[];
double dTokyoBuffer4[];
int LondonOpen;
int LondonClose;
int NewYorkOpen;
int NewYorkClose;
int SydneyOpen;
int SydneyClose;
int TokyoOpen;
int TokyoClose;
int TokyoOpen1;
int TokyoClose1;
int TokyoOpen2;
int TokyoClose2;
int TokyoOpen3;
int TokyoClose3;
int TokyoOpen4;
int TokyoClose4;
int init() {
IndicatorShortName("Market Hours ");
SetIndexBuffer(0,dLondonBuffer);
SetIndexLabel(0,"London");
SetIndexBuffer(1,dNewYorkBuffer);
SetIndexLabel(1,"New York");
SetIndexBuffer(2,dSydneyBuffer);
SetIndexLabel(2,"");
SetIndexBuffer(3,dTokyoBuffer);
SetIndexLabel(3,"");
SetIndexBuffer(4,dTokyoBuffer1);
SetIndexLabel(4,"4H");
SetIndexBuffer(5,dTokyoBuffer2);
SetIndexLabel(5,"4H");
SetIndexBuffer(6,dTokyoBuffer3);
SetIndexLabel(6,"4H");
SetIndexBuffer(7,dTokyoBuffer4);
SetIndexLabel(7,"4H");
return(0);
}
int start() {
//set Times
LondonOpen = GMTOffset + 7;
LondonClose = GMTOffset + 16;
NewYorkOpen = GMTOffset + 12;
NewYorkClose = GMTOffset + 21;
SydneyOpen = GMTOffset + 0;
SydneyClose = GMTOffset + 6;
TokyoOpen = GMTOffset + 0;
TokyoClose = GMTOffset + 9;
TokyoOpen1 = GMTOffset + 4;
TokyoClose1 = GMTOffset + 9;
TokyoOpen2 = GMTOffset + 8;
TokyoClose2 = GMTOffset + 13;
TokyoOpen3 = GMTOffset + 12;
TokyoClose3 = GMTOffset + 17;
TokyoOpen4 = GMTOffset + 16;
TokyoClose4 = GMTOffset + 20;
// Determine number of bars to iterate over
int iBarsToCalc = Bars - IndicatorCounted();
if (iBarsToCalc < Bars) iBarsToCalc++;
// Iterate over bars
for (int i=iBarsToCalc-1;i>=0;i--) {
// Set London Line
if (isMarketOpen(LondonOpen, LondonClose, Time[i]))
dLondonBuffer[i] = 8;
else
dLondonBuffer[i] = EMPTY_VALUE;
// Set NewYork Line
if (isMarketOpen(NewYorkOpen, NewYorkClose, Time[i]))
dNewYorkBuffer[i] = 6;
else
dNewYorkBuffer[i] = EMPTY_VALUE;
// Set Sydney Line
if (isMarketOpen(SydneyOpen, SydneyClose, Time[i]))
dSydneyBuffer[i] = 4;
else
dSydneyBuffer[i] = EMPTY_VALUE;
// Set Tokyo Line
if (isMarketOpen(TokyoOpen, TokyoClose, Time[i]))
dTokyoBuffer[i] = 2;
else
dTokyoBuffer[i] = EMPTY_VALUE;
// Set Tokyo Line1
if (isMarketOpen(TokyoOpen1, TokyoClose1, Time[i]))
dTokyoBuffer1[i] = 1;
else
dTokyoBuffer1[i] = EMPTY_VALUE;
// Set Tokyo Line1
if (isMarketOpen(TokyoOpen2, TokyoClose2, Time[i]))
dTokyoBuffer2[i] = 1;
else
dTokyoBuffer2[i] = EMPTY_VALUE;
// Set Tokyo Line1
if (isMarketOpen(TokyoOpen3, TokyoClose3, Time[i]))
dTokyoBuffer3[i] = 1;
else
dTokyoBuffer3[i] = EMPTY_VALUE;
// Set Tokyo Line1
if (isMarketOpen(TokyoOpen4, TokyoClose4, Time[i]))
dTokyoBuffer4[i] = 1;
else
dTokyoBuffer4[i] = EMPTY_VALUE;
}
}
bool isMarketOpen(int iOpenHour, int iCloseHour, datetime timestamp) {
int iBarHour = TimeHour(timestamp);
if (iOpenHour < iCloseHour && (iBarHour >= iOpenHour && iBarHour < iCloseHour))
return(true);
if (iOpenHour > iCloseHour && (iBarHour >= iOpenHour || iBarHour < iCloseHour))
return(true);
return(false);
}
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