Trading Sessions Open Close Indicator

You may be familiar with the trading sessions if you’ve been forex trading for some time. It is easy to get lost in the details of when a session begins and ends. You won’t even be able chart session changes. This custom indicator is for this purpose.

What is the Trading Sessions Open Close indicator (TSO)?

A session separator indicator is Trading Sessions Open Close. This indicator distinguishes between American, European, and Asian sessions on your chart. It allows you to benefit from the most volatile hours and sessions without any difficulty. Each trading session can be colored. You now know the current trading session.

This indicator can be used to determine price action and range in a given session.

How to use the Trading Sessions Open Close indicator

The indicator’s two main functions are to determine:

  • Price patterns during a session (range, trend, or countertrend).
  • The price range for a trading session.

These parameters will allow you to trade or predict the next price leg once you have them. The trading session’s color tells you the upper and lowest price limits. Either trade a bounce breakout or a range breakout.

 

Trading Sessions Open Close Indicator trading strategies

Let’s look at some trading strategies that use this indicator.

Setup

  • You can expect the Asian session closing and the European session starting.
  • Look for a buying opportunity if the price moves out of the range of Asian session prices on the upside.
  • After the bullish candle closes, enter a long position
  • Stop-loss should be placed below recent price consolidation.
  • The stop-loss should be 1.5 times your take profit.
  • If the spread is greater than 50 pips, you should refrain from trading.

 

Setup for sale

  • You can expect the Asian session closing and the European session starting.
  • Look for a selling opportunity if the price moves out of the range of Asian session on its downside.
  • After the bearish candle closes, you can take a short position.
  • Stop-loss should be placed above recent price consolidation.
  • The stop-loss should be 1.5 times your take profit.
  • If the spread is greater than 50 pips, you should refrain from trading.

Conclusion for Trading Sessions Close indicator

The indicator is very useful, but you must be careful when trading live. Before you start trading, backtest your strategy or use it on a demo account.

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