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Session Shading Pro

September 28, 2024

Session Shading Pro

Description:

Session Shading Pro is an MT4 indicator designed to visually highlight the New York trading session (or any other session) on your chart. It allows traders to see the start and end of the New York session easily and provides a shaded background for the time frame between the opening and closing hours. This shading is visible for time frames ranging from M1 to H4, offering a clear overview of session-specific price action. The indicator automatically adjusts based on the current market day and time, shading only the most recent sessions for improved chart clarity and performance.

Key Features:

  • New York Session Highlighting: The indicator automatically shades the New York session with customizable color.
  • Automatic Session Detection: Detects and highlights sessions for the last five trading days.
  • Dynamic Adjustment: Adjusts the shading in real-time as new bars form within the session.
  • Customizable Shade Color: Users can adjust the shading color for personalized chart visualization.
  • Efficient Performance: Enhanced for speed, ensuring minimal lag even when used across multiple charts.
  • Applies to Short Time Frames: Works best on time frames from M1 to H4.

Settings (Inputs):

Shade Color:

    • Description: Select the color used for shading the New York session.
    • Default: Gold
    • Example: extern color ShadeColor = Gold;

New York Session Open Hour (NY_OPEN_HH):

    • Description: The hour (based on broker time) when the New York session opens.
    • Default: 06 (06:00 AM)
    • Example: #define NY_OPEN_HH 06

New York Session Open Minute (NY_OPEN_MM):

    • Description: The minute when the New York session opens.
    • Default: 30 (06:30 AM)
    • Example: #define NY_OPEN_MM 30

New York Session Close Hour (NY_CLOSE_HH):

    • Description: The hour when the New York session closes.
    • Default: 13 (1:00 PM)
    • Example: #define NY_CLOSE_HH 13

New York Session Close Minute (NY_CLOSE_MM):

    • Description: The minute when the New York session closes.
    • Default: 05 (1:05 PM)
    • Example: #define NY_CLOSE_MM 05

Maximum Days to Shade (MAX_DAYS_TO_SHADE):

    • Description: The maximum number of previous days that should be shaded.
    • Default: 5 (shades the last 5 trading days)
    • Example: #define MAX_DAYS_TO_SHADE 5

User Guide:

Installation:

    • Download the Session Shading Pro indicator file (.mq4).
    • Copy the file to your MT4 Indicators folder (usually located in MQL4/Indicators in your MT4 directory).
    • Restart or refresh your MT4 platform.
    • Attach the indicator to your desired chart by selecting it from the “Navigator” panel under Indicators.

Customization:

    • You can change the shade color by adjusting the ShadeColor input when adding the indicator to a chart.
    • Modify the session times (NY Open/Close) if you want to track other sessions like London or Tokyo. Adjust the NY_OPEN_HH, NY_OPEN_MM, NY_CLOSE_HH, and NY_CLOSE_MM parameters accordingly.

Viewing Sessions:

    • Once applied, the New York session will automatically be shaded in the specified color for the past 5 days, starting from the most recent chart date.
    • The shading will update as new bars are formed during the current session.

Example Use Cases:

  • Intraday Trading: Identify high-volatility periods during the New York session for scalping or day trading.
  • Session Strategy Analysis: Analyze price action or trend formations specific to the New York session.
  • Historical Analysis: Review past New York session movements and price patterns to optimize trading strategies.

FAQ:

Can I use this for other sessions like London or Tokyo?

    • Yes, you can modify the NY_OPEN_HH, NY_OPEN_MM, NY_CLOSE_HH, and NY_CLOSE_MM parameters to match other session times.

Will this indicator repaint?

    • No, the session shading does not repaint. It draws static rectangles once the session has passed.

What time frames does this work on?

    • The indicator works best from M1 to H4. It does not shade sessions on time frames above H4.

Why isn’t the session shading appearing?

    • Ensure that the current time frame is M1 to H4. The shading won’t appear on time frames like D1 or higher.

Conclusion:

Session Shading Pro is a valuable tool for traders who want to focus on specific trading sessions. Whether you’re an intraday trader targeting volatility or a swing trader analyzing session patterns, this indicator simplifies session tracking, allowing for enhanced decision-making.

 

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